It is easy to discern the difference between vigorous competition and the exercise of monopoly power

In John Rawls' A Theory of Justice, people choose the rules for distributing income from behind a veil of ignorance. People understand that ability determines income, but they do not know their abilities or the abilities of others. Rawls argues that people are risk averse and will choose the distribution rule that maximizes their income in the worst case scenario (they have relatively little

ability). An economist would call this strategy a. minimax. b. maximin. c. irrational. d. tacit collusion.

Describe how delays can prevent economic policy from being successful.

What will be an ideal response?