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Questions and Answers
What is the key difference between efficiency and social justice in the context of resource allocation?
What is the key difference between efficiency and social justice in the context of resource allocation?
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.
How do market transactions, driven by individual self-interest, lead to efficient outcomes?
How do market transactions, driven by individual self-interest, lead to efficient outcomes?
They harness the information and preferences of participants to distribute resources where they are valued most.
Why do market transactions not inherently ensure fair distribution of resources?
Why do market transactions not inherently ensure fair distribution of resources?
Because they often reflect and can exacerbate existing inequalities.
What is required to achieve social justice in addition to market transactions?
What is required to achieve social justice in addition to market transactions?
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What is the primary limitation of relying solely on markets to achieve social justice?
What is the primary limitation of relying solely on markets to achieve social justice?
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Why is it important to consider the processes and equity involved in achieving social justice outcomes?
Why is it important to consider the processes and equity involved in achieving social justice outcomes?
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