Week 2 Quiz Flashcards

1
Q

Question posed by pondering distributive justice

A

How do we want to allocate goods and resources across people?

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2
Q

Utilitarianism

A

Pleasure vs Pain

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3
Q

What issues does utilitarianism pose?

A

Issue of quality: Are all forms of happiness the same, issues measuring utility

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4
Q

How does modern economics move past pleasure vs pain?

A

Focusing purely on choices, well-being is about getting what you prefer

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5
Q

Founder of original utilitarianism

A

Bentham

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6
Q

Social Welfare Function (Old, Bentham’s Utilitarianism)

A

Sum of all happiness-sum of pain

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7
Q

Who believed all beings should be treated symmetrically?

A

Bentham

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8
Q

Believed resources should go where they add the most pleasure

A

Bentham

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9
Q

What is the relationship of the utilities of person 1 and person 2 under utilitarianism?

A

They are perfect substitutes

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10
Q

A man should wander about treating all creatures as he himself would be treated

A

Golden Rule

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11
Q

Act only according to rules you would want to be universal

A

Kant’s Categorical Imperative

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12
Q

Most famous dictum of the liberal tradition of economics

A

Harm principle (Do everything which injures no one else)

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13
Q

Make choices behind a veil of ignorance

A

Birth lottery

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14
Q

Argued for maximizing the utility of society’s least well off

A

Rawls

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15
Q

Inequality not bad in itself

A

Welfarism

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16
Q

Argued each person should have an equal right to the most extensive system of total basic liberties compatible with similar system of liberty for all, more about social and economic inequalities and their arrangements

A

Rawls

17
Q

Is equality of outcome always desirable?

A

No

18
Q

Ronald Dworkin’s argument on the dilemma of liberalism

A

Liberal must enrich the choices people have without enforcing choices on them

19
Q

Definition of economics Lionel Robbins

A

The science which studies human behavior as a relationship between ends and scarce means which have alternative uses

20
Q

First Welfare Theorem of Economics

A

Markets produce efficient outcomes when agents are price takers, externalities are corrected for, information is symmetric

21
Q

Is an efficient outcome always equitable?

A

No

22
Q

When markets are efficient, prices are the ___ useful signals in coordinating behavior

A

Most

23
Q

Second Welfare Theorem of Economics

A

Can get any point along utility possibility set with lump sum distribution, which solves distributional problems with direct transfers

24
Q

What is wasteful in terms of distribution of subsidies or discounts?

A

You may not reach a comparable and higher utility curve you would have received with a lump sum transfer

25
Q

3 market failures (0 is bonus)

A

Goods that don’t have markets, imperfect competition, externalities, asymmetric information

26
Q

Inefficiency

A

Someone can be made better off without hurting someone else

27
Q

Inequity

A

Poor resource distribution

28
Q

Compensation Principle

A

Can the winners of a change compensate the losers monetarily and leave everyone better off?

29
Q

Social Marginal Cost of a resource

A

The next-best alternative use of that resource

30
Q

Voluntary unemployment

A

Value leisure more than wage

31
Q
A