Daily Assignment Oct 31.Nov 5 - Daily Assignment#16 The Question of Distribution Wednesday October 31 Readings Chapter 2 Pecuniary Emulation The Theory

Daily Assignment Oct 31.Nov 5 - Daily Assignment#16 The...

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Daily Assignment #16: The Question of Distribution Wednesday, October 31 Readings “Chapter 2: Pecuniary Emulation,” The Theory of the Leisure Class , Thorstein Veblen (Collab) Falling Behind , Robert Frank, chs. 1, 5, 6, 7, 9 (Collab) “Dueling Failures: Comparative Institutional Analysis and the Logic of Policy Choice,” Kleiman and Teles, Sec. IV: “Distributional Questions” (see new version in this week’s Collab folder) Key Terms Positional good goods for which the link between context and evaluation, by oneself or by others, is strongest and are valued based on their scarcity Conspicuous consumption Nonpositional good goods for which the link between context and evaluation is weakest Consumption capital Permanent-income hypothesis Pleasures and comforts Diminishing marginal utility of income the minimum detectable increase in the intensity of a stimulus tends to be proportional to the existing level of that stimulus; if someone poor gets a dollar they will benefit more
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  • Fall '11
  • Kleiman
  • conspicuous consumption, Thorstein Veblen, Robert Frank, Veblen good, pecuniary emulation

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