Free markets can lead to income inequality from "summary" of The Economics Book by DK
In a free market system, individuals are free to buy and sell goods and services at prices determined by supply and demand. This system is based on competition, with the idea that competition will lead to efficiency and innovation. However, free markets can also lead to income inequality.
One reason for this is that in a free market system, individuals are rewarded based on their skills, education, and experience. This means that those who are more skilled or have more education are likely to earn higher incomes than those who are less skilled or have less education. As a result, income inequality can arise as individuals with higher skills and education earn more than those with lower skills and education.
Another reason for income...
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