THE MODEST CLUE TO STABILIZING OUR DWINDLING ECONOMY
The effect of the economy on goods and services has made the situation worse for a once manageable challenge in our country. The truth is that the situation cannot be resolved overnight since we cannot bite more than we can shew. Pointing fingers or blame game will rather make the situation worse or turn it into anarchy, rather, everyone should start thinking out of the box for the best solutions to our problems.
Without insisting on the philosophy of PRICE CONTROL we can develop a model suitable for our economy to foster considerations for producers and consumers as well as the government who bare the largest interest in this big economy of the giant of Africa.
In our price control model, we are well aware that government can only initiate but have no much power to enforce because of the FREE MARKET economy we operate. The role of our government in the production of goods and services is indeed abysmal, nevertheless, the government must still be involved to make the system workable as a task for everyone in the chain.
A workable PRICE CONTROL model must not exclude any part of the chain of distribution of goods and services because the biting of our economy exempts no one. The model must be flexible in the midst of worsening situation to allow for adjustments and amendments during adoption.
This model will determine and define which way forward and the future of our dwindling economy whether it will get better sooner or later.
This model cannot be driven by price caps or PRICE CEILINGS and PRICE FLOORS which are the principles of the traditional price control system. It won’t work! That’s the fact. Fixing prices for certain goods and services won’t work for us either because it is absolutely impossible as prices cannot be determined for most of those goods and if they are determined they are most likely to exceed their current prices in the real sense. It is not going to be what buyers are willing to pay or what sellers are willing to accept for certain goods and services because if one suffers for the other the resultant effect will still be an economic crisis. I think the solution is nearer than we can imagine but this space will not allow me to explain and present the model now. Certainly, it will work for us but wait and see.
To be continued…
