LIBERTARIANISM

LIBERTARIANISM A third view of inequality is called libertarianism. The two views we have considered so farutilitarianism and liberalism-both view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social...

LIBERALISM

LIBERALISM A second way of thinking about inequality might be called liberalism. Philosopher John Rawls develops this view in his book A Theory of Justice.  book was first published in 1971, and it quickly became a classic” in political philosophy Rawls begins...

UTILITARIANISM

UTILITARIANISM A prominent school of thought in political philosophy is utilitarianism. The founders of utilitarianism are the English philosophers Jeremy Bentham (1748-1832) and John Stuart. Mill (1806-1873) To a large extent, the goal ‘of utilitarians is to...

ECONOMIC MOBILITY

ECONOMIC MOBILITY People sometimes speak of “the rich and the poor if these groups Consisted of the same families year  after year. In fact, this is not at an the case. Economic mobility, the movement of people among income  classes, is substantial in the U.S....

Transitory versus Permanent Income

Transitory versus Permanent Income Incomes vary over people’s lives not only because of predictable life cycle variation but also because of random and transitory forces. One year a frost kills off the Florida orange crop, and Florida orange growers see their...