Equity (Economics)

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  • The fairness, part ownership, and value of a business. Fairness is a normative and subjective concept with hardly any form of widespread agreement. Because it is based on human perception, there is no empirically acceptable algorithm for it in economics.

    Equity as fairness is a highly regarded theory in welfare economics as a way to redistribute income much more fairly in order to alleviate the plight of the poor or less fortunate in society. This means that taxes should be much more equitable, proportionate, and progressive. Those who make more income in society should be mandated to pay proportionately more taxes than those who make less for income to be less concentrated and for social services to be optimally provided. Critics argue that such a notion ...

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