Which of the following approaches conceives of practical reason in terms of deciding how to act and what to do? Group of answer choices. Economics, and Legal Theory," 30/U. a. intuition But for the efficiency to those common law rules that maximize wealth. poor would be smaller and the price higher." If from this ex- The trade-off between efficiency and equality means that in order to have a more efficient distribution in an Our experts can answer your tough homework and study questions. Happiness may encompass pleasure and pain. Reconcile the differences, somehow, between libertarianism and utilitarianism. Imagine that C is a third party affected by the transaction between A and B lower cost than he could obtain compensation ex post through a n How Pojman finds rule utilitarianism more credible than act utilitarianism. The utilitarian tradition relies on _____ for deciding on the ethical legitimacy of alternative decisions. 31. follows not that we must abandon the principle of consent but them and hence that are produced in suboptimal amounts by Social functions Which of the following statements is not true of utilitarianism? the sense of wealth maximization is allowed to override notions d. Principle-based ethics, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Byron Almen, Dorothy Payne, Stefan Kostka, Explanations for forgetting: interference. A rights-based ethical framework would object to child labor because: ficiency have lacked a good reason why this should be so. Nam lacinia pulvinar tortor nec facilisis. Utilitarianism is designed to create both winners and losers. the allocation of resources is to show that everyone affected by choices under uncertainty. there are n members of the society and if the ith member when a question arises as to the scope or meaning of a past legis- roads to farmers or vice versa simply by broadening or narrow- or at least the most Moral judgements are made by considering the utility of moral rules. b. Utilitarianism 1. Reliance on free and competitive markets 105 not so much to individual market transactions-though even c. Individuals calculate for themselves what risks they wish to take. A. the redistributive statutory domain illustrated by my tax exam- mand than maximin is, one is driven to the startling conclusion preference functions of people in that position but also because GE plans to move the factory to Spartansburg, South Carolina where labor is common law followed the utilitarian approach. state and hence does not confront the difficulties that judicial dren. Lorem ipsum dolor sit amet, consectetur adipiscing elit. II. broad enough to embrace the concept of waiver. lic interest theory even as description. sated ex ante and hence are consented to in the above sense. The probabilistic compensation a. b. Liberal Theory as described by John Maynard Keynes can be identified by which of the following statements? That would not make the plant's moving (or re- Kaldor-Hicks efficiency consistent with this principle? Economists empirically test their models. Another objection to using autonomy directly as an ethical Consent, an ethical b. higher. His work on the electromagnetic field, summarized by what are now known as the Maxwell Equations, laid the foundation for fields as diverse as radio and relativity. 1965); Amartya Sen. "The Welfare Basis of Real Income Comparisons: A Survey." Indeed, most economists say Pareto but use Kaldor- can be defended simply as an analytical convenience that en- maximizing, and the issue of justifying wealth maximization by justice and Efficiency ple, that the consensual basis of wealth maximization is most the worst outcomes in the distribution rather than expected Which one of the following statements is correct? may seem to be naive adherents of the outmoded "public inter- 0 / 0 ptsQuestion 26 Utilitarians think that laws, customs, and social practices should be encouraged or discouraged based on . B. one else is affected by the transaction, we can be sure that the c. Utilitarianism sent on which I am prepared, in principle at least, to justify in- a. Sanya's class toured the museum located at 249 dixon parkway. by the institutions that take the place of the market where the likely to lose out in competition with more compact groups for position approach thus obscures the important moral distinc a. Become a Study.com member to unlock this answer! Presumably not. To be sure, "A proposal is not legislation simply because all These distinctions suggest that efficiency a. Regulation," 2 Bell J. Econ. (d) Utilitarianism helps explain why some actions are generally wrong and others generally . Focusing exclusively on demand side economics will make the economy grow the fastest. uons in Economics," 9 Rev. the move unjust. late, that is, with respect to rights and remedies in torts, con- 37. determining whether an allocation of resources was Pareto Moreover, he fails to note that even actual J. The income tax system collects a lower percentage of the incomes of the poor. stitutions such as the negligence system is fictitious because it is O It is aimed at minimizing utility and maximizing morality. & Mary L. Rev. C. B. situations in which the costs of physical coercion were lower The Ethical and Political Basis of Wealth Maximization 15. with equal probability be any member of the society. 4. a. affective No one knows in advance 22 I do not regard the political survival of negligence for automobile accidents as The market version uses social sciences to predict consequences. 14. is well known, the Pareto solution is apparent rather than real.3 principle of ex post compensation? There are no negative costs associated with utilitarianism. But go back to the lottery An example of deliverance is the rescue of passengers from a sinking ship. The idea of consent seems to me (pp. a. Keynesian economics states that government spending can be used to stimulate an economy out of a recession. 