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You Are Instructed that Damages is the Word Which Expresses in Dollars and Cents the  Form

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welcome back to carnegies.org today we're going to be continuing with our series dumbfounding definitions disney distinctions and diabolical doctrines a series running through some of the jargon of philosophy today we're going to be looking at a term in the philosophy of economics called what is willingness to pay now this video is brought to you by our brand new book that we just published called are all lives equal why cost benefit analysis values rich lives more and how philosophy can fix it stick around at the end for more now economists use the concept called willingness to pay or wtp for short for a range of purposes from modeling consumer decisions to helping businesses set prices some of these usages are largely divorced from philosophical questions while others are deeply intertwined in this video we will explain what economists mean by willingness to pay some of its uses and several reasons that philosophers take issue with it let's check it out so wil

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