Explain What Hobbes Means When He Says, "By Liberty Is

question 116

Essay

Explain what Hobbes means when he says, "By liberty is understood the absence of external impediments; impediments which may often take away part of a man's power to do what he would, but cannot hinder him from using the power left him, according as his judgement and reason shall dictate to him." Do you agree with Hobbes? Explain your answer.

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Definitions:

Marginal Rate

Refers to the rate at which one quantity changes with respect to a change in another quantity, commonly used in the context of taxes and interest rates.

Substitution Effect

The change in consumption of goods in response to a change in their relative prices, holding the consumer's level of utility constant.

Total Utility

The total satisfaction or benefit that a person derives from consuming a certain quantity of goods or services.

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can purchase at given prices and within a fixed budget.