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Distributive justice concerns the socially just allocation of resources, goods, opportunity in a society. It is concerned with how to allocate resources fairly among members of a society, taking into account factors such as wealth, income, and social status.
At this point, the net social benefit is maximized, meaning this is the allocative efficient outcome. When a market fails to allocate resources efficiently, there is said to be market failure . Market failure may occur because of imperfect knowledge, differentiated goods, concentrated market power (e.g., monopoly or oligopoly ), or externalities .
An alternate definition sees governance as: the use of institutions, structures of authority and even collaboration to allocate resources and coordinate or control activity in society or the economy. [60] According to the United Nations Development Programme's Regional Project on Local Governance for Latin America:
While such beliefs can stem from an impressive performance or success, they can also arise from possessing characteristics a society has deemed meaningful like a person's race or occupation. In this way, status reflects how a society judges a person's relative social worth and merit—however accurate or inaccurate that judgement may be. [5]
Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth', says Walras, 'I mean all things, material or immaterial (it does not matter which in this context), that are scarce ...
Whole-of-society, or Whole of society, is a concept in international relations and related fields which looks to engage diverse groups across society to further common policy goals. Definition [ edit ]
An elaborate example of this in a non-market society is the potlatch, where large amounts of personal resources are ceremonially given away to others in the community according to social status, with the tacit expectation that other members of the community would themselves give away large amounts of their own property in the future.
2007 to the present, with a few additional significant studies going back to 2004. There is no final version of this tool. Rather, it is always in progress; new studies will be added as they are published. Improving Financial Performance Companies with the most women board directors, especially those