Is Inequality Necessary? Inequality is necessary to encourage entrepreneurs to take risks and set up a new business. Without the prospect of substantial rewards, there would be little incentive to take risks and invest in new business opportunities. Fairness. It can be argued that people deserve to keep higher incomes if their skills merit it.
What Do You Mean By Economic Efficiency? Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another. How is economic efficiency
Can Health Care Be High Quality But Inefficient? We can have both, but we must challenge some of our assumptions and redesign the way we work.” The health care system is inefficient in part because it is complex, and some health care professionals might call the idea of an “efficient health care system” an oxymoron