Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: May 5, 2025
This, of course, is highly unrealistic. We are usually very much aware of natural endowments and liabilities both ours and others'. Therefore, the demand for such insurance is not universal, nor uniform. Some of us badly need and want it others not at all. Most of the modern welfare programs are involuntary Dworkin schemes.
Dworkin proposed a compensation scheme. He suggested a model of fair distribution in which every person is given the same purchasing power and uses it to bid, in a fair auction, for resources that best fit that person's life plan, goals and preferences. Having thus acquired these resources, we are then permitted to use them as we see fit. Obviously, we end up with disparate economic results.
But we cannot complain we were given the same purchasing power and the freedom to bid for a bundle of our choice. Dworkin assumes that prior to the hypothetical auction, people are unaware of their own natural endowments but are willing and able to insure against being naturally disadvantaged. Their payments create an insurance pool to compensate the less fortunate for their misfortune.
Word Of The Day
Others Looking