Socialism would make use of incentive-based systems, and inequality would still exist but to a diminishing extent as all members of society would be worker-owners. This eliminates the severity of previous tendencies towards inequality and conflicts arising over ownership of the means of production and property income accruing to a small class of owners.[6] The method of compensation and reward in a socialist society would be based on an authentic meritocracy, along the principle of "from each according to his ability, to each according to his contribution".[7]