Market

Definition

A market is defined as the sum total of all the buyers and sellers in the area or region
under consideration. The area may be the earth, or countries, regions, states, or
cities.

The value, cost and price of items traded are as per forces of supply and demand in
a market. The market may be a physical entity, or may be virtual. It may be local or
global, perfect and imperfect.

Description: What are the different types of markets?

A market can be called the 'available market' - that of all the people in the area.
Within the available market, there is the 'market minimum'- or the market size,
which will buy goods without any marketing effort. This is the lowest sale that a
company could get without any action on its part. In today's world, this level is
sinking ever lower.

Need of Market

As everyone knows, free markets are important because they voluntarily bring
together willing buyers and sellers. Supply and demand are the sine qua non of
economics. In fact, so important is their function that, in classical economic theory, a
free market occurs only when no single buyer or seller can determine price. This
bears restating: In classical economic theory, cost does not determine price; price is
set by what sellers and buyers agree to. That’s why prices climb (and quality
eventually falls) when monopolists are in the saddle, and prices fall when goods and
services are abundant.

To be sure, no producer deliberately sets out to sell below cost—they do so only

reluctantly—but the choice is not the producers’ to make (except under duress).
Markets, of course, reward efficiency and productivity. Put most simply, the effective
capitalist holds quality constant while cutting costs and increasing output enough to
achieve profitability.

What does this have to do with education? There are four pieces to the puzzle.
The door of the typical school has never been darkened by an entrepreneur’s
shadow.
First, according to no less an authority than former Harvard University President
Derek Bok, one of the main reasons American higher education is so robust is that it
exists in a vibrant market, made up of public and private providers, for-profit and not-
for-profit, two- and four-year institutions, large and small schools of all description.
The long and short of it is that there is a solid higher education option for everyone
who’s interested in pursuing it. Having willing students and willing institutions means
there is no compulsion.

Second, and by way of contrast, one of the reasons so many public elementary and
secondary schools are troubled institutions is that they are protected monopolies, run
by regulation and fiat, not market forces. Indeed, they are very much like Soviet
collective farms: Those that are blessed with high-quality natural resources (sun and
rain for farms, happy and well-tended children for schools) do well. Those on the
short end of the stick do poorly.

According to the management ‘‘ Guru Peter Drucker ’’ there are two tributaries to
classic economic theory that have a special bearing on school reform. The first is the
Viennese economist Joseph Schumpeter’s elegant idea of “creative destruction.” He
advanced the compelling argument that the only system that eliminates (or
transforms) faltering and failing organizations is free-market capitalism. Political
insulation not only props up failing institutions, it also rewards them (and, in so doing,
it punishes customers). Conversely, that’s why monopolies are bad for consumers.

The second is from the 18th-century French economist Jean-Baptiste Say (who
coined the term “entrepreneur”). His great insight is that in a market, supply creates
its own demand. The entrepreneur (who may or may not be a risk-taker) creates a
product, good, or service that no one knows they need. In modern times, the
examples are countless; think of Xerox and plain-paper copies (replacing a whole
industry that survives with only a symbol, “cc”), or facsimile transmission, or the
personal computer, or the cellphone, or the Web. Before the fact, no one knew they
needed any of these; rare is the person who can live without them today.

What makes entrepreneurship possible? Rewards and incentives, for both

entrepreneurs and customers. The entrepreneur must practice in an environment
that provides incentives to innovate and rewards for innovating successfully. Chester
F. Carlson believed that once invented there would be a future for xerography (few
others shared his vision, and he had a difficult time raising the capital to carry it
forward). He was right (and so were the lucky investors). Carbon copies are a fading
memory for most of us, just as the old Multilith and Gestetner copying machines are
for teachers.

What lesson for public schools is embedded in this tale? As most skillful
educators know, the first lesson is to keep your head down. There are neither
incentives nor rewards for innovating, and there are abundant disincentives and
penalties for trying. The absence of a market explains the abiding conundrum about
K-12 education: its overwhelming uniformity in spite of a long tradition of local
control. Educators make up the largest single group in the labor force (2 percent),
employed in over 100,000 public and private schools that for all intents and purposes
are identical. Indeed, the door of the typical school has never been darkened by an
entrepreneur’s shadow. The reason? It would be a waste of the entrepreneur’s time
and energy. Not only are there no incentives or rewards to change, there is active
hostility to change.
In this one important respect, the private firm and the public school are the same:
Both organizations resist change because it is often painful and always daunting.
The private firm’s willingness to change is not a sign of superior virtue but of
necessity. That is the power of the market: It forces change.
Join me, if you will, in a thought experiment. What if we in education were to start
from scratch as the entrepreneur does? Would we design a similar system?
Unlikely, To the contrary, we would recognize that schooling should fit the cultural
and economic system of which it is a part, and we are a long way from the agrarian
calendar and factory model that inspired the modern school. Today’s reality is
latchkey kids, working moms, high-tech and high-touch games and tools: in a word,
multitasking. The social order kids are part of is a world with few adult role models. It
is the peer group that dominates, which is impressionable, with a limited institutional
memory, flexible to the point of chaos, open, innovative, and more than ever in need
of structure and adult guidance.
The two most pressing needs of modern culture and the economy, in fact, are a safe
place for children to be from dawn till dusk, year-round, and mastery of the
knowledge and skills kids need to take their place in society when they grow up. No
social institution (save the family) is better prepared to serve these needs than the
school. But not as it is presently organized. The modern school should look like the
modern high-tech firm—open 24/7 (or at least 12/5), all year long, with teacher and
student rank established not by time in the saddle but by demonstrated
accomplishment.
Imagine a school that is open when the family needs child care and that provides a
constant stream of academically oriented enrichment activities; one that is
standards-based (not age-based), in which you advance at your own pace. These
deceptively simple structural changes would have a profound impact; for example,
for whatever reason, students could “stop out” for days, weeks, or months at a time,
returning to where they left off when they came back. They could do so to join an
expedition, live abroad, prepare for exams, succumb to boredom, participate in
Olympic training, or simply take a break OR they could accelerate, covering a
traditional K-12 curriculum in 10 rather than 13 years. What would they do with the
“extra time”? Learn a second or third language, earn an associate’s degree by age
18, graduate from college early (by doing the same thing in college—compressing
four years of coursework into two and a half or three).With the costs of private
colleges reaching $40,000 a year, the economic incentives (and rewards) alone
should be enough to stimulate such change. That it doesn’t is a commentary on the
heavy hand of tradition and the lack of entrepreneurial vitality in the education realm.

