Is underproduction or overproduction is the

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Unformatted text preview: Two broad approaches: It's not fair if the result isn't fair. "Why should daycare workers earn so little?" It's not fair if the rules aren't fair. "Affirmative action is unfair to young men!" It's Not Fair If the Result Isn't Fair Utilitarianism Equality is fair and efficient Transfer income so no rich and no poor The problem with utilitarianism is Income taxes reduce incentive to work, so total "pie" shrinks Administrative costs of transferring income It's Not Fair If the Rules Aren't Fair symmetry principle the requirement that people in similar situations be treated similarly. Requires Laws that establish and protect property are enforced Private property can be transferred only by voluntary exchange Market Alternatives Command Majority rule Contest First-come, First-served Lottery Personal characteristics Force...
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This document was uploaded on 03/13/2014.

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