Question: Certain market transactions such as selling one s kidneys seem morally
Certain market transactions, such as selling one’s kidneys, seem morally repugnant to many people. At a conference discussion on what makes certain transactions morally repugnant, a professor of psychology said, “The problem is not that economists are unreasonable people, it’s that they’re evil people. . . . They work in a different moral universe.” The psychologist argued that the bur-den of proof should be “on someone who wants to include a transaction in the marketplace.” Contrast this view with the view inherent in the First Fundamental Theorem of Welfare Economics.
Answer to relevant QuestionsRecently, the California insurance commissioner proposed a regulation that would reduce the ability of insurers to use geographic location in determining automobile insurance rates. The change would raise the insurance rates ...Your airplane crashes in the Pacific Ocean. You land on a desert island with one other passenger. A box containing 100 little bags of peanuts also washes up on the island. The peanuts are the only thing to eat. In this ...Tarzan and Jane live alone in the jungle and have trained Cheetah both to patrol the perimeter of their clearing and to harvest tropical fruits. Cheetah can collect 3 pounds of fruit an hour and currently spends 6 hours ...Britney and Paris are neighbors. During the winter, it is impossible for a snowplow to clear the street in front of Britney’s house without clearing the front of Paris’s. Britney’s marginal benefit from snowplowing ...In India, a drug used to treat sick cows is leading to the death of many vultures that feed off of dead cattle. Before the decrease in the number of vultures, they sometimes used to smash into the engines of jets taking off ...
Post your question