Archive for the 'economy and finance' Category

There was once a buffalo here

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Making small provisions to enable people to upskill through bite-sized training courses will not be enough to cope with a world in which lifelong continuous learning and career switching has become necessary — I argued this in my previous post Spreading a bit of money to “position Singapore for the future”. But in the interest of length, I left untouched an even bigger question: What if, for all the retraining, adjustments and preparations we make, there simply isn’t enough work to be had? It’s a question that’s not only for Singapore.

Continue reading ‘There was once a buffalo here’

Spreading a bit of money to “position Singapore for the future”

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Singapore was mentioned favourably in a recent Economist magazine leader.

But the biggest change is to make adult learning routinely accessible to all. One way is for citizens to receive vouchers that they can use to pay for training. Singapore has such “individual learning accounts”; it has given money to everyone over 25 to spend on courses from 500 approved providers. So far each citizen has only a few hundred dollars, but it is early days.

— The Economist, 14 Jan 2017, Learning and earning: Equipping people to stay ahead of technological change

We will probably hear more about this in the coming weeks. The Committee on the Future Economy is supposed to have completed its work by the end of 2016, and anytime now, its report should be released. This committee was tasked to “keep the Singapore economy competitive by helping to position Singapore for the future, as well as identify areas of growth with regard to regional and global developments.” Continue reading ‘Spreading a bit of money to “position Singapore for the future”’

Did we get more economic growth by giving up our freedoms?

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“The Singapore economy outperformed expectations,” reported the Straits Times on 5 January 2017. The economy was said to have expanded by “1.8 per cent in the fourth quarter of 2016 from a year earlier, putting growth for the whole of 2016 at 1.8 per cent, according to advance estimates from the Ministry of Trade and Industry…”

Without questioning how earlier forecasts were developed, the newspaper wrote, “Growth last year was well above MTI’s earlier announced forecast of 1.0 to 1.5 per cent.” I couldn’t but suspect that the ministry had long ago prepared for this day by massaging expectations downwards. I think they do that year after year; it’s getting old.  Continue reading ‘Did we get more economic growth by giving up our freedoms?’

Auxiliary thoughts about auxiliary police

A Certis Cisco auxiliary policeman and two neighbourhood vigilantes shooing away foreign workers

A Certis Cisco auxiliary policeman and two neighbourhood vigilantes shooing away foreign workers

The news this week is that Certis Cisco — a fully-owned subsidiary of sovereign wealth fund Temasek Holdings — is hiring Taiwanese for its auxiliary police force. Here are four thoughts that I had, leading on from this key news point. They are: (1) What are the implications of hiring Taiwanese? (2) Why must they be graduates? (3) What are the powers of auxiliary police? (4) Another example of rentier economy?  Continue reading ‘Auxiliary thoughts about auxiliary police’

Rebuilding from the rubble of 2016 voter-quakes

Pic from BoredPanda/EFE

Pic from BoredPanda/EFE

2016 will be remembered as one of those break-point years when an old order started falling apart. The worrying thing is that there is no sign that any better new order will be born.

Still, 2016 had its uses. The series of victories by what had been unlikely personalities and movements — Rodrigo Duterte winning the Filipino presidency, Brexit, and of course, the Donald Trump victory, have been cathartic. Some good commentary in various media have followed as a result, full of soul-searching and self-criticism. Continue reading ‘Rebuilding from the rubble of 2016 voter-quakes’

Tesla: new technologies need new ways of thinking

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My mind wanders a lot. There have been idle moments when, presented with a slice of birthday cake on a plastic or paper plate, I have wondered about the environmental-friendliness of the plate. Reading about Joe Nguyen’s travails in getting his Tesla model S licensed in Singapore, I started to wonder about cake on disposable plate again.  Continue reading ‘Tesla: new technologies need new ways of thinking’

Singapore joins deflation club

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Perhaps in other places there might have been headlines screaming ‘deflation’, but here in Singapore, it was just a passing mention in a story about mean incomes, and made to sound like an unequivocally good thing.

Median income, including employer Central Provident Fund contributions, for Singaporeans working full-time grew 6.5 per cent from June 2014 to June last year to reach $3,798. The growth was 7 per cent after adjusting for negative inflation of 0.5 per cent.

— Straits Times, 29 January 2016, Job growth hits 17-year low, but real wages up 7%

See how it slipped in there? ‘Negative inflation’. In other words, deflation. Continue reading ‘Singapore joins deflation club’

Bad news: wages up, unemployment low

There were two noteworthy nuggets of information in Straits Times’ front page story about employment numbers in 2015 (Friday, 29 January 2016). This essay will discuss the nugget from this statement:  “Just 100 more citizens and permanent residents were in jobs at the end of last year compared with the year before, although unemployment remained low, said the Ministry of Manpower (MOM) yesterday.” My main aim in this essay is to examine the unquestioned assumptions that too often skew our appreciation of the facts.

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Continue reading ‘Bad news: wages up, unemployment low’

Asean single market and the free movement of skilled labour

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In a recent blogpost, Kenneth Jeyaretnam highlighted the imminent implementation of the Asean Agreement on the Movement of Natural Persons (MNP). He wrote:

While permanent rights to work in other member countries are excluded the fact that free movement is extended to Contractual Service Suppliers and Intra-Corporate Transferees means that the bar to stop businesses bringing in cheaper PMETs from other ASEAN countries is set very low.

The main text of this Agreement is not hard to find from the Asean website (but a key annex is missing). In its preamble, it gives a nod to “the mandate of the Asean Economic Community Blueprint” dating from 20 November 2007 wherein the “free flow of skilled labour is one of the core elements of an Asean single market and production base.” Continue reading ‘Asean single market and the free movement of skilled labour’

Flats are not houses, think hospital beds instead

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Where we go wrong is in our use of words. I have always cringed when Singaporeans use the word “house” to mean their flat. I may be old-fashioned in this respect, but I would only use the word “house” when I refer to a dwelling that sits directly on a plot of land; I would not use it for a pigeon coop in the sky. If one looks at international usage, that’s probably the norm.

The wrong choice of words affects how we think of something. Words come with associations and values. I’d argue that our careless choice of words warp how we think of Housing and Development Board flats — public housing in which 85% of Singaporeans live. Continue reading ‘Flats are not houses, think hospital beds instead’