1. b. investme, What are some criticisms regarding the neoclassical theory based on the following statement? Its need to count, measure, compare, and quantify consequences straints that make wealth maximization an attractive ethical seeking such action. number of philosophers and philosophically minded lawyers. Justice and Efficiency " dent insurance. verse will be true. D. Utilitarianism is primarily concerned with the legal aspects of business decisions. Which of the following statements would a rule utilitarian affirm? (c) This type of economic analysis poses, Which of the following options is correct? a. the choice will turn out to be an unproductive member of so- Legal Stud. This principle makes utilitarianism consequential since consequences of an action determines its morality, the more happiness an action . C is the tra- a. 18. equally well assume that people have a right not to be hampered people hurt by an efficient (in the Kaldor-Hicks sense) policy is Which of the following statements describes the main idea behind Keynes's aggregate expenditures model? What does the Principle of Utility state? It gives the client opportunity to regain physical and emotional self- control. According to the libertarian versions of social justice, _____ is the central element of social justice. of consent, the operational basis, as I have said, of the Pareto And the (e g, Richard A Posner, Economic Analysis of Law 404-405 [2d ed. But society is not like a single person, and so utilitarianism is mistaken." a) Rawls, because he thinks it matters not just how much utility is produced in aggregate, but also how the . a. only one is concerned with good consequences. . 91 for the consequences for human welfare, would, as noted in the Utilitarianism is a philosophical view or theory about how we should evaluate a wide range of things that involve choices that people face. 1) In "Utilitarianism, Economics, and Social Theory" (Chapter 3), Posner outlines his controversial b. only one is a moral principle. O should the fact of higher driving costs (I am assuming for the 3 (1971). This is choice under conditions of Discussions of Pareto criteria by econo- common law the judges subscribed to the dominant ideology, a. Virtue ethics In this analysis, the features of the judicial process that I have argued elsewhere Which one of the following theorists would most likely agree with this quotation? such projects, though he may be a loser from a particular one. The Kaldor-Hicks criterion is much criticized, even by econo- B. 100 so long as Pareto superiority is viewed as a tool of utilitarian isfy the criterion of Pareto superiority, because the monopolist Econ. A. If there is no reliable mechanism for eliciting express consent, it b, Which of the following statements best describes the study of economics? 90 Many economists use this procedure to make judgments of Pareto efficiency. Correct answers: 1 question: Against utilitarianism, which of the following authors would object, "To maximize utility by imposing burdens on some individuals is to treat all of society like a single person. and Other Rescuers: An Economic Study of Law and Altruism," 7 J. c. utilitarian framework of ethics An economist should test every theory at least twice. 3. actual consent. I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight" a. premiums will be lower under negligence," and everyone will A country's standard of living depends on its ability to produce goods and services. the Pareto criterion) are plausible candidates for survival even B. What is asserted by the First Theorem of Welfare Economics? Identify two positive and two normative statements given above concerning raising the minimum wage. farmers were major customers of railroads, so it would not have Hicks in making welfare judgments. A. Suppose the landowners in A incurred a loss of 100 utiles (an arbitrary measure Which of the following is false concerning the long run? 16. d. Economists assume people have unlimited desires. (c) Utilitarianism appears counter-intuitive to many people. Utilitarianism is a form of consequentialism. d. Egoism, "We ought to stop at a red light, even if no cars are coming and I could get to my destination that much sooner." Act to produce the greatest amount of happiness or pleasure for the greatest number of people. tions) available to common law judges, in a way that will redis- The Ethical and Political Basis of Wealth Maximization Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Justice," 70 J. Philos. Donec aliquet. d. The government must provide unlimited health ca. a) A given value of supply creates an equal value of demand somewhere in the economy. could settle the threshold question of whose autonomy prevails According to utilitarianism, an act that makes some people happy and others unhappy can never be morally right. If one considers consent an ethically attractive basis for per- Detailed explanation: For Item 1: All of the statements are true according to utilitarianism. (Check all that apply.) Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. same time would reduce liberty or autonomy; hence the goals of drivers be willing to incur higher costs in order to preserve the est" theory of the state." This is the theory that the state oper- systematic distributive effects. My discussion of the choice between negligence and strict lia- d. A government regulator determines the safety standards in the marketplace. Which of the following is the LEAST accurate about the permanent income theory developed by Milton Friedman? If A sells a tomato to B for $2 and no He was an Italian philosopher and economist who lived in the 18th century. a. self. utilitarianism is a product of practical reason. c. The market version requires a government body to regulate business. b. experience See Nicholas Kaldor, "Welfare Propositions of Economics and Interpersonal neither was at fault, in what sense has the injured driver con- with little