What is the difference between equality of opportunity vs equality of outcome?
What’s the difference between equality of opportunity and equality of outcome? Equality of outcome looks to ensure people who are disadvantaged are making gains. Equality of opportunity looks to ensure that everyone has the same opportunities to make those gains.
What is Friedman’s point of view regarding the distribution of income?
In Capitalism and Freedom, Milton Friedman argues that the distribution of wealth caused by market forces and capitalistic exchanges is both just and desirable.
How does Friedman feel about inequality resulting from inheritance from option luck?
What does Friedman say about economic inequalities that result from inheritance? These are morally acceptable as people should have the right to give their money to their children and relatives.
What are the key arguments made by Friedman about the redistribution of wealth to achieve equality?
In both works, he starts out by arguing that we should indeed be unconcerned about income inequality in a free-market economy, and he provides three major reasons: (1) Some degree of inequality is actually desirable in any well-functioning economic system; (2) in any case, a certain degree of inequality is unavoidable …
What is the difference between inequality of opportunity and inequality of outcome?
While inequality in terms of opportunity is defined on an ex-ante basis and is concerned with ensuring a common starting place, inequality of outcomes is con- cerned with the finish line and depends on both circumstances beyond one’s control as well as talent and effort.
Which is more important equality of opportunity or equality of outcome?
In cases involving individual choices, such as voluntary gambling, Equality of Outcome condemns inequality resulting from win or loss as wrong or unfair. Equality of Opportunity, however, is often understood as allowing for these inequalities and many consider this to be a decisive advantage of focusing on opportunity.
What did Friedman mean by equalizing differences?
According to Friedman what are “equalizing differences?” People contribute different amounts through the quality and quantity of their work. Allowing differences in pay produces more equality, when equality is understood as a balance between what is produced and what is given in return.
What does Friedman mean by payment in accordance with product quizlet?
What does Friedman mean by “payment in accordance with product?” People should be compensated based upon what they produce, including production resulting from the instruments that they own.
What factors determine money demand in Friedman’s modern quantity theory how does each affect money demand?
Thus Friedman says there are four factors which determine the demand for money. They are: price level, real income, rate of interest and rate of increase in the price level. The demand for money is unitarily elastic.
What is an example of equality of opportunity?
In cases involving goods that cannot be distributed equally, Equality of Opportunity specifies a fair way of distributing unequal outcomes. For example, there may be ten children for every place at a charter school.
What is an example of equality of outcome?
In a lamp assembly factory, for example, equality of outcome might mean that workers are all paid equally regardless of how many lamps of acceptable quality they make, which also implies that the workers cannot be fired for producing too few lamps of acceptable quality.