1. “YOU’RE THE ECONOMIST: Pulling Back the Curtain on Income and Wealth Distribution” in Chapter 12. After reading the above case, answer the following two questions: (1) What would happen to the Lorenz curve if it also included wealth distribution? (2) Do you think income and wealth are fairly or unfairly distributed? Should we be concerned with this issue? If you think we should be concerned with growing income and wealth inequality, what remedies would you recommend?
2. Read the assigned Scriptures and use them, or other relevant Scriptures, to discuss what the Bible says about the rich and the poor? What are the differences between the roles of the government in helping the poor in the Bible and the market economy?
Each question should be 250 words
Answer preview
Their ability to hold firm to God’s word makes them rich. In Luke 6:20, the scriptures say that blessed are the poor since the Kingdom of God belongs to them. Moreover, Psalm 72:4 states that the role of government is defending the poor, giving deliverance to the needy and crushing the oppressors. As Tucker (2012) illustrates, the implementation of initiatives such as unemployment compensation, temporary assistance for needy families (TANF), and in-kind transfers, such as Medicare and Medicaid, are strategic. However, in the market economy, the government’s role differs, whereby the implemented policies and protocols in most cases oppress the poor. For instance, the government designed the
