Question: In a world in which there are fixed minimum needs for survival, show that an application of the relative income principle runs into problems. How

In a world in which there are fixed minimum needs for survival, show that an application of the relative income principle runs into problems. How would you try and modify the principle to circumvent this problem?

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The relative income principle posits that an individuals satisfaction or happiness is not solely determined by their absolute income level but by how their income compares to others However when fixed ... View full answer

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