The ability to regulate markets is one of the key factors influencing the overall outcomes in society, particularly in terms of the accessibility and prices of goods and services. However, it should be noted that market mechanisms cannot be exclusively relied upon, as this may lead to harm to the overall economy, sectoral interests, and even ethical principles. Markets determine economic outcomes, but they do not pay attention to the human and social impact of these outcomes, therefore the role of the public sector is crucial.
Luis Habiaka believes in the power of markets and accepts their outcomes regardless of how they might have been. The power of the market is not a doctrine that must be either accepted or rejected; therefore, it is necessary to create appropriate frames for their functioning. Free markets are important and necessary under the condition of having controlling mechanisms to limit their negative impact on growth and development.
In this context, the role of the public sector becomes critically important.
