Institution of Marriage is a Contract:

In India, there is no regulatory board or authority to monitor Indian marriages because here, marriages are based on emotions, willingness and morals. Since India has many religions and every religion has a different perspective and belief towards marriage it is actually really difficult to have a regulatory body. Of course they have many selfmade laws and beliefs which are to be followed the people of that religion, but still in terms of economics, if we would try to keep or make a regulatory authority, what kind of body should be implemented? To answer this question, I have selected the below mentioned theories,
1.

Neo classical regulation: This says that there is no kind of interference in any form from the government or the regulatory authority. This is actually not feasible because if there is no-one to interfere in the time of crisis, then there would be meaning of keeping

a regulatory body and everybody would do according to their whims and wishes.
2.

Classical regulation: In this kind of authority, the authority or the regulatory body would always try to interfere with the personal matters of couple and family. This is also not acceptable because then there would be no concept of privacy at all. So, this theory too according to me is not applicable.

3.

Post Washington consensus: This theory basically aims social welfare rather giving importance individualism. That means, the regulatory body would try to think of the religion as a whole where it wont be able to concentrate on the families individually.

4.

Transactional cost based regulation: This is basically a regulatory body which sets the norms on the basis of the beliefs of the people of that religion. So, this is as good as not keeping a regulatory body.

5.

Chicago is almost

school a free from

based market the

regulation: with very or

This little the

theory is best applicable theory here because it interference government

regulatory body. So, this theory is apt for the Indian marriage scenario because body can interfere only when wanted and needed and morality of Indian marriages and laws and regulation will be in a balanced state. By: Abhishek Mishra ISBE_A//SS//10-12