A recent panel constituted by the government to recommend rules for pricing natural resources in the future has managed to come up with a phenomenal, path breaking and pioneering methodology for retailing airwaves which would maximize the benefits that will accrue to the exchequer. The path breaking proposal is nothing but to auction out the airwaves and let the market decide the appropriate rates. The committee needs to be lauded for proposing such an exceptional idea. Now we know how our hard earned money paid to the government in the form of taxes is floundered.
The basic law of economics dictates that when the supply for a commodity or service is constrained and the demand is far greater than the supply, the best way to allocate resources is to auction them out. The government incidentally headed by an economist, needs to constitute a committee, squander tax payers money on them to reveal something which is plain common sense. Outrageous.
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