Compare and contrast the policy implications of the theories of Essay

Compare and contrast the form _or_ system of government implications of the theories of justice in the works of John Rawls and Friedrich von Hayek. Illu - Essay Example201). It is apparent that Rawls is not adequately authoritative in sorting out those distributive institutions that are in agreement with, or needed by, his principle. In reality, the theory is intentionally vague as Rawls, exercising his method of avoidance, tries to avoid the question of the correctness of important social theories and rather to set out a conception of justice on the understructure of which the question of private property vs. socialism in the means of production could be reasonably discussed (Wood & woods 1991, 202). This essay will review the similarity and difference amongst the implications of Rawlss and Hayeks theory of justice on economic policy. Specifically, it will discuss the implication of Rawlss theory of social justice on offbeat economics, and the implication of Hayeks spontaneo us economic order on economic policy. Basically, the difference between Rawls and Hayek is that the former focuses on microeconomics whereas the other on macroeconomics however, both of them included in their preaching property-owning res publica and market socialism in a minimal fashion, while disregarding capitalism. The Implication of Rawlss and Hayeks Theory of Justice on Economic Policy The ideas of Rawls represent one thorough broad discussion of the issue to which others have felt forced to address. A comprehensive analysis of Rawls is relevant, not because he is spotless whilst others are inaccurate, but because he methodically deals with these major concerns and his outcomes may be of particular relevance. In a recent literature review interconnecting ethics and economics, Hausman and McPherson (1973) firmly argue for the importance of ethics to economic policy. They refer to Rawlss theory of justice as well. They cite a number of ethics systematisations, including Rawls , and pack In our view, the parts of ethical theories we shall survey here may be of more interests to economists than are the livelong systems (Edgren 1995, 332). In applying the work of Rawls to discuss welfare economic policy economists have inclined to be careful. Others who constitute Rawls frequently give an apparently rather more inclusive discussion. They will include the veil of ignorance, or the initial standpoint, for instance, but the emphasis is still quite on the difference theory and they still take out much of the essence (Edgren 1995). Several applications of Rawlss difference theory to economic policy are in opposition to the essence of Rawlss notion. Primarily, it is entrenched in a thought system that is in some(prenominal) substantial essence utilitarian, whilst the system of Rawls is openly designed as a substitute for utilitarianism (Edgren 1995). Utilities, in welfare economics, are representation and not directly analogous, whilst in Rawls they are evid ently the contrary (Bojer 2003). I look that some might claim that Rawls is in error here, that he has created stronger premises than he requires, and that the remedial is incidentally. However, Rawls is essay to expand the concept of primary goods and their importance to direct comparison. Moreover, the difference theory is related by Rawls to the anticipations of exemplification individuals in a theoretical scenario of imperfect unawareness, and is aimed to explain how social