How can laws ensure that markets work in a manner that is fair? Give two example
Answers
Social justice involves end of exploitation of any person at the hand of another person. There are three important functionaries in a market, i.e. producer, consumer and worker. In a fair market none of the producer or consumer or worker should exploit the other. Let us take an example of a producer who may be promising high quality in its brand of chocolate. Let us assume that an independent agency tests the chocolate and finds some carcinogenic substance in the chocolate. This is a clear case of exploitation of consumer by the producer. As per the law of the land, the producer is liable for strict punishment for this offence.
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Laws ensure that markets work in a fair manner by protecting the people from unfair practices.
The two examples are :
The government should regularly inspect the working condition and punish the violators. The frequently upgraded Minimum Wages Law ensures that workers are not exploited and over-worked by companies that hire them.
The government should monitor the activities of individuals or private companies if they are adhering to safety standards. Also, a law keeping check on the quality of production makes sure that sub-standard goods do not enter the market.