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One tradeoff society faces is between efficiency and equality. Elaborate each term with suitable examples. If the government in your country redistributes income from the rich to the poor, analyze with how this action affects equality as well as efficien - Essay Example

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In this case, project financiers are concerned with investing where they will reap maximum benefits with the current factors of production. As such, are that would record low…
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One tradeoff society faces is between efficiency and equality. Elaborate each term with suitable examples. If the government in your country redistributes income from the rich to the poor, analyze with how this action affects equality as well as efficien
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Extract of sample "One tradeoff society faces is between efficiency and equality. Elaborate each term with suitable examples. If the government in your country redistributes income from the rich to the poor, analyze with how this action affects equality as well as efficien"

Equality Vs, Efficiency Equality Vs, Efficiency Efficiency tradeoff is concerned with the allocation of resources where thereis optimal production. In this case, project financiers are concerned with investing where they will reap maximum benefits with the current factors of production. As such, are that would record low return on investment are ignored. By doing this, the government ensures that the public fund is invested in areas with quick returns and hence the economic growth is experienced within a short period of time. A good example of efficiency tradeoff is when the government allocates more resources for construction of roads in areas where commercial farming is taking place. In this case, quick return on this particular investment will be experienced as more farm produce will reach the market.
On the other hand, equality tradeoff is concerned with evenly distribution of resources throughout the society. In this case, allocation of resources ensures equality in total disregard of return on investment. As such, all sectors in the economy are financed equally without considering the return. A good example of equality tradeoff is government services such as education and healthcare. As such, investment is made across the country where every person has access without considering the level of productivity or returns.
If the state redistributes money from the rich to the poor, it would achieve equality tradeoff as this will ensure that every citizen has access to money for investment. This would see a rise in investment in many places in the economy. However, the efficiency tradeoff will be contravened as investment would be made even in areas without good return. Eventually, the economy will collapse as the return on investment will decrease. Read More
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