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overproduction Is the Competitive Market
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
– 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
• Administrative costs of transferring income It’s Not Fair If the Rules
• symmetry principle
– the requirement that people in similar
situations be treated similarly.
– Laws that establish and protect property are
– Private property can be transferred only by
voluntary exchange Market Alternatives
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This document was uploaded on 03/14/2014.
- Fall '14
- Opportunity Cost