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Politically:

Fair - If someone works harder than you, then they should receive larger monetary compensation than yourself.

Equal - Everybody makes the same amount of money, irrespective of effort,work field, education, or societal importance.

According to the dictionary:

Fair - Legitimate, according to the rules.

Example: "I expect you to avoid cheating and play fairly."

Equal: The same in rank, quality, number, amount or opportunity; impartial.

Example: "Members of all races are equal before God."

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