Discuss the nature of utilitarianism as a “subjective” theory and one that ultimately brings about a “subjective” theory of value. How does this subjectivity yield what might be perceived as an “objective” interpretation of the macroeconomy?

1)Discuss the nature of utilitarianism as a “subjective” theory and one that ultimately brings about a “subjective” theory of value. How does this subjectivity yield what might be perceived as an “objective” interpretation of the macroeconomy?
2) Discuss the differences between “rule” and “act” utilitarianism and how this defines the difference between Jeremy Bentham and J.S. Mill. Use examples.
3) Discuss the significance of Say’s law to macroeconomic theory and conditions under which it may not apply. In this regard, what is the significance of what Keynes called the other “twin pillar” of capitalism?
4) In what ways might Senior’s view of “capitalist abstinence” be a precursor to the marginal productivity theory of capitalist distribution?
5) What is Walras’ law and what is the “post-1936” critique of it? Discuss.
6) Is Thompson’s approach to utilitarianism theoretically consistent with his policy recommendations? Discuss?
Then a conclusion

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