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21-06-2014, 11:10 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
What Piketty Didn't Say - 13 Facts They Don't Tell You About Economics
http://www.zerohedge.com/news/2014-0...bout-economics (http://www.zerohedge.com/news/2014-06-20/what-piketty-didnt-say-13-facts-they-dont-tell-you-about-economics)
3. There is no single economic theory that can explain Singapore's economy
This is what I call the 'Singapore problem'. If you read the standard account of Singapore's economic success in places like the Economist or the Wall Street Journal, you will only hear about Singapore's free trade and welcoming attitude towards foreign investment. You will never hear about how almost all the land in Singapore is owned by the government, while 85% of housing is supplied by the government's housing corporation. 22% of GDP is produced by state-owned enterprises (including Singapore Airlines), when the world average in that respect is only about 9%.
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.
12. Switzerland and Singapore are not living off banking and tourism alone
Many people argue that we have entered a post-industrial world, in which 'making things' is not very important, as service industries have become the engine of economic growth. They cite Switzerland and Singapore as examples of service-based success stories. Haven't these two countries shown that you can become rich - very rich - through services, like finance, tourism, and trading?
Actually these two countries show the exact opposite. According to the UNIDO data, in 2002, Switzerland had the highest per capita manufacturing value added (MVA) in the world - 24% more than that of Japan. In 2010, Singapore ranked the first, producing 48% more MVA per capita than the US. Switzerland ranked the third.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?184525-Zerohedge-Article-about-Singapore&goto=newpost).
What Piketty Didn't Say - 13 Facts They Don't Tell You About Economics
http://www.zerohedge.com/news/2014-0...bout-economics (http://www.zerohedge.com/news/2014-06-20/what-piketty-didnt-say-13-facts-they-dont-tell-you-about-economics)
3. There is no single economic theory that can explain Singapore's economy
This is what I call the 'Singapore problem'. If you read the standard account of Singapore's economic success in places like the Economist or the Wall Street Journal, you will only hear about Singapore's free trade and welcoming attitude towards foreign investment. You will never hear about how almost all the land in Singapore is owned by the government, while 85% of housing is supplied by the government's housing corporation. 22% of GDP is produced by state-owned enterprises (including Singapore Airlines), when the world average in that respect is only about 9%.
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.
12. Switzerland and Singapore are not living off banking and tourism alone
Many people argue that we have entered a post-industrial world, in which 'making things' is not very important, as service industries have become the engine of economic growth. They cite Switzerland and Singapore as examples of service-based success stories. Haven't these two countries shown that you can become rich - very rich - through services, like finance, tourism, and trading?
Actually these two countries show the exact opposite. According to the UNIDO data, in 2002, Switzerland had the highest per capita manufacturing value added (MVA) in the world - 24% more than that of Japan. In 2010, Singapore ranked the first, producing 48% more MVA per capita than the US. Switzerland ranked the third.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?184525-Zerohedge-Article-about-Singapore&goto=newpost).