Macroeconomics questions from a Biblical perspective Please answer all of the questions below.
Verses pertaining to questions: Gen 1, Deut 8:7-9, Josh 10:40, Gen 4:22, 1Kings 5:6-9|
1.Countries, individual companies and individual persons have become wealthy through the exploitation of other countries and individuals. Should, such as in the case of African Americans or former European colonies, reparation be made? If so, what form should the reparation take?
One cannot pay money to a grandson who lacks a grandfather and expect that loss to have been made up for. It would be false to believe that reparations would in any way “forgive” or even come close to repairing past harms. Reparations are an insult as they devalue humanity and provide a false sense of “correction” for things that cannot be undone.
2.List five major benefits of economic growth. Now list five major costs.
Increased personal wealth. Increased wage inequality.
Improved standard of living. Materialism.
Improved educational availability. Increased temptation to accumulate
wealth.
Improved social services and care for the lower classes. Increased disparity between high and
low income groups.
Ease of consumer concerns. Lack of consideration for those less
well off.
3.s it mercantilist thinking to want and have a positive trade balance? How can countries such as the United States have steady economic growth and a high standard of living with negative trade balances year after year?
Although mercantilist believed successful economic policy consisted entirely of a positive trade balance, those who seek a positive trade balance are not necessarily mercantilists. There are many monetarists and Keynesian economists who also seek positive trade balances.
In a world where economic trade is constant there will be times when a negative trade balance may occur. A nation that has consistent negative trade balances, however, can only finance itself through continuous debt. While debt payments may be put off or decreased, at some time they must be made. Therefore, permanent long term growth and high standard of living cannot be achieved through a negative trade balance. Just as people are eventually forced to file bankruptcy if they do not curve debt spending, so too must nations.
Verses pertaining to questions: Clossians 3:23-24, Proverbs 24:30-34, 2 Thess 3:10, Ps 121, Ps 118:24, Jn 5:17:, Jn 4:34, 1 Cor 12, Rom 12, Gen 4 & 5, Gal 2:7-9, LK 10:7, LK 19:11-26, 1 Cor 10:31, Col 1:26-31, Col 4:11, PS 127:1, Jer 22:13, Ex 20:8-11, Mk 6:45-47, K 6:12, Pr 1-9, Is 54:13
1. In many families with young children, both the father and mother are working outside the home in order to maintain a middle-class lifestyle. What are the impacts of this on the family? Is there an alternative?
The impact on the family will depend greatly on whether or not the parents resent having to work or whether they are better parents by having work to fulfill some personal needs to accomplish or otherwise be productive members of society through outside work.
2. Given the recent trends in the US labor market what can government do to encourage healthy families?
Government may, as so many other governments in the world do, provide more benefits so parents can stay at home and afford longer maternity and paternity needs. Government may provide single income, married parents more tax benefits so that working or staying at home may be almost equal.
3. What factors make labor force participation more attractive than raising children and maintaining a household?
Because people participate in the labor force does not mean they find it more attractive than raising children or maintaining a household. Many people may feel that they must afford a home and be able to feed and clothe their families and that working is preferable than failing to do that. For those who do prefer to work they may prefer the individual accomplishment and fulfilling of personal goals or that too many others depend on their work for them to let those persons down.
4. Over their lifetime college, graduates earn twice as much as high school graduates. Is this fair?
It is fair that persons who work or study harder than others reap more benefit from their hard work. This does not mean that people are better than others, but one should be able to reap what they sow.