Prices Are Driven by Market Forces and Not Military Force

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When the Minister of Labor Chris Ngige threatened to revoke licenses of banks firing workers, it reminded me of this video clip when #Buhari had just entered power around 1984.

In the video clip, military soldiers are seen in the market coercing traders to drop their prices. Its was a forced price control strategy.

The traders at the end of the clip are heard telling the interviewer that prices are driven by market force and not military force.

That was 32 years ago but in 2016 we have a democratically elected government that still does not get this basic Economic Theory. They are still trying to influence the Economy not with tact or intellect but with sheer force.

“History repeats itself until we learn the lessons that we need to change our path”

twitterWords by Okechukwu Ofili of ofilispeaks.com
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Ofili

Author: Ofili

Words by Okechukwu Ofili of ofilispeaks.com
Follow him on Twitter
Stalk him on Instagram
Read his crazy titled books on konga or okadabooks
Feed his children at…no wait he has no kids…. 

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4 comments on “Prices Are Driven by Market Forces and Not Military Force

  1. Louis on said:

    You sabi!!! I argued with someone about this some days ago. He kept saying “with all the money those banks are making. They should go jare”. I simply just told him that he cannot ascertain what he’s saying and companies have to adjust to economic realities and that the govt shd think of policies to make business thrive instead. Thanks for this write up and video cos I’m sharing it now

  2. Christian chinedu on said:

    They know that basic economics and much more, they are only acting government. Yes, they have no rights to dictate to banks, but they have a responsibility to the people. Some banks, companies may become unnecessarily irresponsible and uncommitted to terms of employment using the economy as excuse.

  3. Christian chinedu on said:

    My friend was fired by Ecobank, he claims the bank has two Executive Directors who earn bogus salaries, and wonders why one can’t be fired as his salary is equal to that of over ten or more staff. Can’t verify claim, but if true, the logic seem right.

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