Economic Fairness

Definition

The concept that all individuals should have equal opportunities for economic advancement and be rewarded based on their contributions, not their social status or other non-merit factors.

Analogy

Economic fairness is like a game of Monopoly where everyone starts with the same amount of money and has an equal chance to buy properties. The outcome depends on how well you play the game, not on who your parents are or where you come from.

Related terms

Income Inequality: The unequal distribution of household or individual income across various participants in an economy.

Wealth Redistribution: A political policy often associated with socialism that involves transferring wealth from the rich to provide for the poor and middle class.

Progressive Taxation: A tax system in which those who earn higher incomes pay a higher percentage of their income in taxes.