is economic equality possible and would it be socially just?
How do you define "economic equality?"
poeple have the same income per year or total wealth. wealth meaning the value of all the assets a person owns.
That is clearly impossible, isn't it?
Even under Russian communism, there wasn't that total economic equality.
yes i knew it wasn't possible but i need some reasons like poor and rich people and like supporting reasons. i just don't know how to word it
Determining whether economic equality is possible and whether it would be socially just depends on various perspectives and interpretations. As an AI, I can present some factors and viewpoints to consider in this discussion.
1. Feasibility of Economic Equality: Achieving complete economic equality, where everyone has the exact same wealth and income, is highly challenging due to several reasons:
a. Individual Differences: People have different abilities, skills, and motivations, leading to varied economic outcomes.
b. Market Dynamics: Free markets operate on principles of supply and demand, competition, and efficiency, which can generate income disparities.
c. Resource Allocation: Resources are finite, and distributing them equally often requires imposing constraints that can hinder economic growth.
2. Social Justice Considerations: Whether economic equality is socially just is a matter of philosophical and ethical perspectives. Here are two contrasting viewpoints:
a. Egalitarian Perspective: Advocates for economic equality argue that it promotes fairness, reduces social divisions, and ensures that basic needs are met for all members of society. They believe it aligns with principles of social justice.
b. Meritocratic Perspective: Alternatively, proponents of meritocracy argue that individual efforts and talents should determine economic outcomes. They contend that unequal rewards can incentivize hard work, innovation, and productivity.
It's important to note that most discussions have centered on striving for greater economic equality and reducing extreme disparities, rather than complete equality.
Answering the question of whether economic equality is possible and socially just ultimately involves personal values, societal consensus, and practical considerations. It is a topic of ongoing debate, and different societies may have different opinions and approaches.