Political Science 1020E Lecture Notes - Lecture 4: Decision Rule, Risk Aversion, Minimax
26 Feb 2016
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Document Summary
Concept is the central idea, something everyone can agree on. Justice is each person getting what is due to them. Social justice focuses on our social institutions and judging the distributive outcomes generated by social institutions (families, schools, etc. ) Justice is different from charity because charity you have an option, while justice forces you. Society cannot be just or unjust because justice is an attribute of actions, intentions and agency. Redistributing wealth in the name of social justice is wrong because of liberty and efficiency. Individuals should be free on a free market. Production for profit (we produce things to make money) Markets convey information (tell you info you need, tell you through the price system what to produce, what is demanded) Want-satisfaction and pareto improvement (one person better off and no one worse off) Problem with planned economy is that it lacks the necessary incentives (hayek didn"t say this) market failure.
