What are examples of economic fairness?↵
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While it may seem that economics is only filled with rational and self-interested actors, this is not the case!↵
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In the event of a natural disaster, it would be advantageous for businesses to raise the price of their goods.↵
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Why? During a natural disaster, people are more desperate and willing to pay any price for a good they deem as necessary.↵
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Therefore, businesses would make a profit from the increased prices since they have people who will purchase the products.↵
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However, this is not the "right" thing to do.↵
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Oftentimes, businesses do not engage in this practice since it would not be fair to take advantage of people who are living destitute lives.↵
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However price-gouging customers would be the rational and self-interested but not fair thing to do in this example.↵
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Think of the last time you were in a parking lot.↵
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Did you notice that the spots closest to the store were reserved for people with disabilities?↵
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This is yet another example of fairness in economics.↵
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The right thing to do is to give people who are disabled the opportunity to be closest to the location they need to get to.↵
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Therefore, we all agree that disabled parking spaces should continue to be commonplace in parking lots.↵
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However, if fairness was never considered, then all parking spaces would be available to anyone.