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Utility and Marginality

The concept of utility and marginal utility can also be applied to income. Please read a summary of three political philosphies in Section 3: The Political Philosphy of Redistribution Income

Utilitarianism was founded by the English philosophers John Stuart Mill and Jeremy Bentham. Liberalism was developed by John Rawls (1971). Finally, Robert Nozick (1974) presented his support for libertarianism in his book, Anarchy, State and Utopia.

prepare a 2-3 page paper that addresses the following problems:

1. Which political philosophy would you support? Why? How would you address the criticisms of your preferred philosophy? Be sure to support you answer with the appropriate references.

2. Bill earns five times as much as Sam. What would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation? describe.

3. Taxes are often used as a means of distributing income. What kind of tax system would you favor (regressive, flat, progressive)? Why? (for a review of these terms: click here)

4. Do you think government should have a role in redistributing income? If so, in what way ways? If not, why not?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M927834

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