The paper will endeavor at expounding and giving further details of a market failure in the establishment of teaching services by teachers.
Teaching denotes the service offered to end-users by professionals termed as teachers. There are different categories of teachers that offer this service to the school going students. There is the primary level, higher level, and college, undergraduate and postgraduate students. All these categories of students depend on services offered by teachers (Munday, 144-147). The market in this class of service provision is the student, and by extension the learning institutions. The market consists of different levels or classes. There are small children that go to kindergarten classes. There is also the primary class category of pupils that attend primary schools. The next category of this market is high school students who purpose to attain ordinary level of education. Then, there are those who dream to attain diplomas and bachelor degree status they form the next category of this market (Hanushek, Eric, and Ludger, 123-127). Still, there are those who aim for post graduate college degrees which form the last cadre of the market to the professionals in the teaching profession. This market has over the past been marred by deficiencies. These imbalances are what resulted into this market failing.
Market failure is an imbalance in the market forces of demand and supply. When the demand of a commodity exceeds the rate of supply, the market is regarded to as having failed. These failures result from a number of malpractices and policy variations. In the teaching profession, the market has been deemed to have failed because of economic factors. Supply of the service, that is trained teachers are available in the market. Demand too is also readily available. However, there are constraining factors that contribute to imbalances in this market. The qualities of services offered are not standard. They differ from one school to another. That was the greatest contributor to these imbalances. Most parents would wish to have their children to go to good schools. Unfortunately, these good schools are privately owned. As a result, they charge higher fees than public schools (Hanushek, Eric, and Ludger, 127-131).
As a result of this failure in this market, most students do not get the quality of services from this industry as they would have wished to have. Economic constraints, therefore, disadvantage them from getting quality services. The teaching market in the long run produces mostly discontented products. Products of public schools that form the bulk of the demand (Monteiro, 85- 89). As a result, get low-quality services because their schools cannot attract the best service providers in this market.
Although the government tried to regulate the market, the policies in place were effective. Consequently, the market continues to register even more inefficiencies. Policies such as regulation of fees paid in public schools have only worsened the situation. Whereas the public schools charge fewer fees as compared to private institutions, the private sector in this market has not been effectively regulated by the government (Monteiro, 87- 93). Standards continue to plunder in the public institutions at the expense of the private institutions. Quality service providers continue to desert the public sector in favor of the private sector for better remuneration. More and more students were disadvantaged as a result of inefficient government regulatory policies.
Work Cited
Hanushek, Eric A, Stephen Machin, and Ludger Woessmann. Handbook of the Economics of Education: Volume 4. Amsterdam: North Holland, 2011. Print.
Monteiro, A R. The Teaching Profession: Present and Future. , 2015. Internet resource.
Munday, Stephen C. R. Markets and Market Failure. Oxford: Heinemann, 2000. Print.
Peterson, Paul E. Choice and Competition in American Education. Lanham, Md: Rowman & Littlefield Publishers, 2006. Print.
