Political Science 1020E Lecture Notes - Lecture 9: Friedrich Hayek, Surplus Labour, Distributive Justice
17 Dec 2017
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For utilitarians, the idea of diminished marginal utility suggest that income should be distributed: to the happiest people, relatively equally, so that is minimizes net welfare, without being taxed, to marginalized cultural groups. Right to buy, sell, give away, etc. A planned economy (opposite to capitalist free market) Extraction of surplus labour from a worker. Markets, by themselves, don"t always function efficiency. Cost or benefit of producing these goods is externalized. Cost nothing to the consumer, who would rather not have them (pollution) Its cheaper to make others pay the costs. Goods with positive externalities cost nothing to the consumer, who wants them. Public goods: if provided, they benefit everyone (streetlights) Make it illegal (or more costly) to produce some goods with negative externalities. The state provides public goods and taxes citizens to pay for them. Gave diseases to brothers which killed both of them (18/10/16) He and friend volunteered for dangerous mission.
