Module 5: Economic Justice

Question 1

What is the fundamental problem of economic justice?

Answer 1

Scarcity

Question 2

Economists tend to focus on _______ - how can we maximize economic welfare (how can we make the most people happy?)

Answer 2

Efficiency

Question 3

When it comes to economic justice, one must look at both the ____ and the ______ (which may contradict each other)

Answer 3

Process and outcome

Question 4

Which philosopher introduced the concept of justice “as fairness”?

Answer 4

John Rawls

Question 5

What are the five principles of justice?

Answer 5

Each has equal share, each according to need, according to merit, according to personal effort, according to social contribution

Question 6

When did income inequality start to worsen in the U.S.?

Answer 6

Since the 1980s