Definition of Economic justice:
The basic and well accepted principle of fairness where the consequence of official policies should be the equal allocation of benefits among participants in an economy. For example, implementing policies that reflect the goal of economic justice might involve eliminating discriminatory hiring practices and permitting people to work freely where their business skills are required.
Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
The concept of economic justice intersects with the idea of overall economic prosperity. There is a belief that creating more opportunities for all members of society to earn viable wages will contribute to sustained economic growth. When more citizens are able to provide for themselves and maintain stable discretionary income, they are more likely to spend their earnings on goods, which in turn drives demand in the economy.
How to use Economic justice in a sentence?
- Economic justice is the idea that the economy will be more successful if it is fairer.
- The recent events made me believe that there was no such thing as economic justice and I decided to get out of the business.
- The goal is to create opportunities for all to thrive and that prosperity and justice go hand-in-hand rather than in opposition to one another.
- The economic justice existed in America, so people could start from the bottom and work their way up to the top.
- You should always make sure that your company is working with economic justice so that others treat you the same.
- Universal basic income, income equality by gender and race, equal opportunity for employment and credit, and allowing all to reach their full potential are all tenets of economic justice.
Meaning of Economic justice & Economic justice Definition