The terms equality and equity are widely confused. Despite their phonetic similarity and philological connections, they are quite distinct. The equality of a distribution of income or wealth is basically a matter of fact and is, therefore, basically objective. The equity of the same distribution is basically a matter of ethical judgment and is, therefore, basically subjective. The discussion attempts to avoid extraneous issues, such as whether the particular poor— at any time or place—are apt to be morally superior, or inferior, to the particular rich; and whether economic, as distinguished from ethical, maldistribution can cause, or has caused, economic depression. The paper begins with the valiant attempts by the marginal-utility economists of the turn of the century to frame an objective case for income equalization and with A. P. Lerner's later extension of this case.It then moves on to the rebuttals of conservative opponents. Three more recent attempts—under the headings of ( 1 ) interdependent utility functions, (2) limiting the domain of inequality and (3) John Rawls' recent theory of justice in generalized ethics—are then summarized. The discussion ends, however, on a skeptical note.

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“All of them are learned; some are almost readable.” R. H. Tawney, Religion and the Rise of Capitalism.

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