The term "equity" is a legitimate, but very ideological term. "Equity" for Marxists cannot, by definition, exist in a capitalist society. "Equity" for Hayekians means that income is made while formal rules are observed.
"Equity" for a Friedmanite means that incomes are obtained in a free (not necessarily monopoly-free) market.
Inequality is an observable fact: it simply says your income is higher than mine; you are wealthier than I.
Inequality is an observable fact: it simply says your income is higher than mine; you are wealthier than I.
"Equity" is thus often the term of choice for those who minimize importance of inequalities or believe that a given inequality is justifiable because it is "equitable".
With "equity", you immediately get into a realm of ideological discussion where things are vague.
With "equity", you immediately get into a realm of ideological discussion where things are vague.
With inequality, you are in the realm of facts, where differences are impossible to deny. Or to be ignored.
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