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"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable"
- Adam Smith
Recommended Videos and Readings
Recommended Videos and Readings
Why are badminton shuttlecocks getting costlier?
Why are badminton shuttlecocks getting costlier?
Shuttlecocks are getting costlier because declining pork prices drive up consumer demand. This then makes fewer farmers keen to raise ducks and geese which in turn makes their feathers - used in shuttlecocks - more expensive. What is the deal?
Read the article to find out more!
Economics Forum for students on June 10th at Tanglin
Economics Forum for students on June 10th at Tanglin
Some Sixth Form students from Tanglin Trust School have put together an Economics forum for June and would love to invite you to the Economics Forum at Tanglin Trust School which will be taking place on the 10th of June 2022. This event will be a great opportunity for you to hear from experts on the theme of 'Digital Economy,' and is recommended for students interested in Economics, Business, and Technology to attend.
Event Details
Date: Friday 10th June
Time: 5-7pm
Venue: Berrick Performance Hall - Tanglin Trust School, 95 Portsdown Rd, Singapore 139299 (enter from Gate C)
Book your tickets to the forum using this form: https://forms.gle/vWMPemnTZyhxsGrB8
Please note that every guest needs to individually fill out the form to attend the forum.
ESS(YP)xES Applied Policy Economics Speaker Series - Enterprises.pdfInvitation to ESS(YP) x ES Applied Policy Economics Speaker Series – Enterprises
Invitation to ESS(YP) x ES Applied Policy Economics Speaker Series – Enterprises
To deepen students’ appreciation of the diversity of issues in Economics, the Economic Society of Singapore (Young Professionals) (ESS(YP)) and Economist Service of Singapore (ES) are organising the ESS(YP) x ES Applied Policy Economics Speaker Series.
The complimentary webinar is open for all students with an interest in social and economic affairs.
The inaugural talk on the theme of “Enterprises” will be held on 29 March 2022 (Tuesday) at 5.00 PM–6.30 PM (GMT +8.00) via Zoom.
Scroll on the left to know more!
Essay Comp Infokit 2022 (Final).pdfCCCS-ESS Essay competition 2022
CCCS-ESS Essay competition 2022
The Competition and Consumer Commission of Singapore (CCCS) and the Economic Society of Singapore (ESS), would like to invite your students to participate at the CCCS-ESS Essay Competition 2022 on "Environmental Sustainability: The Role of Competition and Consumer Protection Laws and Policies".
SMU School of Economics Seminar 2022.pdfSMU School of economics annual seminar 2022
SMU School of economics annual seminar 2022
SMU School of Economics cordially invites your students to the annual economics seminar. This year, the seminar “Do economic fundamentals affect political outcomes” reviews how economics tools are being used to shape and influence political policies. The seminar will be held virtually via Zoom on 18 March 2022 (Friday), 9.30am to 11.15am.
Singapore Budget 2021
Singapore Budget 2021
Did you participate in the budget quiz 2021? Let's learn more about the Singapore Budget 2021. Through the use of Economics concepts and tools of analysis we will learn how Singapore Budget 2021 addresses the challenges that Singapore currently faces and how it promotes future growth and development.
Click here for more.
Every Drop Counts: Economics in Singapore’s Water Policy
Every Drop Counts: Economics in Singapore’s Water Policy
A Walk Down Memory Lane
Singaporeans today would find it hard to imagine the taps running dry, but just half a century ago, lack of ready access to water was a reality for our forefathers. Water supply then was limited and vulnerable to external factors such as the vagaries of the weather. In 1963, Singapore faced a drought so severe that nation-wide water rationing had to be carried out from April 1963 to February 1964. Water supply was cut off for six hours, four days a week, for those ten months.
What does economics have to do with our water issues? Expand this section to read more.
When Singapore gained independence in 1965, securing a reliable water supply became a priority for our leaders as they knew that it concerned our survival.
Managing Supply and Demand
To increase the supply of clean water, the Singapore government built more reservoirs and connected them through a system of pumps and pipelines to increase the amount of rain water that could be collected and stored. Beyond increasing water catchment areas, investment in technology has also allowed the country to find new ways of producing clean water.
To manage the growth in demand for water, the Singapore government has raised awareness of water conservation in schools and in households. In addition, measures have been put in place for water-intensive industries to devise water management plans and install water meters at various water usage areas within their premises to track and monitor water usage.
How do the above factors affect the market for water in Singapore?
Water Pricing in Singapore
Potable water in Singapore is priced according to its long-run marginal cost (LRMC). This means that the price of the water we drink and use on a daily basis is pegged to the cost of producing and conveying the next drop of water. For Singapore, as this next drop of water is likely to come from desalination and NEWater, the price is pegged to the cost of water from these sources.
Pricing water at its LRMC enables allocative efficiency. It allows consumers to consider the price of the next drop of water and consume water accordingly. At the same time, such a pricing approach enables PUB to invest ahead of time to ensure a reliable and sustainable supply of water for all.
Conclusion
There is a rich application of Economics in the market for clean water. Curious to find out more on the economic tools that may be used to understand how Singapore ensure an efficient, adequate and sustainable supply of water?
Credits: MOE Singapore, CPDD Economics Unit
To find out more on Singapore’s water story: https://www.gov.sg/features/every-drop-counts
Other links:
Opening of 4th desalination plant a boost to water security
Click here to find out more about Budget 2021 and take the Quiz!
Sustainable Economics
Sustainable Economics
Oxford economist Kate Raworth explains the situation of the economy today, and her vision for the future - the Doughnut Economy.
How does the fascination with continuous economic growth lead to divisions in society and problems with our environment?
How can we start to keep within the Doughnut? What are some solutions that are already being implemented? Do you have some ideas that you think could become possible solutions?
How can we as individuals counter the entrenched idea of material consumerism, and start to make changes for the better?
Should Singapore introduce mimimum wage?
Should Singapore introduce mimimum wage?
Over the past decade or so, calls for a minimum wage system in Singapore has not gone away, with public debates being reignited every now and then.
What are the advantages and disadvantages of minimum wage?
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