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tuggy tuggy
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6 years ago
Are the concepts of equity and efficiency different? Why or why not?
Textbook 
Microeconomics

Microeconomics


Edition: 1st
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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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