Defining economic justice Economic justice is a standard, which comprehends and dashes the distinct being as well as the communal organization. It includes the social philosophies, which guides the people in evaluating the pecuniary organizations. However, the institutions determine the how each person earns living, contracts, how they exchange goods and services therefore generating an autonomous substantial base for their economic sustenance…
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This includes streamlining of the social order so that every person can access the basic means of existence and that means to improve the situation. It is a central ground between capitalism and communism economic principles, which allow private enterprises to earn a profit while ensuring that everyone remains above poverty line. Paul Heyne was a lecturer of economics who advocated his interests in religion, social issues, justice, and free markets economies. In his ideology, Paul Heyne incorporated joblessness, deficiency, incomes, unsafe jobs, globalization, the rich getting richer while the poor getting poorer, excises, inadequate public schools, lack of health care, the right to form a union as the basic guidelines to define economic justice. His main aim is to ensure that everyone remains above poverty line and harmonizes the gap between the rich and the poor. The slogan, “Production for people, not for profits” goes in line with the ideologies of Paul Theodore Heyne. He claims that economic justice involves the synchronization and balance between input and output. However, three principles contrast with his dogmas of economic justice. These principles are contribution, dispersal, and synchronization. The principle of contribution that was put forth describes how one makes input to the economic process so that they can make a living. The standard advocates for impartial opportunities in the process of gaining access to private property in productive assets as well as parity of opportunity in to engage in fecund work. Paul Heyne thought that the use of his principle would, help bridge the gap between the haves and the have-nots’. However, this idea is wrong in that it promotes dependency on those people who work. By using this principle, it means that the individuals’ properties would be divided among the people who have an interest. His ideology advocated for equal results on the output even though the people claiming did not themselves participate in producing the output. Secondly, Paul Heyne’s creed of economic justice goes against the distributive principle that exists because of the capitalist approach used. This approach requires that the output of an economic system to be shared according to labor and or capital contribution. The distributive justice that we use in the capitalist approach is directly linked to the distributive approach. This is because the distributive approach is like a rewarding mechanism that aims at rewarding every person according to his labor or capital contribution. Conflicting to this approach, Paul Heyne creed was wrong since it aims at rewarding all the society members even though they did not participate in the output creation. His ideology of economic justice may confuse the distributive philosophy in that Paul Heyne’s principle is like a charity work unlike the distributive principle, which is more of a reward mechanism that rewards effort put in an economic system to gain a certain output. Likewise, I do not agree with Paul Heyne’s idea that a free and open market place with the exclusion of the government is the most objective and democratic means for determining the right price, right wages, and the right profits. Paul Heyne ideologies eliminate the government in decision-making. This is very wrong in that the government is a
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“Defining Economic Justice Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1447137-defining-economic-justice.
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