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He believed that in the end all people were good and that everyone is capable of finding that good. Justice to him was more of an internal process as opposed to be an outwardly showing one. Based upon his definition and viewpoint every person is responsible for determining what is right and what is wrong and acting appropriately. He thought that justice was an internal process that each person had control of in their lives.
3. What are collective-action problems? What does it mean to be a free rider? Why does the free market often under-produce public goods? What are the implications of this problem for the theory of the "invisible hand"? Define each of these terms, and give examples.
A collective action problem is any situation that when there are uncoordinated actions that may not result in the best outcome that can be achieved. An example is that of the Assurance Game. In a classic Assurance game, two people have agreed to meet somewhere tomorrow, but have forgotten to specify where and when. So each person tries to think what the other person is likely to be thinking. If each of the people thinks what the other thinks then the collective action problem is optimally solved but if they don't then it is not (Collective Action Problem, 2009).
A free rider is a person who is a follower that evades the cost and expense of finding the best way of doing something by imitating the behavior of a leader who originally made the investments (Free Rider, 2009). The free market often under produces public goods because of the transactions costs. The invisible hand is a term that economists use to explain the self-regulating nature of the marketplace. If public goods are under produced due to costs it is very hard for the market to self-regulate itself under the invisible hand theory. Public goods can not self-regulate if their production...
Efficiency in the production of public goods would require the supplier of the public good to be able to observe each individual's marginal valuation. Those that supply public goods would have to be able to observe how much each person is willing to pay for the public good. Due to the fact that this kind of information is generally not available there e is no reason to think that public goods would be better provided by the public sector than by the private sector (Law and Clemens, 1999).
References
Collective Action Problem. (2009). Retrieved December 10, 2009, from Answers.com Web site:
http://www.answers.com/topic/collective-action-problem
Congressional Committees. (2009). Retrieved December 10, 2009, from Open Secrets.org Web
site: http://www.opensecrets.org/cmteprofiles/index.php
site: http://www.answers.com/topic/congress-of-the-united-states
http://www.richeast.org/htwm/Greeks/Socrates/Index.html
http://www.advfn.com/money-words_term_7265_Free_rider.html
Web site: http://oldfraser.lexi.net/publications/forum/1998/may/terminology.html
http://www.san.beck.org/SOCRATES4-What2.html
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