ECON 175 Study Guide - Final Guide: Wilt Chamberlain, Pareto Efficiency, Workplace Democracy
17 Aug 2016
School
Department
Course
Professor
Document Summary
Marxism: karl marx, labor theory of value. All value is created only by labor. Therefore, all capital income is theft workers are exploited. As a result they are alienated from their work as well as society at large (because value of work also impacts your position in society: understand how the distribution of capital can impact worker wages. Rawls peep this https://www. youtube. com/watch?v=5-jq17x6vng: contract theory,hobbes, social agreements should be made behind the veil of ignorance. Veil of ignorance is huge with rawls. What would rational people decide to do behind the veil of ignorance (i. e. without knowing whether they will benefit from the status quo distribution or be hurt by it): rawls 3 principles. Liberty principle - basic freedoms should not be violated. This includes rights to personal property but not to unlimited abstract property. Equality principle - society should endeavour to make the least well off person as well off as possible which moves society strongly towards equality.
