What do economists mean by the “declining marginal utility of money”?
Now you find out that the OSU lineman (a philosophy major) is the one who tied the people to the track. Does this change your answer?
August 1, 2019Man looks at the outward appearance, but the Lord looks on the heart
August 1, 2019What do economists mean by the “declining marginal utility of money”?
Question Description
Answer the following questions, drawing upon the assigned readings and resources and using specific examples from those readings and resources to illustrate and explain your thoughts. In answering these questions, please follow this format:
–write out the question and then provide your response.
–when you reference (name) a theory, cite your source using the APA in–text citation style.
–you must cite sources and provide bibliographic reference at the end of the assignment. For an example of how to format this correctly, go to the Course Information module, click on the Syllabus document, and then Course Readings and Materials and see the correct style for the textbook. The Shaw & Barry text is your primary resource in this course.
Assigned questions:
- Shaw and Barry distinguish two different forms of utilitarianism. What are these two forms. Briefly describe each and use examples.
- What do economists mean by the “declining marginal utility of money”?
- 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?
- Two main features of John Rawls’s theory of distributive justice are particularly important. What are these two features? Describe them.
- What is the MAXIMIN rule for making decisions?
- What is the role of the “veil of ignorance” in Rawls’ theory of distributive justice?
- 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?
Make sure that you have adequately dealt with all the subtleties of the particular theory. The answers to these questions can be found in the text but merely quoting from the text or paraphrasing the text will earn minimal credit–the answers should be in your own words and should involve some explanation and discussion of what these concepts mean.
