"The classical economic theory fails to truly describe the economies of prosperous societies. This is because traditional economics deals with the allocation of resources in conditions of shortage, while the urgent economic problems of a prosperous society are mainly associated with conditions...

A free market economy is characterized by an unequal distribution of income, wealth, and opportunities, to the extent that a considerable part of the population does not enjoy the wellbeing which an affluent society can offer. Recent studies have shown that excessive inequality is bad not only...