ECON BC 2075y Lecture Notes - Lecture 4: Ceteris Paribus, Multiple Choice, Normal Good
16 Sep 2016
School
Department
Course
Professor
Document Summary
Econ help room- sept 18 sun, mon, tues, wednes 7-9pm annex 102. Can help with math problems in this class. Multiple choice come from concepts talked about in class and readings. Short answers come from homeworks (math based) Welfare and wellbeing- morality, rights, justice, and equity. Standard view of welfare and preference satisfaction. Utilitarianism not concerned with distribution/distinction between person"s (example, a vs. b) Doesn"t matter if one person has 1 million and rest has none because of total welfare. Well overall welfare maximized by equalizing incomes (pigou): diminishing marginal utility of income. Having equality and maximizing welfare are not mutually exclusive according to utilitarians. An extra contributes more to well-being of someone w/ an income of than. Ceteris paribus, more equal distribution of income increases total welfare. Economists: not happiness, how well satisfied john and jane"s preferences are.
