Economic justice is the idea that the economy will be more successful if it adheres to the ideals of fairness and equality. Economic justice is a component of social justice because it builds on the idea that prosperity and just are complementary rather than mutually exclusive. The ultimate objective of economic justice is for each person to have an adequate material foundation which will allow him to live a happy, productive, and dignified existence.
Economic justice ensures that the benefits of economic development are enjoyed primarily by the people rather than the businesses. It is centered on the principle that the economy exists to benefit society, and not the other way around.
Economic justice can be applied in numerous ways, but the overall idea is policies and programs should be designed in such a way that there is an equal opportunity for every member of society to earn wages which will, in turn, contribute to sustainable growth. Economic justice also deals with fairness across generations - that is, that the future generation will be able to enjoy improvements in living standards.
Economic justice also aims to improve productivity because this is crucial, not just in ensuring prosperity, but also in creating jobs that are able to make the best use of people’s knowledge and capabilities.
Examples of Economic Justice
One application of economic justice is progressive taxation, or the system of taxation where the tax percentage rises as the base amount goes up. Thus, those with lower income gets taxed a lower percentage of their income compared to those with higher incomes. Progressive taxation is designed to address income inequality and ensure that there are sufficient funds for social services, education, and public infrastructure.
Other applications are policies that are intended to eliminate hiring practices that discriminate against certain classes or groups of people. In doing this, people are better able to find work freely in environments where their skills are needed. Tuitions that are on a structured similarly to progressive taxation are another example. Students who come from lower-income families pay less than those who come from well-to-do families.