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3.5 Policy Implications of Assuming Diminishing Marginal Utility from Consumption

Course video 25 of 37

Dear students, Thank you for joining us on the third week of the course 'Economic Growth and Distributive Justice'. This week Prof. Margalioth will teach you the main theories of distributive justice, explain how we can choose between them, and discuss their relative strengths and weaknesses. Then he will show you why the value of a dollar is not necessarily, or perhaps, necessarily not, the same for different individuals, using a term you should already be familiar with – MARGINAL UTILITY. Then we will present an eye-opening example – of one poor guy named Bob, who has been involved in a traffic accident – to show you why the conventional ANALYSIS OF TAXATION, used by policymakers all around the world to achieve Economic Growth and Distributive Justice, should be replaced with an alternative, much better analysis - to be presented in next week's class. Let's begin week 3! Economic Growth and Distributive Justice team

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