Liberty Market

Liberty markets are one of the oldest markets of Lahore. Not as old as Anarkali and Ichra Bazaar
but it’s been around for a while. Overall an excellent place to shop for clothes, laces and jewelry.
If one’s bargaining skills are good this place can be shopper’s heaven. You can buy replicas for
most brands from here and towards the backend of the market you’ll find formal clothes made to
order. No trip to Liberty is complete without the famous Paradise cone ice-cream. Liberty market
is a heart of Lahore to me. Liberty Market Lahore is one such place where one will find people
who regularly frequent the market for shopping, boys who come to ogle at women, those who
encroach the pavement to sell their products like bangles, pony tails and many small daily items
for women, and those who exhibit their penury to solicit alms from visitors. In certain ways,
Liberty offers a miniature of what Pakistan is where you can see all kind of cutlers meet with
each other.
Lots of restaurants and especially great place for those who want to get out of their house to eat
breakfast out and meet different people.
Relatively new market in Lahore came into being in 60s and 70s .All sort of shopping clothes
shawls toys etc. is available. It is a U shaped market with paid parking in the center. Shezan
bakery, Metro Stylo ECS for shoes is a must. Further down turning right outdoor eateries lane
selling fruit chat dahi barrha gol gappay namak parey cold drinks tea are available in lahori style
.coming out and crossing the road flowers for all occasions are available at reasonable price.
Recommended. Don't miss Saleem fabric store Liberty Market is one of first old shopping place
after Anarkali where all types of people can do shopping. Cheap to costly stores are available at
same place with very huge car parking. Liberty Market is extending day by day to M.M. Alam
Road from back where all bridal dresses stores are available. Very big and branded shoes shops
and N.M. store is main attraction..The pedestrian walkway is excellent. The street vendors are
selling amazing stuff (Chinese, thai etc) You can find anything from Liberty market, from shoes to
the bridals dresses or kids clothing. Moreover, backside of liberty on a walking distance, you
have Furniture shops etc. Inside Liberty market, there are so many food points and the famous
one is Capri (biryani) and also there are lots of ice-cream parlor. In liberty market, you will be
able to get floral bouquet and much fun around Of course how can you not end up going to
Liberty Market; it is just impossible. If you are in Lahore; you will surely visit Liberty Market. If you
are a first time traveler; take at least 4 - 5 hours to visit the whole market; have some money in
your pocket according to your budget for shopping; you will be able to find all sorts of shops here;
really good chaat corners and good food for any time of the day. It is a must visit. The best
Yeah a lot of shops in a half circle mostly of fabrics and wedding dressing. A bit expensive than
other places but if the aim is wedding dress (traditional) shopping in Lahore this is the place.
There are food shops but the best is the one right in da middle of this half-moon shaped market
having the best dahi baray in the whole city. On the walk ways people are selling copies of the
famous brands prints in a very cheap prices.
There is ample of car parking and is a fine place to visit. It was fun checking out one shop by
another... You have to be careful when it's crowded.
All in all there are lots of treasures to be bought in very good processes. Can be so much fun!
There is a shop named Olive right at the front row. Many good quality shoes and bags for ladies.
You can say that I pretty much went mad there. (Sale)
I will definitely stop liberty market again when I'm in town. Also you can find so much food along
the way while shopping... Coffee and tea to keep you going. We had great fun shopping here we
came on Chand raat with our family for a little shopping and mhendi the girl who done our
mhendi was really good the place was mobbed, and the staff in the shops and stalls are friendly.
It's a great place to come as a tourist I love all the hustle bustle. We also had some chicken from
the outside barbeque place it was delicious. The only problem is the beggars little kids begging
for money we gave one little boy money only to see him walk up and give it to a smartly dressed
man then he went off to beg some more, I find it shameful that this was happening and has
discouraged me and my family from giving to beggars as it looks like they are doing it to line
some fat pimps pockets extremely disgraceful. Liberty market is known for shopping! One can
get anything and everything from here. It has the potential to become one of the most beautiful
areas in Lahore and I am sure the Chief Minister knows that and will take steps for it to reach its
potential. I just wish this area could be kept cleaner than it is right now. This is one of the
versatile and modern markets of Lahore with lots of shopping choices of branded and unbranded
Clothes, Shoes, Hand Bags, Grocery, Home Decor, Lamps etc. for people from Pakistan, it has
got a wide range of shopping at superstores EnEm, Al-Fateh, HKB etc. as well as other shops
with local brands and imported stuff. For people visiting from abroad, the shopping can be fun as
the quality is good and you will find a lot more cheaper stuff compared to US, Europe or Middle
East Public places can present a fairly genuine picture of society. Liberty Market Lahore is one
such place. At Liberty, you will find people who regularly frequent the market for shopping, boys
who come to ogle at women, those who own fancy expensive shops, those who encroach upon
the pavement to sell their wares, and those who exhibit their penury to solicit alms from visitors.
In certain ways, Liberty offers a miniature of what Pakistan is, and what it aspires to be.
Liberty Market is located in Gulberg III, which happens to be one of the most uptown areas of the
city. Gulberg has the widest thoroughfares, the tallest shopping malls and the greatest number of
company outlets. Most of the city’s restaurants with unpronounceable foreign names are located
in Gulberg. Liberty Market is hence elitist, but it is also frequented by people from the lower-
income bracket. There are plenty of Italian fashion labels, Swiss watch retailers, and fancy
burger joints. The billboards that dazzle with these labels are interspersed with desi (local)
names. They belong to tailors, to old shops that sell fruit juices, and to those who offer locally
made garments.

