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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]
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 .
The phrases "social production" and "social peer-to-peer" production have been used to classify the type of workplace relationships and ownership structures found in the open-source software movement and Commons-based peer production processes, which operate, value and allocate value without private property and market exchange.
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.
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. [63] According to the United Nations Development Programme's Regional Project on Local Governance for Latin America:
Participatory budgeting pamphlets Presentation of the winning participatory budgeting projects in the district of Białołęka, Warsaw. Participatory budgeting (PB) is a type of citizen sourcing in which ordinary people decide how to allocate part of a municipal or public budget through a process of democratic deliberation and decision-making.
Allocation (oil and gas) in hydrocarbon accounting to assign the proper portions of aggregated petroleum and gas flows back to contributing sources; Allocation voting in voting; Location-allocation, used in geographic information systems (GIS) The allocation of scarce resources in operations research
The distinction between a society where this form is dominant, permeating every expression of life, and a society where it only makes an episodic appearance is essentially one of quality. For depending on which is the case, all the subjective phenomena in the societies concerned are objectified in qualitatively different ways.