“Nature has placed mankind under the governance of two sovereign masters, pain and pleasure. It is for them alone to point out what we ought to do,…the standard of right and wrong.” Principle of utility Always act to produce greatest happiness for the greatest number of people. Bentham’...
•Limitationsoffreemarket:•1.Freemarketignoresissuesofincomedistributionasitconcentratesonefficientflowofresourcestowardsgoodsandservicesthatconsumerswithmeansandabilitytoearnincomeswillpayfor.IntroductiontoContemporaryEconomicSystems •2.Underafreemarketsystemfirmsandconsumersmaketheirdecisionsonthebasisofprivate...
Corruption can improve economic efficiency in an imperfect world; Cultural differences in definition of corruption Excellent References for Corruption /Writing/Sun%20-%20PSCI%20384W%20S08.pdf *TI Corruption Perception Index and Barometer, *WB Governance Indicators, /governance/wgi2007/ *WB and ERDB ...