Notes Flashcards
Oligopolies & Game Theory
Perfect competition
Monopolies
Oligopolies (high barrier - advertise
Monolplisric competition ? (Low barrier) - as reuse ant
BOTH USE GAME THOWT
Non-price competition = most obvious type is advertising
Prisoners Dilemma - dominant strategy
If u understand game theory u know thee is no point lowering prices but DIFFERENTIATING ur product which is why prices in oligopolies remain stagnant and a lot more focus on non price competition
Careful - when two people COLLUDE to raise prices at the detriment of the consumer - ILLEGAL but price leadership isn’t - hard to tell the difference
OPEC - cartel - 80% oil reserves - 12 countries
Payoff Matrix
Collusion / cartel is unreliable - only trustworthy if monitored because both have an incentive to lower prices & gain more customers
personal identity
Dr who - personal identity
Essential properties?
- Body theory
- Ship of Theseus
- Bernard Williams thought experiment - mental content transfer
- John Locke - consciousness BUT h don’t maintain same consciousness - MEMORY THEORY BUT if personal identity requires memory that none of us became who we were before our first memory AND what if u lose ur memory? And what about false memory?
- Do u have obligations to anybody? We built pit society on the assumption that we are the same person = philosophy explores assumptions
Morality
Batman is quite Kantian in his ethics!
Kantian is absolute - moral rule book
Utilitarianism - hedonistic or intuitive? Agree with Kant that it should be equal for everyone
Act utilitarianism is immoral, so rule utilitarians think larger
Philosophy of economics
Economics relies on epistemically, metaphysical & ethical assumptions in order to do its work. Normative component makes it a bit different from philosophy of science.
Assumptions about rationality, causation, ethics or value.
Rationality: what makes someone rational? What is the best / correct definition of rationality? What is it to be rational and how can we apply it to economic models? Are we irrational to dislike loss? Is the economists definition of rationality flawed?
Specific definition of rationality by economists:
Causation:
- offshoot from philosophy of science
- Economists claim to be able to show causation to varying degrees of certainly
- Can we ever
Morality:
- Economics can be reframed as an attempt to operationalise utilitarian philosophy
- We can’t directly measure utility thus economists come up with ways of approximating it
- The normative justification for enacting policies based on these approximations must be underlined by an ethical theory
- Deals with how to value things, for example climate destruction, the value of a life
- Economists can produce a mythological framework BUT this framework is morally unjustified without an ethical theory behind it, particularly a policy decision framework like a cost benefit analysis
Economics is an outgrowth from philosophy : Adam smith was a logic professor and moral philosopher. The connection to axiomatic logic can still be seen in assumptions today in economics.
Hugely influenced by Mill and thus philosophy of economics can be seen as the disciples which links it back to its roots and to the moral and logical arguments which justify or fail to justify its assumptions
Fallacy if affirming the consequent:
Q is true; If O then Q; therefore P is true
Great Man History Theory
To what extent does social media affect politics?
To what extent do individuals have power over events?
WaterGate, PizzaGate, PartyGate, etc…
Negative vs Positive freedom
What kind of Labour Party is it as a result of Corbyn and Kier
Should we care about the gender pay gap
Distributive justice Dwinger, Rawls
Assisted Dying
2 MPs per Constituency
Israel
Ukraine
Syria
Flaws of British politics system
UN
Norway
20% immigration, housing prices EVEN with wealth trust fund and equality
Over half of 19-27 year old men in Norway would have voted for trump - Rught wing COMPARED TO only 20% of whole country
We get 1/3 our energy from Norway
- kier starker going to Norway after no pms since thatcher
COP29
Canada - climate number one issue
BUT NOW ITS GONe
Cost of living drowned it out
Conscience vs constituency?
- assisted dying
- A lot of faith in beaurocratic system to judge
- Improve palliative care - NEED TO NIT BE A BURDEN - social care can’t be crippling expensive
- Letby MP put in a lot of safeguards tho - ??
- Representatives not delegates - otherwise u just do référendum
- See capital punishment - 70% public wanted it
International courts and bodies - are they reducing in power?
Global vs political priorities
Voters usually care more domesticqlly
Kier streamer abroad too much?
International intervention?
Angela Merkel commented that Covid and leaders not meeting didn’t help out in in invading
King is useful because of long lasting serving - democractic vs autocratic leaders length of office
Victorauban is the longest serving men in Europe
Individual vs community rights - government priority?