Economic Equality

Definition

Economic equality refers to the fair distribution of wealth and resources in a society, where everyone has equal access to opportunities and benefits regardless of their socioeconomic status. It aims to reduce income disparities and promote social justice.

Related terms

Income Redistribution: The process of transferring wealth from those with higher incomes to those with lower incomes through taxation or social welfare programs.

Progressive Taxation: A tax system where individuals with higher incomes are taxed at a higher rate than those with lower incomes.

Social Welfare Programs: Government initiatives that provide financial assistance or support services to individuals or families in need, such as healthcare, unemployment benefits, or food stamps.