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econ problem set 1 - hard and productively People have to...

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Julia Spencer Econ Problem Set 3 Samantha Sterba – Fridays at 10:10 12/13/2010 1. a). Give examples of how we recognize people as having rights to Life, to Liberty, and to the pursuit of Happiness. -The best way to describe how we recognize people of having these rights, is in the Bill of Rights. The Bill of Rights give the freedom of speech, right to trial by jury, the right to bear arms, right to a trial by jury, and protection form search and seizure. The pursuit of happiness can refer to freedoms of race, gender, sexual orientation, or ones background. Discrimination is not tolerated in most societies, and especially the work place. b) (1 point) Give examples of how we do not recognize people as having these rights but make them conditional on success in the marketplace. - Equality, including the equal distribution of rights, reduces incentives to work
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Unformatted text preview: hard and productively. People have to earn things in society, no one has a right to any particular good. This leads to success in the marketplace, because people have to work in order to earn the purchasing power of goods. The marketplace encourages people to work for these goods. c)(1 point) Does your answer to part b mean that we, as a nation, are insincere in our commitment to democracy and equality? How does Arthur Okun resolve this seeming contradiction?- (2 points) Does inequality actually reduce welfare? Evaluate Alejandro Reuss’s article “Cause of Death” ( Real World Micro, ch. 7.4). What is the effect of our market system and inequality on life expectancy? What effect do you imagine poor health has on economic efficiency? How might competitive consumption lower happiness?...
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