Question

"Many utilitarians believe that a free market is neither a necessary nor a sufficient means for...

"Many utilitarians believe that a free market is neither a necessary nor a sufficient means for attaining the maximum overall good." Explain this statement by using two examples
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Utilitarians are the people who want welfare for the majority of the people in the society and spread prosperity in the society. But, free market is driven by the market forces that set its own market price and output level.Further, free market also facilitates unequal distribution of resources that lead to become a constraint for spreading the welfare to the society. It is the reason that free market is not treated a a sufficient mean to facilitate utilitarianism based benefits and welfare to the society.

The first example is the  increase in the inequality of resources among the different class of people that comes with the free market. Here, it is observed that top 10%  of the population own the resources that is equal to the most of the rest of population. It is not a ideal condition where everyone do not have the equal opportunity to the goods and services. It is due to the free market phenomenon.

The second example is the elimination of smaller players from the market by the bigger players in the free market scenario. Here, bigger players or firms increase their market power and apply anti competitive methods that make it difficult for the smaller players to be in the market. Hence, the smaller players move out and welfare is not spread to the whole of the society.  This problem is resolved by government intervention, when free market concept is limited in some capacity.

Add a comment
Know the answer?
Add Answer to:
"Many utilitarians believe that a free market is neither a necessary nor a sufficient means for...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Consider the language ins, for example, the words 1, 11 and 11111111, but neither 111 nor...

    Consider the language ins, for example, the words 1, 11 and 11111111, but neither 111 nor 1111111111 1. Prove that L is not context-free. 2. Draw a standard Turing machine with a two-way tape that decides L, using only ?-(L B} as tape alphabet. Very briefly explain how your machine works For every state or group of related states, your explanation should say in a few words (e.g. move back to start of tape" or "replace every blank by 1")...

  • H8 Q6 Consider a competitive market served by many domestic and foreign firms. The domestic demand...

    H8 Q6 Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms’ product is Qd = 1400 - 2.5P. The supply function of the domestic firms is QSD = 200 + 1.5P, while that of the foreign firms is QSF = 200 Instructions: Round your answers for equilibrium price to the nearest penny (two decimal places). Round your answers for equilibrium quantity to one decimal place. a. Determine the equilibrium price and quantity...

  • Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms’ product is Qd = 1100 - 2.5P. The supply function of the domestic firms is QSD = 50 + 1.5P,...

    Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms’ product is Qd = 1100 - 2.5P. The supply function of the domestic firms is QSD = 50 + 1.5P, while that of the foreign firms is QSF = 200. Instructions: Enter your responses for equilibrium price rounded to the nearest penny (two decimal places). Enter your responses for equilibrium quantity rounded to one decimal place. a. Determine the equilibrium price and quantity...

  • (2*5) Consider a market with many risky assets and a risk-free security. Asset’s returns are not...

    (2*5) Consider a market with many risky assets and a risk-free security. Asset’s returns are not perfectly correlated. All the CAPM assumptions hold and the market is in equilibrium. The risk-free rate is 5%, the expected return on the market is 15%. Mr. T and Mrs. R are two investors with mean-variance utility functions and different risk-aversion coefficients. They both invest into efficient portfolios composed of the market portfolio and the risk-free security. Mr. T’s portfolio has an expected return...

  • Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer...

    Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 66 stocks...

  • What are the main two differences between the Free market and Command Market? (2 Marks)    ...

    What are the main two differences between the Free market and Command Market? (2 Marks)     Calculate the values in this table (5 Marks) Quantity Price FC TVC TC MC TR MR AFC AVC ATC 1 30 10 10 X X 2 25 15 3 20 18 With a 30% change in a product price, the demand for the product changes by 60%. What is the price elasticity of demand for this product? (Show Formula) (3 Marks) Define the following...

  • 91. While comparative advantage is the biggest reason many nations engage in trade, two other important...

    91. While comparative advantage is the biggest reason many nations engage in trade, two other important reasons are a. economies of scale and increased competition. b. economies of scale and decreased competition. c. increased competition and increased production costs. d. increased production costs and access to smaller markets. e. decreased competition and access to smaller markets. Use the following scenario to answer the following question: Rosa and Dirk produce basketballs and footballs. Rosa can produce six basketballs per hour or...

  • Q.The organ market debate has existed in the health economics field for many decades. The market...

    Q.The organ market debate has existed in the health economics field for many decades. The market structure also differs across different countries. For instance, sale of kidneys in the US is illegal and people can only donate a kidney. Even in-kind gifts or compensation that is made to the donating party is considered an illegal activity. However, Iran has a legal market for kidneys. This next discussion forum will ask students to analyze kidney markets and organ markets. 1. Go...

  • Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon...

    Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon are potentially overfished because they are a common resource is rival in consumption a common resource that is underutilized. A public good. d. All of the above а. b. b. Minimize tax burdens с. c. Perform cost-benefit analyses d. Resolve all externalities. Voting rates are low in the U.S compared to other countries because a. It is not mandatory b. Marginal benefits are less...

  • Question 1 (1 point) The Global English Language Job Market is Changing: What This Means for...

    Question 1 (1 point) The Global English Language Job Market is Changing: What This Means for ESL Teachers By Christie Van Tol University of Toronto TEFL Online https://medium.con accelerated/the-global-english-language-job-market-is-changing-what-this-means-for-esi-teachers-92c8d87cf8eb As the fastest-spreading language in human history, over the past several decades, English has come of age as the world's most common language. Today, English is spoken by 1.75 billion people-that's a quarter of the world's population. And this number is only set to grow. By 2020, the British Council forecasts...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT