Economics Welfare Economics Questions
Meritocracy is a concept in welfare economics that refers to a system where individuals are rewarded and allocated resources based on their merit or abilities. In a meritocratic society, individuals are given opportunities and advancements based on their skills, talents, and hard work, rather than factors such as social status, wealth, or family background. The idea behind meritocracy is to create a fair and just society where individuals are rewarded based on their individual efforts and contributions to society. However, critics argue that meritocracy can perpetuate inequality and disadvantage certain groups who may not have equal access to opportunities or resources.