Friday Discussion on The Power of Market
Friday Discussion is a program designed to engage and inform the core members on the ideas of free market economy and classical liberal ideas. Discussions are made on the contemporary issues (local or national) based on free market perspective. Article is selected and shared within the members to prepare oneself for the program. The program is organized at the venue of Hotel Namaskar, Biratnagar on every alternative Friday (twice a month).
On this 43rd series, discussion was based on the Article of “The Power of Market”, where 13 numbers of participants took part to discuss on the topic. The members of the group sat down in an informal setting to discuss about how Market help to achieve economic freedom.The discussion began with the attendees floating on the issues of Article. It was hot and live discussion where participants discussed.
In the Article the writer had articulated how Honkong become economically Prosper despite having any Natural Resources. During the discussion different member of the groups had differing views regarding the article. The discussion was focused on Incentives, Minimum wages, Role of the government, Specialization and division. Some of the participant argued that Nepal can be like as Hongkong and it can be Transit point between the both big Neighboring Countries. Observing the Nepal some said Nepal had got many things to explore and had huge market of in Tourism and Medicinal Herbs. As we know Market is only the place which works on voluntary cooperation and division of labor. Government should have minimum inference and it should have less regulation so that Market could run efficiently. Final take way from the discussion that Minimum wage is also a regulation that keeps the unskilled person to enter to the market and be specialized. It is a constraint to creativity. When wage rate is fixed, then there wouldn’t have incentive to explore potential to earn higher wages. Wage should be determined according to Market incentive Mechanism.
Finally the discussion was disclosed by having an announcement for “Discussion with Stake holder about Child Friendly Society “ in Biratnagar.
The program was held on 27th May, 2016, 14th Jestha, 2073 pm onward. Discussion was very helpful to understand on Power of Market. Program ended at 5:45 pm.