Equity vs. Equality

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Equity vs. Equality by Mind Map: Equity vs. Equality

1. Equity

1.1. Concept of fairness

1.1.1. Taxation

1.1.2. Welfare

1.2. Equal distribution of opportunities/life chances

1.2.1. Can be found in capitalist economies

1.2.2. Incentive to work hard

1.2.3. assuming that opportunities/life chances are not entirely dependent on one's income

1.3. Concept of meritocracy

1.4. Generally harder to quantify

1.5. Subjective

1.6. Policies

1.6.1. Free education for all Singaporean citizens

1.6.2. Antitrust policies - Monopolies that have supernormal profits Fairness - Access to market

2. Equality

2.1. Related to income

2.1.1. Gini coefficient

2.2. Equal distribution of resources, including income, profits, wages & interest

2.2.1. Can be found in socialist markets

2.3. Generally easy to quantify

2.4. Policies

2.4.1. GST credit voucher

2.4.2. Progressive Income Tax

3. Equity as a type of Distributive Efficiency?

3.1. Equitable distribution of resources

4. Inequity as a source of mkt failure?

4.1. Market failure: market fails to allocate resources efficiently

4.2. Pareto Optimality