Public Finance: Achieving Efficiency and Social Justice

Efficiency refers to the maximization of total benefit to society, while social justice is concerned with the fair distribution of wealth, opportunities, and privileges within a society.

They harness the information and preferences of participants to distribute resources where they are valued most.

Because they often reflect and can exacerbate existing inequalities.

<p>Additional interventions, such as progressive taxation, social safety nets, and policies designed to address disparities in income, opportunity, and power.</p> Signup and view all the answers

<p>Markets do not account for the fair distribution of wealth, opportunities, and privileges within a society.</p> Signup and view all the answers

<p>Because social justice is concerned with not just outcomes but also the processes and equity involved in achieving them.</p> Signup and view all the answers