Why Do Economists Focus on Efficiency Rather Than Equity

question 45

Essay

Why do economists focus on efficiency rather than equity?

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Definitions:

Alliance

A formal agreement or union between parties, often organizations or nations, to work together towards common goals.

Achieving Legitimacy

The process through which an organization seeks to be accepted or regarded as proper or valid within a certain context or by a specific audience.

Institutionalized

Refers to processes or norms that have been established and accepted within an organization or society as standard or proper.

Corporate Philanthropy

The act of corporations donating some of their profits, or their resources, to charitable causes.