Economic Inequality: (1) Objectives and the Market System
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In the preceding chapters we have seen that the aim of equity is often jeopardised by the existence of economic inequality. In this chapter and the next we shall examine the problem directly. By economic inequality we mean differences in individuals’ abilities to purchase goods and services, produced by the economy: what we shall term ‘differences in their purchasing power’.
KeywordsMarginal Product Economic Inequality Market System Purchasing Power Efficient Allocation
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