ECON 201 Chapter 20: ch. 20 (textbook)
Document Summary
Positive economics: describing, explaining, or predicting economic events. Normative economics: is recommendations or arguments about what economic policy should be. Rawls"s maximin principle: says that justice requires maximizing the benefits going to society"s most disadvantaged group. Utilitarianism: the idea that the best society maximizes the sum of utility. Nozick"s entitlement theory of justice: says that the distribution of income in a society is just if property is justly acquired and voluntarily exchanged. Take away: economics stresses gains from trade, but not everyone approves of gains.
