What is Fairness in Economics?
The concept of equity or fairness is spread all over. In the case of economics, it has two uses. It is one of the five goals of economics and it is an asset in ownership.
These are two totally unrelated things. But this is the fact about fairness. Fairness harnesses two important issues. Let us talk about both these separately.
What is an Economic Goal?
It is one of the two goals of microeconomics. In case you have achieved equity, then you have achieved wealth and income which are fairly distributed in the society in which you are dealing with. Everyone is asking for fair distributions these days. But is a debatable thing as to what exactly is something considered to be fair and equitable.
People may assume that it is considered to be equity when all of them are getting the same income and wealth. While there are others who think that it is based on the value of the products that the people should receive the income and wealth. If this happens it is considered to be equity by them. While others think that if people earn income and wealth according to what they think their capabilities are, it is equity.
What are the Distribution Standards?
There are three distribution standards that are mostly used in the market scenario, while there are much more in the scene.
a) Equality standard: It says that income should be given equally to all in society. Each member should be able to receive the same amount of income as the other person.
b) Contributive Standard: In this case, the distribution is based on the value of the products or services, which a person is producing. The contribution that they make would be the standard to evaluate in this case. This is the most frequently used one in the market scenario.
c) Needs standard: It is something that is distributed according to the needs of the person. It should be based on the person’s standard of living. This is generally present in governments with socialism and communism.
What is Ownership in Economics?
This is the second use of equity or fairness. It is something that refers to the assets of the person. This holds true mainly in the case of huge things which can be capital, housing, stocks at corporate levels, and so on. You can hear that there is an entrepreneur who is having equity ownership of a small business and so on. This is the situation in the case of the ownership.
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