In today's world where everyone is involved in some sort of commercial activity be it buying or selling one particular factor continues to shape the route of the market ( both in terms of demand and supply) and that is none other than PRICE itself. Price is not just the amount used for purchasing a particular commodity, it is the business soul that determines the very fabric of its existence. The issue of price in regards to how it should operate has been a topic of persistent debate tracing back to as far back as before Adam Smith wrote his masterpiece titled Wealth of Nations. The major questions asked in regards to this crucial factor revolves around control and or freedom. Questions like "Should businesses possess complete control to determine prices largely on the basis of profit maximization? or should there be a regulatory body put in place to even the playing field amongst buyers and sellers and restrict exploitation?. Price regulation is still one of the most discussed economic issues till this very day and I will be sharing some light to my own personal perspective on the topic.
In a capitalist society, private business owners are given full control over prices with little to no form of regulation fostering profit maximization as the primary objective. This free market system enables anyone who possess the capacity to run a business to do so thus creating countless opportunities and a competitive environment capable of boosting the economy. In hindsight it feels like the perfect setup for sustainable growth but the greed in man's nature often transforms this system into an avenue for exploitation and manipulation. Price regulations are created to ensure that there is market stability usually on goods centered on public well-being. Price regulations also ensures that goods are accessible to the people and even in cases of emergencies, inflations and scarcity market conditions are kept under control to prevent any form of damage.
Nigeria as a control operates on a mixed economic system which is a combination of both the capitalist system and socialist. Yet it private business owners possess dominate control over market prices to the detriment of the masses. Just a few weeks ago a social media activist popularly known as "Very Dark Man" travelled to China where he discovered that Nigerian business men would buy products at a cheaper rate only to triple the prices when it is imported to Nigeria. Some even go as requesting inferior products just so they can make even more profit simply because there is no regulatory body to curb these actions. The best course of action for this country to achieve a good economy is to create policies that will protect the ambitions of the public without causing damage.
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