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Human Capital Formation In India — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsHuman Capital Formation In India6 Marks
Question
In your view, is it essential for the government to regulate the fee structure in education and health care institutions? If so, why?
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Answer

Yes, it is very essential for the government to regulate the fee structure in education and health care institutions because of the following reasons.
  1. Proper investment in education and health sectors is very crucial for the growth of a nation.
  2. Education and health care services create both private as well as social benefits. That is why both private and public institutions are needed to provide these services.
  3. The private providers of education and health services need to be controlled/ regulated by the government; otherwise they will not follow the standards/ norms fixed by the latter.
  4. The charges of private educational institutions and private super specialty hospitals are so high that government needs to provide all those services at subsidized rates for the masses.
  5. The providers of education and health care services acquire monopoly power and are involved in exploitation in case individual consumers of these services do not have complete knowledge about the quality of these services and their cost. In such a situation the role of government is to make sure that private providers of these services stick to the standards and charge the correct price.

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