Economists mean by declining marginal utility of money

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Assigned questions:

1. Shaw and Barry distinguish two different forms of utilitarianism. What are these two forms. Briefly describe each and use examples.

2. What do economists mean by the "declining marginal utility of money"?

3. Robert Nozick presents his entitlement theory as a function of three basic principles. What are these three basic principles? What ethical theory are these principles most closely aligned with?

4. Two main features of John Rawls's theory of distributive justice are particularly important. What are these two features? Describe them.

5. What is the MAXIMIN rule for making decisions?

6. What is the role of the "veil of ignorance" in Rawls' theory of distributive justice?

7. According to Shaw and Barry, deciding what sort of economic arrangements would best promote human happiness requires the utilitarian to consider many things. What are the five considerations mentioned by Shaw and Barry?

Reference no: EM132087944

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