The farmers’ bill conundrum

The farmer protest that are making headlines these days are waging a battle, that was initiated long back since the inception of economics i.e. right price for the right products. The three bills that the government has enacted, instilled a sense of apprehension among the farming community regarding the prices of their agricultural products. Their apprehension is realistic and pragmatic which is rested upon logic and logical reasoning rather than conjecture.
Lot many newspapers these days are citing tons of reasons and narratives for justifying the protest of the farmers and it is not going to be repeated here.
What one can infer from these protests that, free market system and the concept of “invisible hand”, the brilliant ideas of the Sir Adam Smith, are experiencing exceptions. The developing economies like India time and again has proved that the economic system of such nations needs regulation by the government. Many economists like Thomas sowell (in “Basic Economics”) has rested high significance upon the “free market” system. No doubt, the economics of LPG has catapulted the Indian economy to the higher echelons but at the same time it has aggravated the inequality and has made it more accentuated over a period of time.

The present economic system, therefore, rested more reliance upon the regulation of the market system rather than the free- market system. So, the agricultural system should not be an exception.
Please check out my article published in the state newspaper.

About the author

vipal

My name is Vipal Bhagat, going to be doctorate in applied economics. My aim is to analyse and interpret the current economic happenings around us, according to the core and basic principles of economics.

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