IMAGEDJ
The essential features of the market system are that people own personal property protected by the rule of law, they can earn income by voluntary working under legallyenforceable contracts and they can choose how to spend or save their money.
Freedom of choice, combined with people’s different abilities and a big helping of luck, means that there will be large differences in individual incomes and wealth. However, those who are ‘poor’ today need not remain poor, nor need those who are ‘rich’ stay rich.
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