Accounting Practice Contributes to a Just Distribution of Resources

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Recommended: Grade 11 economic systems essay

Mostly every economic system around the world has laws and regulations, which can result in unequal treatment or unequal distribution of goods and services among different people. Some laws favor certain members within a community while putting a burden on other members. An economic system is, for the most part, a result of political processes developed by humans and the processes are ever evolving within societies. The legal structure of an economic and political system are important because certain resource distributions are a result created from the system employed by the community. Laws and the political system within a community can fundamentally affect the lives among the people within that system regardless of their personal beliefs. Distribution is based on calculated outcomes of a society, but individually based on fairness. Distributive justice is the argument regarding which economic system and, which resulting distributions are morally preferred by the members of the community.

Distributive justice is related to the moral guidance in a society regarding the distribution of economic benefits. Some members within a society will benefit more by a certain distribution method than others. It also relates closely to the equal or unequal distribution of resources between the members within the society based on certain attributes such as fairness and need. Additionally, distributive justice also covers the reason behind the distribution method used within a society. The appointment of wealth or property to certain members within a society is justified by four concepts; efficiency, liberty, entitlement and utilitarianism. Efficiency and liberty are largely based on merit, while entitlement and utilitarianism are standal...

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...gher income is bound to pay a greater percentage of tax. Higher taxes are paid by those with big salaries or incomes to help others in need. This tax policy can be socially justified because it promotes equality. Tax laws can be viewed as transfer payments to disadvantaged or disables people. However, too many loopholes are available to individuals who have extremely high incomes. Some people give to charities to avoid a higher tax rate which is considered good. Others find ways, such as offshore bank accounts, to hide high taxable income from the IRS. Through the tax policies and laws, one can see that accounting fulfills a vital function in the capital allocation process.

McPhail, Ken, and Diane Walters. "The function of accounting and the morality of the market."

Accounting and Business Ethics. New York: Routledge, 2009. 117-126. Print.

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