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4. How are efficiency and equity related?

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In economics how are efficiency and equity related?

Jul 1st, 2014

This is fundamentally the outdated Capitalist or maybe Socialist discussion.

A competent economy ensures that everyone becomes paid in accordance with his or her ability. (e. g. obtaining paid for a lot more since you are definitely more productive)

An equitable economy ensures that everyone becomes the same option with the price involving proficiency (e. g. Government difficult this abundant or maybe successful folks to fund the education of the bad or maybe unproductive). If you have excellent money (e. g applying taxation to be sure everybody is similarly paid), and then there is absolutely no motivator to get successful or maybe progressive since your prize can be the identical.

Many democracies really are a controlling act between proficiency along with money.


Jul 1st, 2014

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