Chapter 2.3, Problem 4R

To determine

Ways through which economic freedom and economic equity may conflict.

Answer to Problem 4R

The conflicts in between the economic freedom and economic equity can be drawn on the ways involving the formal equity involving the law, the material equity of wealth & the government dilemma of choosing equality or freedom with individual sacrifices.

Explanation of Solution

To draw conflict between liberty and equality, the individual sacrifices of freedom are made to provide equality to the people.

The concept of formal equity creates conflicts with that of freedom as formal equity abides the people with law and freedom is sacrificed when it comes to law as regulations of law are to be followed.

Material equality is another way where the conflict arises with economic freedom as this holds people to be equal in wealth which is impossible with human diversity.

Economics Concept Introduction

Introduction:

Economic freedom also called economic liberty is basically the ability to take actions by the people of the nation or the society.

Economic equity also called economic equality is basically the fair practice of providing equality in distribution of goods and resources.