Laissez Faire and Equality vs Equity by Aditi Basu

aditibasu1 — 2020-07-31 10:02:47 UTC

aditibasu1 — 2020-07-31 10:03:48 UTC

aditibasu1 — 2020-07-31 10:05:09 UTC

Ajay

ajaysreepathi803 — 2020-08-05 08:38:37 UTC

The idea of Equality is simply the idea that everyone is given the same resources with which to work, regardless of what assets they may have as part of their innate nature. An example of this could be the dispersal of a tax benefit on families with children (which does happen in some countries, such as Germany) without careful analysis of whether the families who receive this benefit truly require it. Equity, on the other hand, dictates that what you get is based on what you need/deserve. An example of this would be allowing those with disabilities to use a dedicated "handicapped" parking spot in a public parking lot. Laissez-faire policies are policies that emphasize the need of leaving an economic system to it's own devices. By allowing consumers and producers to freely engage, the products that may be wanted by consumers can be quickly and easily dispersed among them due to the invisible hand (the price mechanism).

Lakshya

lakshyarohilla422 — 2020-08-05 08:40:23 UTC

Equality basically means that everyone is equal and therefore should be treated with the same amount of respect, be given the same opportunities and be provided with the same resources irrespective of their situation . Equity is based on the idea that you get something if you deserve it or really need it more than other person. Laissez Faire is a concept which states that governments should intervene/ interfere with the economic system and leave the market by itself . This will allow consumers to interact freely with the producers in the market, purchasing the goods with the lowest price and highest quality as this will make the markets more efficient and enable the invisible hand to function freely . Since consumers and producers can interact freely, products wanted most by consumers can quickly and easily be produced through the price mechanism.

Sahil

sahilshaikh635 — 2020-08-05 08:41:00 UTC

Equality is just providing the same resources to everyone without considering their conditions and situations. Equity does consider the individual conditions of each subject and alters the provision accordingly.

Laissez faire is a concept that dictates there shouldn't be any government interference as that way, markets will be more efficient and it would allow the invisible hand to function freely.

Shanaia

2020-08-05 08:41:17 UTC

Equality means everyone is provided the same resources to use, without taking into consideration what they may need or not.
Equity takes into consideration what resources each person needs to ensure the outcome reached by each person is fair.
Laissez-faire, is a system that gives all the decision making power to individuals. In an economic sense, it means the buying and selling of goods is not mediated by the government, and instead gives producers and consumers sovereignty in deciding what to buy and produce.
Via this method, the equilibrium price can be reached, as a result of the price mechanism (invisible hand).

Abhijit

2020-08-05 08:42:50 UTC

Equality is when everyone is treated exactly the same.

Equity is when every person's background and circumstance is considered and they are treated in accordance to it. It is considered to be more fair as the more needy will get more resources compared to someone who is already doing well.

Laissez Faire is a style of managment that says let the individuals have control instead of the government controlling them. It allows the forces of demand and supply to control the market. In businesses, laissez faire means the manager lets the employees to control the project. For example, the manager would say do x or y as you see fit. This would empower the employees to take responsibility and do the project on their own.

Riya

2020-08-05 08:42:51 UTC

The video shows us the difference between equality and equity.
Equality is where everyone is provided with equal rights or opportunities, irrespective of any situation.
Equity is where what an individual needs is taken into consideration to come to a fair conclusion of what needs to be provided.
The third video talks about the Laissez- faire system which is a system devised by Adam Smith where minimum government intervention takes place and the market is run by the demand and supply and that these market forces influence consumers like an invisible hand.

Raghvi

2020-08-05 08:43:11 UTC

The video explains the difference between equality, which is the equal distribution of rights and opportunities, regardless of need or gender, and equity, which is prioritising the distribution of opportunities to those in need.
Laissez-faire is a theory devised by Adam Smith, which includes the idea that the market forces of supply and demand influence consumers like an "invisible hand". The Laissez-faire system gives consumers and producers a higher power in the market by reducing the government intervention involved in making decisions.

ROSHAN

roshanmohan389 — 2020-08-05 08:43:14 UTC

1st Video. Equality is an end goal where in everything is divided equally and the opportunities for resources has no bias or prejudice. EQUITY is the process of reaching this end goal and it highlights the removal of all biases.
2nd Video. There were a truck load of concepts in this video, so I will do my best to explain as many as i can. There were many different scholars and concepts that they had coined. the Invisible Hand, the act of leaving the economy to its own devices and letting the consumers decide what to buy at a certain price.

Vaishnavi

2020-08-05 08:43:43 UTC

My understanding of the difference between equity and equality is such: equality is the same form of treatment of two parties regardless of their characteristics wherein in case of equity it talks about differing levels of treatment or incentive that can be categorised as equivalent based on the parties involved.

An example of this could be the ongoing debate on gender equity and equality. Women are known to be the rather vulnerable class of the society (even in the 21st century) and demand equal rights as men when it comes to financial, economic and political opportunities. This is also disputed sometimes however where people claim that an equity must be implemented instead where women or men are perhaps given higher incentives in certain field to make it more equivalent in nature.

Laissez Faire is a government policy that reduces the government intervention in the market and allows the forces in the market to operate freely or based off price mechanism. Sometimes also known to be the "invisible hand" that allows the market to function on its own terms. However this too can sometimes have its drawbacks which may urge the governments to take control from time to time to tackle issues such as unemployment and recession.

Governments have to also face a major economic paradox where they have to decide whether saving revenue would be a better option than spending. Spending can lead to an increased money supply resulting in higher employment and wages causing a rise in inflation and vice versa.

Sparsh

sparshjain1907 — 2020-08-05 08:43:45 UTC

Sanika

2020-08-05 08:44:52 UTC

The 1st video talks about gender equity, equality and mainstreaming. Equity is where the exact needs of the particular person is taken into consideration, therefore they are provided with those exact resources. Equality is when everyone should be treated equally, by giving equal resources, respect and chances. The last video explains the Laissez-faire system which is basically a policy that says that the government intervention should be reduced, markets would make their own decisions based on the demand and supply. The Laissez Faire theory gives consumers the power in the markets.

Pranavi

2020-08-05 08:45:09 UTC

Though both equality and equity promote the concept of being fair, the approach taken differs between the two.
Equality aims on achieving fairness by providing equal opportunities to all, without taking into consideration the actual needs of the people. On the other hand, the approach taken by Equity is to give opportunities based on the different needs of different people.
In my opinion, equity is more equal than equality, because it tries to level the field, i.e., bring everyone to the same level with different approaches.

Laissez Faire is a policy that emphasizes the reduction of government intervention in the market and instead, providing that right to individuals. Devised by Adam Smith, this model puts the spotlight on 'the invisible hand'. However, it must be noted that this model too has its drawbacks.

Reuben

reubenverghese1909 — 2020-08-05 08:45:44 UTC

The First Video That I Saw Was OF Gender Equity Vs Gender Equality. My Understanding was that equality is taking the male and female