Question

. Define Liberty and explain the trade-off between liberty and equality of outcome

Answer 1

Liberty refers to the freedom of doing any activity or pursuing anything that pleases the most.It helps people to get the freedom and express themselves that is termed as liberty.

Though, it has the trade-off between liberty and  equality of income. When a government tries to bring equality of income, then it redistributes the income  and in the process, income is taken away from the rich and given to the poor. Here, some part of freedom or liberty from the rich is taken away and some of the poor have started feeling liberty as they get more income. Hence, a trade-off is required to fix the level of liberty to be maintained by the rich, and the level of equality of income to be given to the poor so that a balance is created.

Excessive capturing of the wealth, will discourage the rich and they will not invest in productive activities. So, it will harm the economy at large. Hence, on the basis of trade-off a limit is fixed upon the degree of equality of income drive, so that freedom and liberty of the rich people is not lost to the greater extent. While doing it so, poor people are also empowered with additional resources to come out of poverty and grow. It brings liberty to them as well.