Are we ourselves partially responsible for price rise?
Does responsibility for increase in prices of goods & services rest solely with the Government or with the people who are in the business? Do you think the general public, the consumers, too, are partly responsible?
We often complain about the inflation and price rise and frequently hold government and businesses responsible for it. But sometimes I wonder are we ourselves in some way or the other also responsible for it?
Affordability has become the key nowadays for spending more. People who earn more do not hesitate to shell out more and do not question the price of goods or services at all. Their motto is "I am earning handsomely, it does not matter whether I pay Rs 100 or Rs 500. For me, it is important to get the work done." This has become a key mindset for many of the rich and high-income families living in big cities.
This results in an overall high price of goods and services in the area where there are high-income families live. As a result, mediocre families living in the same area become scapegoats of this mindset of rich people and find it difficult to tackle the high prices. Is it not the social responsibility of the people earning more to question the overpriced goods and services and not to pay any amount that is asked for even if they can afford it? They should think that everyone living in their area is not rich and cannot afford to pay more.
In cities like Pune, Bengaluru etc where software industry is dominant you will often see that housemaids have their rate as per the apartment category they work in (simple or luxurious). Shops and businesses in the area where these people live are expensive when compared to old areas of the city since businesses also want to take advantage of the high purchasing power of high-income groups.
Just think if everyone in the society irrespective of whether they are earning more or less unite and decide that they will only pay the normal and logical prices for the goods and services in their area then businesses will automatically lower their price when they see nobody is willing to pay more. It will make a difference.