Word: criterion
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Dates: during 1990-1999
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...issue is the so-called "Difference Principle," the Rawlsian criterion for judging the fairness of economic institutions. A society governed by the Difference Principle will permit economic inequalities only to the extent that they benefit the worst-off members of society. Income and wealth must be redistributed to the poor from more advantaged citizens up to the point of diminishing returns--that is, until the harmful "supply-side" effects of heavy taxation begin to undermine the economic prospects of the lower classes themselves...