TRUE OR FALSE? The major disadvantage of the Just Desert economic argument is that this theory...

TRUE OR FALSE? The major disadvantage of the Just Desert economic argument is that this theory tends to

overlook the fact that luck often plays an important role in determining whether or not one

acquires and keeps wealth in the market.

Solutions

Expert Solution

Given statement:

The major disadvantage of the Just Desert economic argument is that this theory tends:

to overlook the fact that luck often plays an important role in determining whether or not one acquires and keeps wealth in the market.

The given statement is True.

Explanation:

The "just deserts" argument basically implies that you get what you deserve. The wealthy are so, because they have contributed to the productivity of society. The poor have not contributed, and that is why they are miserable. It completely ignores the fact that sometimes wealth is earned out of mere luck, or even unethical means.

This school of thought assumes that society is fair and just, and everyone earns according to the marginal productivity of their labor contributions. Hence, in a way, it justifies the wide inequalities in the world.

Thus, a major shortcoming here is that it completely ignores certain unfair and wrong deeds of society, by claiming that we all are getting what we deserve.

Rahul Sunny answered 1 year ago

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