Conversely, economic organization that protects wasteful practices and fails to reward the creation of wealth will retard economic progress. People earn income by helping others. People differ with regard to their productive abilities, preferences, opportunities, development of specialized skills, willingness to take risks, and luck. These differences influence incomes because they influence the value of the goods and services individuals will be able or willing to provide to others. While considering differences among people, we must not lose sight of precisely what income is.
Income is simply compensation received in exchange for productive services supplied to others.
People who earn large incomes provide others with lots of things that they value. If they did not, other people would not be willing to pay them so generously. There is a moral here. If you want to earn a large income, you had better figure out how to help others a great deal. The converse is also true.