If a Good Gives Rise to Substantial External Benefits to Society

question 82

True/False

If a good gives rise to substantial external benefits to society that are associated with its production and/or consumption then the good likely has too few resources devoted to its production.

---

Definitions:

Absolute Obligation

A legal binding commitment that must be fulfilled under all circumstances, without excuses or conditions.

Ethical Theory

The branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct.

Virtue Ethics

The ethical system which proposes that a decision is ethical when it promotes positive character traits such as honesty, courage, or fairness.

Categorical Imperatives

Fundamental principles proposed by Immanuel Kant that require unconditional adherence without consideration of personal desires or consequences.