People who visit Liberty are a mixed lot. The ‘in’ labels and the multi-storied departmental stores
cater to the DHA-, Gulberg-, Model Town-dwelling elite. To target this lot, there are ample
mendicants of all hues, but since it is Liberty, it brings the best and worst of what everyone has to
offer. The beggars fall in three categories: the senile, the disabled, and the deformed. Senility
and disability elicit sympathy; it’s somehow ‘right’ to help them, occasionally though. Helping
them might ward off bad luck, or keep the house safe from burglars. Deformity usually evokes
repulsion. Super rich folks attempt to shield their children from such visually upsetting sights. The
unfortunate deformed beggar thus tries to grab a visible spot to exhibit what appears most
grotesque to this lot. Apparently, the super-rich will throw something his way just to prevent him
from getting close. It seems to work fine.

At Liberty, you can also spot social welfare kiosks set up by different outfits. These stands are
also found in most public places in major cities. These NGOs collect donations for earthquake,
famine and drought victims in the outposts of the country. It would seem that faith-based welfare
would fare better in the downtown that houses the conservative lower middle class. But suffering,
when emphasized in visual terms, seems to strike the right cord.

The greatest number of desi spots belongs to tailors. These are tailors who work independently
and not with renowned labels. There are rows specific to tailors who stich for ladies. In a
reflection of society’s gender norms, all stitcheries are invariably run by men. It should be ironic
for a culture that celebrates outward manifestations of masculinity. We sometimes make fun of
male bridal designers, metrosexual celebrities, cross-dressers and transvestites (even though
some TV personalities might take it too far). The situation begs the question, why aren’t there
any female tailors around?

In a patriarchal culture, since women depend upon men, it makes sense that it is men who must
drape them. Having rows of female tailors would in some way constitute an independent sphere
for exclusive female activity. Arguably, an issue as delicate as what women should wear cannot
be completely left to them. The male tailor’s presence is perhaps mandatory in this scenario. The
equation is also paradoxical in the sense that the male tailor is apparently in a passive role. The
lady gives most of the instructions, but the contours of the dress, the fundamentals of what can
and cannot be stitched are already given. These sartorial laws are inviolable. The situation offers
itself for an interesting interpretation. The male tailor is passively active; he must obey the lady
client since she is the one who will make the payment. At the same time, the fundamentals that
the sewing will abide by cannot be tampered with. The lady client, while seemingly in a position
of authority, is in fact subservient to male rules of garb.
Liberty also reflects the state of the country’s major cities. There are plenty of state-of-the-art
shopping malls, magnificently lit top-floor restaurants and marble-floored pavements. In the same
marketplace, there also littered dark alleys with shops permanently shuttered down. There is
plenty of filth and refuse here. Some of the adjoining streets have potholes and poor lighting and
sewerage. It is just like Lahore and Pakistan. There are serene gated communities like DHA,
Faziaia and EME. Then there is the dirty, deprived, dilapidated rest of Lahore. Some of the oldest
parts of the city, those that have the imprint of different historical periods and ancient cultures,
are the worst kept. The trend of cementing this upscale/downscale divide in Lahore is replicated
elsewhere in the country. These types of markets increase the living standards and liberty gave
the. May contribution to economy special bridal clothes which are necessary on different
occasions