In response, the government has formed a high level working committee to propose reforms. Unfortunately again, this is not the first committee of its kind. Relishing in talk and shying away from action have become our national character. Nevertheless, I will attempt here to give an alternative framework of regulating our market for educational services. Education system needs regulation.
Free competition tends to provide better price value consideration to the end consumers.
The big concern, however, is that whether the economic logic that applies to other products or services applies to education as well. Until the transaction has consummated, the seller of the transaction has incentives, at least in one period game, to act in a manner that is not in the interest of the buyer. The implication is that private providers of services have incentive to disseminate false information, or make false promises. Facilitating competition in the market for educational services so that the end users get better price value consideration. Ensuring that the consumers are protected from fraudulent practice and coercion from the providers of the services.