Concept information
Preferred term
equity and efficiency trade-off
Definition
- EQUITY AND EFFICIENCY trade-off refers to the idea that while free markets perform quite well in producing economic efficiency, the market mechanism does not necessarily produce outcomes that a society would judge to be equitable. If a society values equity, it may be willing to sacrifice some efficiency in order to gain additional equity. [Source: Encyclopedia of World Poverty; Equity and Efficiency Trade-Off]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/equity_and_efficiency_trade-off
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