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Are the concepts of equity and efficiency different? Why or why not?

tuggy

wrote...

Posts: 864

Rep:

6 years ago

Are the concepts of equity and efficiency different? Why or why not?

Are the concepts of equity and efficiency different? Why or why not?

Textbook

Microeconomics

Microeconomics

Edition: 1^st

Authors: Acemoglu, Laibson, List

Read 137 times

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bolbol

wrote...

#1

Staff Member

6 years ago

Yes, because equity and efficiency are not compatible. Equity has more to do with fairness; efficiency has to do with maximizing, say, output at a, with a given amount of input.
They could be compatible, but in the real world, they're usually not. The more efficient an economy is, a lot of times, the distribution of income becomes more uneven (not fair).

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