Question

One of the four features of a market-based economy is that consumers’ ability and willingness determine what should be produced. Do you find this feature of a market-based economy adequate in allowing people to have access to their needs even when they are not able to pay for it? A good example of this problem is need for health care that should be a human right than privilege. What solution do you propose for overcoming this problem

Answer 1

Solution

No this feature of market-based economy - is not adequate in allowing people to have access to their needs even when they are not able to pay for it.

The example stated above - Healthcare is a good example of it.Actually because not everyone can afford their required healthcare so it is  treated as a public good ; healthcare is considered as a basic requirement for any human along with food,education,clothing and shelter.It is treated as a human right.

Since this problem is exisiting,the countries aross the world treat it as a public good.Eventhough the quality of healthcare services provided differ from govt. to govt. (depending upon their financial capability,other resources,priorities)

In developed countries like Itlay,the healthcare systems are robust eventhough they are provided for free by the Govt.'s over there in contrast underdeveloped / developing countries like South Africa,Pakistan etc., where the healthcare is of least quality

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