The ruling Government's preferred policy is to focus on growing the economy, so that more jobs can be created for the people. Many pro-PAP thinks that this is the right policy. I wish to point out a flaw in this policy, that is manifested in the approach adopted in Singapore.
We have to differentiate between good growth and bad growth.
Good growth are economic activities that benefit the people, such as in providing goods and services that improve the quality of life. They include education, health care, housing, recreation and family (i.e. more babies).
Bad growth are economic activities that are counted, but are bad for the people, including the following:
- casinos
- property bubbles
- bad financial products and scams
- cheating, crime
- wasteful and unnecessary activities
- import of low wage foreign workers
Many bad activities generate income for some people, e.g. casinos, financial institutions, property developers and their employees and agents, but are at the expense of the consumers who lose money in the casinos or bad financial products, or have to pay inflated property prices. Some of these activities may be good, e.g. property development (not bubbles), but some are very bad.
If we can get rid of the bad activities and focus the economic growth on the good activities, we have a good foundation to grow the economy. This is called "sustainable development".
We have to differentiate between good growth and bad growth.
Good growth are economic activities that benefit the people, such as in providing goods and services that improve the quality of life. They include education, health care, housing, recreation and family (i.e. more babies).
Bad growth are economic activities that are counted, but are bad for the people, including the following:
- casinos
- property bubbles
- bad financial products and scams
- cheating, crime
- wasteful and unnecessary activities
- import of low wage foreign workers
Many bad activities generate income for some people, e.g. casinos, financial institutions, property developers and their employees and agents, but are at the expense of the consumers who lose money in the casinos or bad financial products, or have to pay inflated property prices. Some of these activities may be good, e.g. property development (not bubbles), but some are very bad.
If we can get rid of the bad activities and focus the economic growth on the good activities, we have a good foundation to grow the economy. This is called "sustainable development".
:.
0 comments:
Post a Comment