Equity is the concept or idea of fairness or justice in economics, particularly in terms of taxation and welfare economics. It has been studied in experimental economics as inequity aversion. This article is about the concept of justice. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution associated with it. ... Experimental economics is the use of experimental methods to evaluate theoretical predictions of economic behaviour. ... Inequity aversion is the preference for fair rewards and fairplay in Anthropology (in the sub-disciplines sociology, economics, sociobiology, psychology, Evolutionary psychology, and primate behaviourology). ...
Horizontal equity is the idea that people with a similar ability to pay taxes should pay the same or similar amounts. It is related to the concept of tax neutrality or the idea that the tax system should not discriminate between similar things or people, or unduly distort behavior.
Vertical equity is the idea that people with a greater ability to pay taxes should pay more. If they pay more strictly in proportion to their income, this is known as a proportional tax; if they pay disproportionately more then this is a progressive tax, more associated with redistribution. A progressive tax is a tax imposed so that the tax rate increases as the amount to which the rate is applied increases. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...
In a health care context
Horizontal equity means treating the same those who are the same in a relevant respect (such as having the same 'need'). Vertical equity means treating differently those who are different in relevant respects (such as having different 'need'), (Culyer, 1995).
Health studies of equity seek to identify whether particular social groups receive systematically different levels of care to other groups.
References
A.J. Culyer (1995). "Need — the Idea Won’t So — but We Still Need It" Social Science and Medicine, 40, pp. 727–730.
Allan M. Feldman (1987). "equity," The New Palgrave: A Dictionary of Economics, v. 2, pp. 182-84.
The evaluation of alternative economic policies uses the same framework for normative economics as the measurement of inequality, poverty, and the cost and standard of living.
Efficiency and equity move in opposite directions and both are essential for the evaluation of alternative policies.
Practitioners of normative economics may be relieved to find that the construction of a consumer price index, perhaps the most important application of the index number approach, is conceptually sound and empirically robust.
Equity represents any of three separate but related values: the money value of a property or of an interest in a property in excess of claims or liens against it; a risk interest or ownership right in property; and the common stock of a corporation.
Equity is contrary to the notion that law is simply the strict, formal interpretation of statutes and precedent (similar previous case decisions).
Equity decisions cannot be decided by a jury and are left to the sound discretion of a judge.
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