Abstract
‘Equality’ is used to mean equality before the law, equality of opportunity, and equality of result, among other things. These types of equality are not necessarily mutually compatible. Equal distribution of benefits is often taken to be ‘natural’ (by Rawls, for example), partly because envy is ubiquitous. In welfare economics the presumed diminishing marginal utility of money implies that equality of incomes maximizes welfare, but if interpersonal utility comparisons are impossible no such presumption can be made. As well, the interdependencies between individuals in terms of welfare are such that enforced equalization is likely to reduce overall welfare.
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Coleman, J.S. (2018). Equality. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_408
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DOI: https://doi.org/10.1057/978-1-349-95189-5_408
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