Reference no: EM133083494

1. Briefly explain the wealth maximization conceptions of social justice. What are its major advantages and shortcomings.

2. Explain how Posner's arguments for wealth maximization as an ethical principle resolve many of the problems of Utilitarianism.

3. Which of the theories of justice discussed in class is closest to your own ideas about justice. Explain why you endorse the theory of your choice.

4. Describe how private property operates as a mechanism for solving the tragedy of the commons. Include graph(s) to illustrate the efficiency effects of privatization of the commons.

5. Explain how the FCC uses mechanism design to allocate rights in the electromagnetic Spectrum.

6. Explain how mechanism design can be used to solve the problem of allocating Ocean Mineral rights in international waters.

7. Explain how an economic analysis accords or conflicts with the result in Spur Industries.

8. Explain how mechanism design can be used to solve the problem of air pollution creating public externalities among European countries