I have never formally studied philosophy. According to this article, philosophers do not recognize "equity" as something properly opposed to "equality", but as a concept that ultimately devolves to equality of
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The Stanford Encyclopedia of Philosophy spends a huge chunk of its article on egalitarianism detailing the issue. In egalitarian thought, it’s generally referred to as the “equality of what” question, which is also the title of a famous Amartya Sen lecture on the question from 1979.
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Examples are given.
Equality and Equity | naked capitalism