First prize winner: Germaine, Desiree, Stephanie, Pamela and Kwan Wei..
thanks to all who put in the effort
Love trade ~~ Love Story by Taylor Swift
We were both young when we first traded
I produced ipods
And you produced tyres
We were happy,
On the wave of globalization...
See the money,
See the volume of goods,
I see our economies prospering,
Our GDP is rising, little did I know
That this was due to comparative advantages
Mine was capital and yours labour intensive
Differences in opportunity costs
Gave us our respective strengths, and I said
Thank you for traing with me, making me wealthier
Giving more consumption possibilities,
Beyond my PPC, and beyond your PPC,
It's a FTA, baby just say yes
So we catered to a larger market,
Reaping EOS from our larger output,
Costs are lower,
MAking my firms really happy
I helped expose you to modern technology,
Letting you import modern equipment,
You had higher productivity
Due to transmission of expertise, and you said,
Thank you for traing with me, making me wealthier
Giving more consumption possibilities,
Beyond my PPC, and beyond your PPC,
It's a FTA, baby just say yes
Oh oh
Thank you for signing a FTA with me
Without this my BOT would be in deficit,
Dont be afraid we are doing this right,
It's a FTA, baby just say yes
One day it went downhill,
The value of exports was way higher than imports
Our GDP was rising too fast,
I got afraid for our economy, and I said,
Somebody help me, I think we're facing inflation,
Our AD is rising and our Supply is stagnant,
Prices keep rising and they dont seem to stop,
It seems like a nightmare, but it's reality.
With inocme inequality,
It seems like a horror movie,
I need to consider protectionsim,
Hopefully it's not too late to implement tariffs,
I'm retracting all the FTAs, baby let's do this!
oh,oh,oh,oh,
Cause we were both young,when we first traded...
Tuesday, February 23, 2010
Tuesday, February 16, 2010
Gross national happiness
Dear students,
This is to faciliate online discussion based on school curriculum so everyone is to participate. I have attached the article below and the link to a video http://news.bbc.co.uk/2/hi/in_pictures/4782636.stm.
Answer the 2 questions below:
“The concept of gross national happiness (GNH) was developed in an attempt to define an indicator that measures quality of life or social progress in more holistic and psychological terms than gross national product or GDP. As a chief economic indicator, GDP has numerous flaws long known to economists. GDP measures the amount of commerce in a country, but counts remedial and defensive expenditures (such as the costs of security, police, pollution clean up, etc.) as positive contributions to commerce.[1] A better measure of economic well-being would deduct such costs, and add in other non-market benefits (such as volunteer work, unpaid domestic work, and unpriced ecosystem services) in arriving at an indicator of well-being. As economic development on the planet approaches or surpasses the limits of ecosystems to provide resources and absorb human effluents, calling into question the ability of the planet to continue to support civilization (per the arguments of Jared Diamond, among others), many people have called for getting "Beyond GDP" (the title of a recent EU conference) in order to measure progress not as the mere increase in commercial transations, nor as an increase in specifically economic well-being, but as an increase in general well-being as people themselves subjectively report it. GNH is a strong contributor to this movement to discard measurements of commercial transactions as a key indicator and to instead directly assess changes in the social and psychological well-being of populations.
The term was coined in 1972 by Bhutan's former King Jigme Singye Wangchuck, who has opened up Bhutan to the age of modernization, soon after the demise of his father, King Jigme Dorji Wangchuk. He used the phrase to signal his commitment to building an economy that would serve Bhutan's unique culture based on Buddhist spiritual values. “
You should then be able to engage your friends in a forum. (Look at two questions.)
a) Do you expect that the pursuit of happiness will mean a sacrifice of economic growth in Singapore?
b) Why is it that no other country chooses the GNH for their policies on economic growth and resource allocation but continue to study its wider good and spiritual benefits?
This is to faciliate online discussion based on school curriculum so everyone is to participate. I have attached the article below and the link to a video http://news.bbc.co.uk/2/hi/in_pictures/4782636.stm.
Answer the 2 questions below:
“The concept of gross national happiness (GNH) was developed in an attempt to define an indicator that measures quality of life or social progress in more holistic and psychological terms than gross national product or GDP. As a chief economic indicator, GDP has numerous flaws long known to economists. GDP measures the amount of commerce in a country, but counts remedial and defensive expenditures (such as the costs of security, police, pollution clean up, etc.) as positive contributions to commerce.[1] A better measure of economic well-being would deduct such costs, and add in other non-market benefits (such as volunteer work, unpaid domestic work, and unpriced ecosystem services) in arriving at an indicator of well-being. As economic development on the planet approaches or surpasses the limits of ecosystems to provide resources and absorb human effluents, calling into question the ability of the planet to continue to support civilization (per the arguments of Jared Diamond, among others), many people have called for getting "Beyond GDP" (the title of a recent EU conference) in order to measure progress not as the mere increase in commercial transations, nor as an increase in specifically economic well-being, but as an increase in general well-being as people themselves subjectively report it. GNH is a strong contributor to this movement to discard measurements of commercial transactions as a key indicator and to instead directly assess changes in the social and psychological well-being of populations.
The term was coined in 1972 by Bhutan's former King Jigme Singye Wangchuck, who has opened up Bhutan to the age of modernization, soon after the demise of his father, King Jigme Dorji Wangchuk. He used the phrase to signal his commitment to building an economy that would serve Bhutan's unique culture based on Buddhist spiritual values. “
You should then be able to engage your friends in a forum. (Look at two questions.)
a) Do you expect that the pursuit of happiness will mean a sacrifice of economic growth in Singapore?
b) Why is it that no other country chooses the GNH for their policies on economic growth and resource allocation but continue to study its wider good and spiritual benefits?
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