Concept
Economic justice
Related concepts (13)
Economic efficiency
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient.
Economic inequality
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Justice
Justice, in its broadest sense, is the concept that individuals are to be treated in a manner that is equitable and fair. To achieve justice, individuals should receive that which they deserve, with the interpretation of what "deserve" means, in turn, drawing on numerous viewpoints and perspectives, including fields like ethics, rationality, law, religion, equity and fairness. The state may be said to pursue justice by operating courts and enforcing their rulings.