Sunday, January 27, 2008

Markets in Marriage

Westerners are slowly opening up to the idea of online dating and matchmaking by professionals. They should take a leaf out of Indian arranged marriages. For ages the marriage market has been a very efficient market working through grapevine and social and family connections. In India, one of the first innovations due to the internet was professional matrimonial websites, and we have had those working beautifully since the mid 90s. Especially these days since many young Indians are abroad while their parents are still in India. All you need to put up a profile on line and look for matches online. The guy and gal look at profiles, and talk to each other or even meet each other while they live and work or study in the country of their choice and the parents can meet and work out the details in India. Decentralized!! Its worked efficiently for so long. Another amazing proof that there are markets in everything and that they work very well without a central planner. huzzah for markets!!

1 comment:

Tom said...

An arranged marriage isn't an example of a market at work. It is an example of central planning. The two parties, husband and wife, do not voluntarily consent to an arranged marriage. Only in the West, where both parties are not coerced into a contract is there Pareto efficiency because both parties mutually benefit from their voluntary interaction with one another. So get your economic reasoning right pal.