Political Science 1020E Lecture Notes - Lecture 13: Pareto Efficiency, Street Light, Externality
3 Nov 2016
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Distribution of property - the market & rawls on justice. Politics 1020e exam review - friday november 4th 4:30-6:00pm, ncb 101 - here. Question: for utilitarian"s the idea of diminishing marginal utility suggest that income should be distributed: to the happiest people, relatively equally, so that it minimizes net welfare, without being taxed, to marginalized cultural groups. A pure capitalist free market - four answers to the four questions. Private property rights - answer to who owns what, these include the right to destroy, consume, sell ect. Production for profit - why do people produce: to make money. Distribution by voluntary exchange - how are good distributed: it"s all voluntary, if you can make a deal do it. Free competition - anyone can enter the market and try and sell someone something. A planned economy - four answers to the four questions. State owns all major property - major means of production (factories, ect)
