CH-0001 Lecture Notes - Lecture 8: Quartile, Asthma, Lorenz Curve

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It sees individuals and institutions making rational decisions based on comparisons of marginal costs and marginal benefits: the functionalist perspective attempts to explain social institutions as collective means to meet individual and social needs. It is sometimes called structural- functionalism because it often focuses on the ways social structures (e. g. , social institutions) meet social needs: two key economic concepts: income and wealth, 1. Income is a flow = labor income + capital income: capital income is the return on wealth, paycheck you take home, 2. Conseequences of inequality: political: rising influence of campaign donations and lobbying undermines democratic institutions. Ch: social: increasing social segregation (residential, educational, etc. ) reduces knowledge of the way others live, undermining social cohesion and solidarity, economic: destabilization of the economy, ***there are profound health consequences of inequality. John rawls- is economic inequality fair: the veil of ignorance. Choice of welfare weights as a decision problem, formalizes (cid:862)i(cid:373)partialit(cid:455)(cid:863) You want to mitigate the worst possible outcome.

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