Profit/Poverty-Midterm

Question 1

Sen

Answer 1

Capabilities Approach (Indian)

Question 2

Sandel

Answer 2

Virtue is a muscle, Markets can corrupt

Question 3

Pareto

Answer 3

No losses, someone has to do better (Italian)

Question 4

Rawls

Answer 4

Equality (The worst off must be better)

Question 5

J.S. Mill

Answer 5

One of the foundling father of Utilitarianism. Desire for amassing wealth vs consume and avoid labor.

Question 6

Robertson

Answer 6

Acting Virtuously and altruism is limited.

Question 7

Fairness (Sandel)

Answer 7

injustice that can arise when people buy and sell things under conditions of inequality or dire economic necessity

Question 8

Corruption (Sandel)

Answer 8

Corruption: Such markets promote a degrading objectifying view of the human person, as a collection of spare parts.

Question 9

Intrinsic

Answer 9

Valued for it’s own sake (happiness)

Question 10

Instrumental

Answer 10

Valued for a means to an end ($$$)

Question 11

Welfare Economics

Answer 11

What we have

Question 12

Capabilities

Answer 12

What we can do

Question 13

Utilitarianism

Answer 13

choose the Situation with the highest total welfare (utility).

Question 14

Pareto efficiency (re-distribution)

Answer 14

allow adjustments to the present Situation so long as someone gains and no one loses

Question 15

Kaldor-Hicks efficiency (re-distribution)

Answer 15

allow adjustments to the present Situation so long as someone gains and all losers are fairly compensated

Question 16

Rawls efficiency (re-distribution)

Answer 16

equality is the rule, and departures from it are allowed only if the lot of the worst off is improved

Question 17

Adam Smith

Answer 17

Utilitarianism, care about the whole.

Question 18

Veblen

Answer 18

Intrinsic v Instrumental Value. Money corrupts markets believe that money has value in itself, which he disagrees.

Question 19

L. Robbins

Answer 19

No interpersonal comparisons of utility. Can’t transfer utility. Can’t compare utility.