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Lecture 4

Political Science 1020E Lecture Notes - Lecture 4: Decision Rule, Risk Aversion, Minimax

Political Science
Course Code
Political Science 1020E
Erin Hannah

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Lecture 4
September 22, 2015
Social Jusce 1
-concept is the central idea, something everyone can agree on
-any concept will have several concepons
jusce is each person geng what is due to them
-social jusce focuses on our social instuons and judging the distribuve outcomes generated by
social instuons (families, schools, etc.)
-jusce is connected to rights and dues
-jusce is dierent from charity because charity you have an opon, while jusce forces you
 !"" ""#$
-thought social jusce was BS
-society cannot be just or unjust because jusce is an a"ribute of acons, intenons and agency
-social jusce is a mirage
-redistribung wealth in the name of social jusce is wrong because of liberty and e#ciency
-individuals should be free on a free market
-state planned redistribuon is ine#cient
private property rights
-producon for pro%t (we produce things to make money)
-distribuon by voluntary exchange
-free compeon
-markets convey informaon (tell you info you need, tell you through the price system what to produce,
what is demanded)
-prices signal shortage and surplus
-pro%t provides incenves to produce
-want-sasfacon and Pareto improvement (one person be"er o and no one worse o)
-problem with planned economy is that it lacks the necessary incenves
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