The basic principle of equity and fairness should always be a focal point for a peaceable life and in all human endeavors. The goal of any business is to make profit except for the non governmental organizations who are not into profit making. However, profit making is relative depending on the nature of the business and other considerations, however, not at exploiting anyone. The truth is that price cap isn't applicable directly to every business especially those that requires professional service, however, i still believe that once the business ia done with the right mindset, capping or no price capping, extremes would be avoided.
As a professional who is into business and as a business owner myself, i can say for free that doing business especially in a private establishment requires alot and is highly demanding. However, i mentioned that once the business is established with the right foundational principle of fairness, moderacy and integrity, prices would be fixed in the justice and fairness. I remembered that of recent, the price of a commodity i sell dropped and i make sure that the price drop reflected on that particular product even at the amazement of my staff. However, when there is increase in the cost and it's no longer profitable on the price it was before, a price increase is inevitable.
This points to our attention my personal believe that: "COST PRICE DETERMINES SELLING PRICE. However, it is possible to get a particular product and brand from 2 or more different places at different prices owing to conditions such as difference in place of purchase, the price mark-up difference, demand for the product and all. What i believe is that the end consumer has the liberty to choose what he or she wants and where to buy. Price capping is not feasible for all products except the government subsidized/assisted products where the distribution and supply is not hectic and accesible been under governmental control.
I'm of the opinion that each business men/women should have it in mind that any product made or service rendered should be for the benefit of mankind which when made exorbitant defeats this purpose. To me, regulated prices or price capping without adequate enforcement is meaningless especially when the rule of law is not totally obeyed. I believe the greatest check which everyone has is their conscience and it is always good to keep a good conscience. Therefore in all, price capping could be effective only where the product or service is under governmental control but under private sector, it might not be feasible as such.
I therefore believe once we all put humanity first, have the right business mindset and embrace fairness in all we do with the right conscience, then we are good to go. It all lies and begins with us as individuals who make up the business owners, emloyers of labour and employees. We can all do better and out world can be a better place to live. Thanks so much for reading even as comments and contributions are welcomed.
This is my entry to @Hivelearners weekly featured contents, week 188 episode 01 on "PRICE RANGE" 