Economics Welfare Economics Questions
Wealth redistribution refers to the process of transferring wealth or income from one group or individual to another in order to reduce economic inequality. It is a key concept in welfare economics, which aims to promote fairness and social justice in society. Wealth redistribution can be achieved through various means, such as progressive taxation, social welfare programs, and government policies that aim to provide equal opportunities for all individuals. The goal of wealth redistribution is to ensure a more equitable distribution of resources and improve the overall well-being of society.