What Does Economist Joseph Stiglitz Mean When He Argues That

question 60

Multiple Choice

What does economist Joseph Stiglitz mean when he argues that the rise of the 1 percent is self-fulfilling?

• A) Elite individuals earn their positions through handwork and merit alone, without the help of their network, thereby fulfilling their potential.
• B) Income inequality is decreasing as elite individuals find fulfillment through charity work.
• C) The concentration of wealth among elite individuals benefits the economy overall.
• D) Elite individuals increasingly gain control over positions and institutions that shape the rules and make accumulating more wealth possible.

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Definitions:

Without Additional Information

A phrase indicating that no further data or specifics are provided beyond what has been already given.

EVSI

Expected Value of Sample Information, a concept in decision theory that quantifies the value of gathering additional information before making a decision.

Posterior Probabilities

The probabilities of possible outcomes updated on the basis of new evidence or information.

Expected Monetary Value

The predicted value of a financial opportunity when accounting for all possible outcomes and their probabilities.