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    When willingness-to-pay proxies social value, policies th... — Carmelics
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    Supports→Compensation-based welfare criteria are biased in favor of the wealthy

    When willingness-to-pay proxies social value, policies that redistribute wealth downward are systematically undervalued relative to policies concentrating gains among the already wealthy.

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    Key Terms

    Proxy(syntactic structure serves as a proxy for provenance and justification)
    Something you use as a stand-in or substitute to measure or represent something else that's harder to observe directly.
    Redistribute wealth downward(as used in economics and political philosophy)
    Policies or actions that move money or resources from richer people to poorer people.
    Social value(as contrasted with private profitability)
    The positive benefit or good that something creates for society overall—like improving people's health, happiness, safety, or environment.
    Systematically undervalued(as used in policy critique)
    Consistently treated as less important or valuable than it actually is, due to how a system is designed.
    Willingness-to-pay

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    (in economics)
    The maximum amount of money someone is willing to spend on something, which reveals how much they value it.

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    Consequentialism1 linkedJustice & Punishment1 linked

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    Compensation-based welfare criteria are biased in favor of the wealthy

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