What is Economic Equality?

Updated: November 28, 2022
In an economic sense, equality is the idea that everyone should have the same opportunities to succeed, and that no one should have an unfair advantage over anyone else.
Detailed answer:

The term economic equality, or economic egalitarianism, refers to a situation where all people have equal access to the same standard of living.
Indeed, the concept of economic equality is often associated with socialism or communism as well as some democratic and liberal societies. In practice, however, it has never been achieved anywhere in the world.
Economic inequality can have both positive and negative effects on society. Some people argue that it can lead to greater social cohesion and social capital because it leads people to work together for common goals. Others argue that it leads to less social mobility because those who have more money can buy more resources which increases their chances at success in life. It can be a way to reduce poverty and increase opportunity, because it may also lead to a more efficient allocation of resources, which benefits everyone in society economically speaking.
However, achieving economic equality in practice can be difficult because it often involves redistributing wealth away from those who have earned it through their own efforts or inherited it from their families over many generations. Economic equality can be achieved in different ways. One way is through redistribution, where the state taxes the rich and gives money to poorer people in order to reduce inequality. Another way is through progressive taxation, where those who earn more pay higher taxes.

What is Economic Equality?. (2022, Nov 22). Retrieved from https://graduateway.com/qa/what-is-economic-equality/