Equality of opportunity (EOP) is an extensively studied conception of fairness in political philosophy. In this work, we map recently proposed notions of algorithmic fairness to economic models of EOP. We formally show that through our proposed mapping, many existing definition of algorithmic fairness, such as predictive value parity and equality of odds, can be interpreted as special cases of EOP. In this respect, our work serves as a unifying moral framework for understanding existing notions of algorithmic fairness. Most importantly, this framework allows us to explicitly spell out the moral assumptions underlying each notion of fairness, and also interpret recent fairness impossibility results in a new light. Last but not least and inspired by luck egalitarian models of EOP, we propose a new, more general family of measures for algorithmic fairness. We empirically show that employing a measure of algorithmic (un)fairness when its underlying moral assumptions are not satisfied, can have devastating consequences on the subjects' welfare.