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Speaking as someone with an economics degree, I do not believe economics defines "fair" allocations of wealth / income. Market failures or inefficiencies, the
by nerfhammer 10y ago
Speaking as someone with an economics degree, I do not believe economics defines "fair" allocations of wealth / income.
Market failures or inefficiencies, the impact of taxes and subsidies, positive/negative externalities are things. Job training may have enough positive externalities such that it would be efficient to subsidize it, but not because of a concept of fairness to someone. Economic actors should be rational enough to seek it out themselves if it maximizes their net benefit.
- smallnamespace 10y ago> I do not believe economics defines "fair" allocations of wealth / income. Indeed, however economics does allow you to input your own definition of what 'fair' is, and it makes suggestions on how to fulfill that definition in the most efficient way.