In your view, is it essential for the government to regulate the fee structure in education and health care institutions? If so, why?

Question

Accepted Answer

Yes, it is very essential because:
- i. Proper investment in education and health is crucial for national growth.
- ii. Education and health care create both private and social benefits.
- iii. Private providers need to be regulated to follow standards/norms.
- iv. Charges of private institutions are so high that government needs to provide subsidized services.
- v. Providers may acquire monopoly power and exploit consumers who lack complete knowledge about quality and cost.