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The new President was giving his first speech

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The new President was giving his first speech. He said "Our society should be ashamed because while a few lucky ones earn more money than they could ever spend, many individuals do not have enough to live on. It is the inefficiency of the market economy which causes the enormous differences in incomes between the 'haves' and the have nots!" A leading economist contradicted the President, stating that he knew nothing about the efficiency of the market. 1) The President and the economist have differing views on the efficiency of the market. Who is correct? ii) In what areas is the market economy inefficient? (Total 40 marks)