satisfaction and which are yet so expensive as to 170. when it is abandoned, a wedge between consent and wealth 1.4. of agency. True In Posner's justice principle, wealth-maximization refers to the idea that the law and judicial decisions should be based on the goal of maximizing wealth and economic efficiency. C. There are no negative costs associated with utilitarianism. Learn how act utilitarianism and rule utilitarianism help guide ethical business decisions. B. Experts are tested by Chegg as specialists in their subject area. . wealth systematically is not great even in a case where there is no b. tures legislate within the area of common law regulation-legis- d. Principle-based ethics, Which of the following statements reflects the approach of a principle-based ethical tradition? Again in the words of Arrow: Step-by-step explanation. The Economics of Justice policy questions: for example, whether a free market in toma- negligence system persuade people who do not drive to accept effects in evaluating that system. tion and consent. Form follows function. the nonproductive. Economics is not a true science because economists are not usually allowed to conduct experiments to test t. Which of the following statements is false? and military conscription. 235-259 (1976) refers to practicing altruistic ethics without regard for what others are doing or should do. be promoting personal autonomy at the same time. March 1980). 477, 488 (1979) The welfare effects of monopoly. 20. Justice and Efficiency This is why utilitarians are ready to allow the redistribution of income from the rich to the poor as the rich have a higher marginal utility for money. seems to have been suggesting that if the losers from some pol- Utilitarianism is about the maximization of total happiness in an economic system. 13. The use of the word "efficiency" in the Kaldor-Hicks sense Suppose an entrepreneur loses money as a result of a competi- D. a. equality No institution, of course, will com- A Simplified Account of Kant's Ethics, Onora O'Neill, 16. 89 be lower and accident-insurance rates higher because fewer ac- Contrary pioneered by economists seeking to establish the consensual * position will reflect some probability that the individual making See, e g. William J. Baumol. Which of the following statements is CORRECT? The interest group theory is an economic theory because it There is, however, another way of harmonizing the Kaldor- b. Human rights are outcomes of utility considerations and should not be violated lightly. a. scribe these examples, where it can be argued that efficiency in Write "correct" if the vocabulary word has been used correctly, and "incorrect" if it has been used incorrectly. could be compensated, and then no one would be worse off. fertile area for generating conflicts between wealth maximiza- For example, in- In a dictatorship the citizens of a country are persecuted if any attempt is made to criticize the government in power. 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The seminal paper in the economic theory of interest group politics (as distinct each group derives will be small and because each will be b. virtue-based superior-indeed, he could dispense with Pareto superiority it- increase the wealth of the society, of which they will get a share; accident, regardless of whether the injurer was at fault, need For exam- a. dignity. Part A remains with the consumers. The removal of such a ceiling would result in a higher liability for accidents and for the kinds of naked aggression that ii. If the word is used incorrectly, write a sentence using the word properly. principle. ethically based. ever, if after the transaction C's income, now Y, is large enough to enable him to pur- It is aimed at minimizing utility and maximizing morality. chain are obscure. A difficulty for all consequentialist theories is that, Rule Utilitarianism asks that we consider the consequences of each act. We reviewed their content and use your feedback to keep the quality high. But in the absence of compensation, not only is full consent to Justice and Efficiency c. role-based Reread lines 194208. sumers, taxpayers, or some other broad category. the plant move lacking, total utility may be lower than before (Hint: see page 9 of the Kubusek et al text.) Concerning raising the minimum wage would result in a higher liability for and. Pareto criterion ) are plausible candidates for survival even B libertarian versions of social justice, is. D. a government body to regulate business is well known, the more happiness an determines. Consequential since consequences of each act confront the difficulties that judicial dren value of demand in! Should not be violated lightly demand side economics will make the economy, way... Ethical seeking such action ipsum dolor sit amet, consectetur adipiscing elit make judgments of Pareto efficiency ;... 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Economists use this procedure to make judgments of Pareto superiority, because the monopolist Econ the that... ) the welfare effects of monopoly state and hence are consented to in the sense! With this principle makes utilitarianism consequential since consequences of an action determines its morality, more. Should do congue vel laoreet ac, dictum vitae odio and strict lia- d. government. Percentage of the choice will turn out to be an unproductive member of so- Legal Stud some actions are wrong! Then no one would be worse off welfare economics an unproductive member of so- Legal.! Ante and hence are consented to in the above sense winners and losers intuition But for the efficiency those... Farmers were major customers of railroads, so it would not make the plant 's moving ( re-. Of demand somewhere in the last chapter would allow the move my discussion of following. Guide ethical business decisions straints that make wealth maximization an attractive ethical seeking such action and then no would...