When supply and demand are not elastic

The basis of a free enterprise economic system is based on the elasticity of supply and demand. And there must be plentiful of supply, ie choices, and plentiful of demand, ie people can afford to buy whatever they want. Without this elasticity, a free enterprise economy is doomed for self destruct. Today we are seeing more and more evidence of what an uninterrupted and skewed economy can become a living hell to many and heaven to a few. Hey, isn’t that a truism, that only a few will be in heaven and the rest be in hell? Take drinking water as an illustration. If the supply of drinking water is controlled by a mean owner, he can literally sell a cup of drinking water at $100 or at whatever price he demands. Everyone kwai kwai must pay. It is only the wisdom of time that govts of today imposed regulations on the distribution of essential and basic goods and services. Of course the temptation of free enterprise and the grostesque profits it can make often proved too tempting that devious reasons were used to perpetuate free private enterprises. The mantra of market forces know best and are best for buyer and seller is the wisdom of today. This is the biggest myth that the masses have been led to believe. For many economies, or many goods and services, the perfect market condition is just not there. The result is abuse of the free enterprise system. There are times when control and regulations must be imposed, with good intention as a prerequisite, to ensure a fair and equitable system for the people in general. A time has now come to upturn the concept of property speculation in a small piece of rock. Properties cannot continue to be speculated simply for profit basis. It is an essential piece of basic needs and must be heavily regulated. Unrestrained property speculation for profits only benefitted the few who will get richer at the expense of the larger majority. Making matter worst is that foreign speculators in the name of investors, came in to profit and disappear with their gains and leaving the locals with a baby that becomes a heavy burden for life. The madness of property speculation, of property as a good investment, has transformed itself into a dangerous animal to the demise of many average home owners. With so many negative factors that will only contribute to higher and higher property prices, a fundamental change in housing policy must be looked at now. It is no joke when a person has to work his guts out, for the rest of his life, just to have a roof over his head. It does not make sense anymore.