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Opening up the vaccine market Updated: Updated: The elements of a free market competition, choice, and prices will help advance social welfare Share Article AAA A beneficiary gets herself clicked at a photo booth after receiving a COVID-19 vaccination shot at the BMC’s jumbo facility at Bandra-Kurla Complex. | Photo Credit: INDRANIL MUKHERJEE The elements of a free market competition, choice, and prices will help advance social welfare Today, India completes nearly four weeks since it began administering the two COVID-19 vaccines Covishield and Covaxin. During this period, the country has managed to give the first dose of the vaccine to only about eight million people, which is about 0.6% of the population. ....
Rise of shadow entrepreneurship Updated: Updated: Without regulation, the situation could spiral out of control Share Article Without regulation, the situation could spiral out of control Recently, a professor at a business school allegedly misused his faculty position to provide fake certificates to students whom he had compelled to attend an online course that he taught. He essentially took advantage of India’s rising pre-pandemic gig economy in education. When authorities at the institution discovered the racket, they suspended him. This is a cautionary tale for the global rise of shadow entrepreneurship, not just in education but other sectors such as finance (for easy loans), the betting economy (online games) and healthcare (e-pharmacies). Given the potential perverse consequences of shadow entrepreneurship in the long run for consumer welfare, regulation is needed to monitor quality of services. ....