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The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. . Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of the populati
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Equal opportunity, a stipulation that all people should be treated similarly; Equality of outcome, in which the general conditions of people's lives are similar; Substantive equality, Equality of outcome for groups; For specific groups: Gender equality; Racial equality; Social equality, in which all people within a group have the same status
Equality: Regardless of their inputs, all group members should be given an equal share of the rewards/costs. Equality supports that someone who contributes 20% of the group's resources should receive as much as someone who contributes 60%. Equity: Members' outcomes should be based upon their inputs. Therefore, an individual who has invested a ...
An early example of equality is what might be described as outcome economic egalitarianism is the Chinese philosophy of agriculturalism which held that the economic policies of a country need to be based upon egalitarian self-sufficiency.
According to the University of Iowa DEI framework, "equity is different than equality in that equality implies treating everyone as if their experiences are exactly the same." [120] A common identification, especially among critics, is of equality as meaning "equality of opportunities" and equity as "equality of outcome".
Income equality may refer to: Economic egalitarianism , a state of economic affairs in which equality of outcome has been manufactured for all participants Economic inequality , differences in the distribution of wealth and income within or between populations or individuals