Wednesday Dec 11, 2024
Wednesday Dec 11, 2024
Wednesday, 22 March 2017 00:12 - - {{hitsCtrl.values.hits}}
The mass Media Minister has got his wires crossed. He should study some economic principles. Economists say that a commodity or a service where the demand exceeds supply will command a price in a market if it is exchangeable. Medical education is a service where the demand exceeds the supply. Any supply increase entails extra costs which mean foregoing the use of resources for other equally necessary services.
The market price system provides the most rational and fairest system of allocation of resources. The criticism against is that the distribution of incomes is unequal and unfair. It would no doubt work ideally if there is an equal distribution of incomes but such an egalitarian distribution of incomes is unfair for it does not reward the hardworking who are treated the same way as the lazy shirkers and hence is detrimental to human progress and development.
An economy develops only through the hard and dedicated work of the people engaged in production of goods and services. So if we want development we have to reward the more hardworking and more capable and thereby encourage people to work harder and more competently. We cannot penalize the hardworking by treating them in the same way as the shirkers. Punishment of the shirkers will help but this is more difficult to enforce in a society of lotus eaters like ours. So if we want to develop we have to give up the idea of an egalitarian distribution of incomes. We must reward the more hardworking and penalise the shirkers.
R.M.B Senanayake
