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Give briefly description about welfare approach and equity approach?
Edward Mulyalya
Jan 21
Give briefly description about welfare approach and equity approach?
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Jan 21
The welfare approach is an economic perspective that focuses on maximizing overall societal well-being or welfare. It emphasizes the efficient allocation of resources to achieve the greatest possible benefit for society as a whole. This approach often involves analyzing the costs and benefits of different policies or actions and making decisions based on their overall impact on welfare.
On the other hand, the equity approach is concerned with fairness and justice in the distribution of resources and opportunities. It aims to ensure that everyone has equal access to basic needs and opportunities, regardless of their socio-economic status. The equity approach recognizes that individuals have different needs and circumstances, and seeks to address inequalities and promote social justice.
While the welfare approach prioritizes overall societal well-being, the equity approach focuses on fairness and equal distribution. Both approaches are important in economic and social policy-making, and often need to be balanced to achieve a just and efficient society.
On the other hand, the equity approach is concerned with fairness and justice in the distribution of resources and opportunities. It aims to ensure that everyone has equal access to basic needs and opportunities, regardless of their socio-economic status. The equity approach recognizes that individuals have different needs and circumstances, and seeks to address inequalities and promote social justice.
While the welfare approach prioritizes overall societal well-being, the equity approach focuses on fairness and equal distribution. Both approaches are important in economic and social policy-making, and often need to be balanced to achieve a just and efficient society.
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