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econ 317 midterm Terms in this set (26) Aristotle's definition of justice - what is lawful and fair (this is what is good) - what serves to promote happiness within the community (because humans are social creatures, goodness in relation to oth €8,49
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econ 317 midterm Terms in this set (26) Aristotle's definition of justice - what is lawful and fair (this is what is good) - what serves to promote happiness within the community (because humans are social creatures, goodness in relation to oth
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econ 317 midterm Terms in this set (26) Aristotle's definition of justice - what is lawful and fair (this is what is good) - what serves to promote happiness within the community (because humans are social creatures, goodness in relation to others is the prime virtue) - sits above...

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  • econ 317 midterm terms in this set 26 ar

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Voorbeeld van de inhoud

8/9/24, 7:52 AM



econ 317 midterm
Jeremiah




Terms in this set (26)

- what is lawful and fair (this is what is good)
- what serves to promote happiness within the community (because humans are social
Aristotle's definition of justice
creatures, goodness in relation to others is the prime virtue)
- sits above efficiency

- not an issues of how to allocate "given resources", rather how to secure the best use
Hayek's Economic Problem of Society of resources known to any members of society ... for ends whose relative importance
only these individuals know

Yes.
Are markets efficient?
(when competitive and free from outside influence)

- that it is useful to society
Hume's "sole origin of justice" - arises out of dual human nature (that everyone has individual preferences but are also
social beings dependant on each other) and living in a world of scarcity

- the rules about property and who gets what
What is justice? (Hume) - only emerges when it is useful... there are (somewhat unrealistic) situations in which
justice would not be required

- the problem at the heart of most liberal theories of economics: humans are selfish
Conditions of Justice (John Rawls)
individuals who rely on each other in a world of relative scarcity

1. Perfect Abundance - every individual is fully provided for
2. Perfect Benevolence - humans care as much about others as themselves
Hume's situations where justice is not useful: 3. Extreme want/threat - rules of justice are abandoned
4. People hold only malice towards others
*none of these extremes are real

Hume's distinction between charity and - charity can be taken away if the giver changes their preferences
justice - justice is something a person has a right to

Perfect Equality
- there are enough resources in the world that everyone could live reasonably well if
they were equally divided
Hume's main example of justice
BUT
"render possessions ever so equal, men's different degrees of art, care and industry will
immediately break that equality."

econ 317 midterm




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