Briefly describe the three prominent schools of thought in political philosophy. Identify one of the most well-known philosophers in each school
According to utilitarianism, the government should choose policies to maximize the total utility of society by attempting to achieve a more equal distribution of income. Jeremy Bentham and John Stuart Mill were the founders.
According to liberalism, the government should choose policies deemed to be just, as evaluated by an impartial observer behind a "veil of ignorance." The main decision-making rule is called the maximin criterion, which says that the government should aim to maximize the well-being of the worst-off person in society. John Rawls developed the liberalism philosophy in his book A Theory of Justice.
According to libertarianism, the government should punish crimes and enforce voluntary agreements but not redistribute income that was fairly earned (not stolen). Libertarians argue that society itself earns no income; only individual members of society earn income. Robert Nozick was a libertarian.
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Your authors say economists tend to
A) think outside the box. B) think outside the bun. C) think outside the mind. D) think outside the theory. E) think outside the facts.
Economists are critical of monopoly because
A) monopolists can earn long-run economic profit. B) monopolists can create a deadweight loss. C) the demand for the monopolist's product is the market demand curve. D) economies of scope result in lower average costs.