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Entitlement theory is a theory of distributive justice and private property created by Robert Nozick in chapters 7 and 8 of his book Anarchy, State, and Utopia.The theory is Nozick's attempt to describe "justice in holdings" (Nozick 1974:150)—or what can be said about and done with the property people own when viewed from a principle of justice.
Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life. [1]."
Distributive justice theory argues that societies have a duty to individuals in need and that all individuals have a duty to help others in need. Proponents of distributive justice link it to human rights. Many governments are known for dealing with issues of distributive justice, especially in countries with ethnic tensions and geographically ...
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
Intergenerational equity in economic, psychological, and sociological contexts, is the idea of fairness or justice between generations. The concept can be applied to fairness in dynamics between children, youth, adults, and seniors. It can also be applied to fairness between generations currently living and future generations. [1]
The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy , it was advanced by Thomas Aquinas based on an argument against usury , which in his time referred to the making of any rate of interest on loans .
Neoclassical economic theory provides two conflicting lenses for thinking about the genesis of the common good, two distinct sets of microfoundations. On one view, the common good arises due to social gains from cooperation. Such a view might appeal to the Prisoner's dilemma to illustrate how cooperation can result in superior welfare outcomes ...
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).