Homework Answers
The idea of fairness comes with the impartiality of an act or a process. In economics, it also means giving support to have nots. As per Rawls fairness is a way to go for justice. There are different methods and approaches to allocating scarce resources. The Command economy approach where the government do spending and the level of fairness in this is high since modern govts are welfare states.
The other approach is the market approach where things are decided on the basis of demand and supply with profit motive at the place. In this, downtrodden strata are not catered. Fairness is less here.
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3. What are the alternative GDP measurement methods? What is the main difference between the methods? (15 pts.)
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