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.

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 2 years ago

True or False: Unlimited liability is a major disadvantage of a sole proprietorship. True or False:...

True or False: Unlimited liability is a major disadvantage of a sole proprietorship. True or False: The amount of Net Income is the end result of a balance sheet. 3. Multiple Choice: The _____________ indicates what the firm owns and how these assets are financed in the form of liabilities and ownership interest (“Snapshot”). Income Statement Balance Sheet Cash Flow Statement None of the above Which of the following forms of business offers limited liability Sole Proprietorship Partnership Corporation None...

True or false and WHY? The theory economic development/wealth of the Mercantilists is superior to that...

True or false and WHY? The theory economic development/wealth of the Mercantilists is superior to that of Cantillon or Smith. True or false and WHY? Adam Smith's value theory is useful in resolving the paradox of value. True or false and WHY? What Adam Smith detested about mercantilism was its focus on the founding and defense of the nation state. True or false and WHY? Adam Smith, between the 1759 publication of The Theory of Moral Sentiments and the 1776...

True False: If the statement is false, make an argument why. 10. When resources are not...

True False: If the statement is false, make an argument why. 10. When resources are not allocated in a manner that is consistent with demands of society, the market fails, and regulation occurs. 11. In the future the federal government is destined to become more involved in preserving limited resources. 12. Agriculture is a major source of pollution. 13. Food safety has become less important policy concern because science has eliminated the dangers of E. Coli communication of undercooked hamburger,...

True or False: "The goal of an economic system should be to create as much economic...

True or False: "The goal of an economic system should be to create as much economic growth as fast as possible." Identify if you believe this statement is True or False. Provide a supporting explanation to your answer. Your explanation should include a graph. Make sure to define any concepts from the section that you use in your explanation.

True-False 1. The main disadvantage of belts/chains compared to gears is that belts/chains are more likely...

True-False 1. The main disadvantage of belts/chains compared to gears is that belts/chains are more likely to transmit noise, shock, and impact than gears are. T/F. 2. A large pulley rotates CCW, meshes with a belt, and the belt meshes with a smaller pulley. The smaller pulley must rotate faster and CCW. T/F. 3. Uniform wear and uniform pressure are simultaneously applied in clutch analysis. T/F. 4. The units on the coefficient of speed fluctuation can be either RPM or...

True or false? The major characteristic of an HMO from a supply standpoint is that it...

True or false? The major characteristic of an HMO from a supply standpoint is that it is simultaneously responsible for health insurance and health care.

Just want to see if I get these True or False answered correctly: True - Since...

Just want to see if I get these True or False answered correctly: True - Since we apply the same convolutional filter throughout the image, we can learn to recognize the same feature wherever it appears. False - A fully connected layer for a reasonably sized image would simply have too many parameters False - A fully connected layer can learn to recognize features anywhere in the image even if the features appeared preferentially in one location during training

Game theory is the science of rational behavior in interactive situations. True False

Assess whether the following statements are true or false. motivate your answer (your argument should in...

Assess whether the following statements are true or false. motivate your answer (your argument should in principle prove the claim or prove it wrong). (1)Claim: As a firm output goal Q increases, a cost-minimizing firm will always use more labor and more capital to achieve the output goal. (2)Claim: If a production function has diminishing marginal product of labor and diminishing marginal product of capital, then that production function cannot have increasing returns to scale.

True or False: Of the major economies in the world, the United States had the highest...

True or False: Of the major economies in the world, the United States had the highest growth rate of real GDP per capita between 1982 and 2009. ・True ・False Japan experienced average annual real GDP per capita growth of 2.0% between 1982 and 2009. Which of the following helped most to contribute to that growth? ・Redistributive policies designed to decrease poverty ・Privatization of previously nationalized industries ・Spending on research and development

Question