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John Rawls: A Theory of Justice
The social contract theory, which has roots in Plato and was developed by Hobbes, Locke, Rousseau, and Kant, grounds moral requirements in social agreements made for the sake of mutual advantage. Rawls presents a novel social contract theory, which has two main parts. The first part of the theory identifies the correct principles of justice as those "that free and rational persons concerned to further their own interests would accept in an initial position of equality as defining the fundamental terms of their association." To ensure that the principles selected by contractors are fair, Rawls imposes a crucial restriction on the "original position" from which the contractors select principles. In Rawls's theory, the correct principles of justice are those that would be chosen from behind a veil of ignorance, whereby individuals are stripped of any particular knowledge about themselves, their social position, or their conception of the good. In putting forward this idea of the original position, Rawls claims that he is simply making vivid "the restrictions that it seems reasonable to impose on arguments for the principles of justice."
Rawls maintains that contractors in the original position would agree on two principles of justice. First, "each person is to have an equal right to the most extensive scheme of equal basic liberties compatible with a similar scheme of liberties for others." Second, "social and economic inequalities are to be arranged so that they are both (a) reasonably expected to be to everyone's advantage, and (b) attached to positions and offices open to all." The first of these principles is lexically prior to the second - i.e., the first principle (concerning liberty) trumps the second (concerning inequality) . The guiding thought behind the two principles, Rawls claims, is that inequalities can be just only when they benefit the least advantaged members of society. Rawls points out that his theory thus differs sharply from utilitarianism, according to which we ought to maximize well-being, and shares commonalities with Kant's moral philosophy.
-In his characterization of utilitarianism, Rawls claims that the two main concepts of ethics are:
Supply And Demand
Basic economic concept that describes the balance between the availability of a product or service and the desire (demand) for it.
Free Enterprise System
An economic system where private businesses operate in competition, largely free of state control, with limited government intervention.
Market System
An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Property Rights
Legal rights to possess, use, and dispose of assets including real property (land and buildings) and intellectual property.
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