Write short notes on :-Markets and Equality
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Answer:
The exchange of goods and services in a free market will often produce unequal outcomes. People will generally reject transactions that make them worse off, but a few will make mistakes that push them into poverty. ... Trade in free markets can push people into poverty without any immoral action being taken.
Big and powerful business persons earn huge profits while small traders earn very little. For example, the shop owners in a weekly market and those in a shopping complex are two different people. One is a small trader who has little money to run the shop. Whereas the other has a lot of money to spend on the shop.
The earning of these two people is also unequal. The weekly market trader earns little profit whereas the shopping complex owner gains huge income.
Not only the shop owners are different people, but also the buyers. In the market we see different types of buyers There are several buyers who were not able to afford even the cheapest of goods white others are busy shopping for different luxurious items in malls.