Content: Macroeconomic Problem,policies
(t1): Post portem on mock exam macro essay question + post mortem on mock exam CSQ macro
(t2): Time trial on macro CSQ
(t3): Time trial on macro CSQ + post mortem
Content: Macroeconomic problem, policies
(t1): More tricky issues, implications of international trade, globalization
(t2): Essay trial
(t3): Essay trial
I will print out the scheme of work for everyone on mon
(T1 Tues) Answer planning on PCMS Essay ( those not covered in lectures )
(T2 Weds)*: Essay No.5 + Essay No.6 from Market Failure - to go through problems and solutions more thoroughly
(T3 Thurs): Writing Test on Market Failure CSQ
Logistics: Yellow workbook. Lecture notes units 10,12 . All past exams, exam answers, and tutorials pertaining to market failure.
Content: Economic Issues
-Significance of various problems.
-causes of various problems.
Skills: Essay - Part (a) type
Logistics: First day period lost due to National day holiday-in-lieu
-fiscal policies (touch up on automatic stabilizers + crowding-in effect)
-Brief revision on Monetary policy
-supply side policies - labour. international competitiveness
Trade issues and globalization
Case study skills in macro.
I will photocopy for everyone the sow tmr.
I will print the econs scheme of work till date for tutorials tommorow. Reminder that tmr (tuesday) there is econs case study during the econs lecture. For tommorow's double period, we will be going through the yellow book qn 5b essay. So try to prepare so that things can go faster.
Also, there will be extra econs lesson on fri after the chem revision lecture at 2pm ( inclusive of temperature taking ).
those who had their stuff on me etc they never collect, please message me for a time and venue for me to pass it to you. For the vj casestudy wksht, gary cp and hui min wksht are with me so msg me for it.
There is attendance taking at the end of the session and I have wrote that everyone is present. So I am guessing that Raj or Mr Lin will ask about it TMR. So, make an effort to read through the post below that I had typed. It is not complete but at least go through it.
Sidenote: Btw, despite the promises by the teachers to put those slides on IVLE, none was posted yet and I dont think they will post since so many people skipped.
Question: Macro econ pg 1 Q3. 25m.
"Intergrated resorts ................. can the completed integrated resorts achieve the various macroeconomic goals for Singapore"
Key word : completed ( so writing about the process of building IR would be out of point for the whole essay ).
Prove to a large/small extend.
+ve vs -ve impact --> balanced response OR SR vs LR
Note: Questions with impact on macroeconomics goals --> AD/AS approach + conflict among goals.
-Identify and define : 4 Macro goals [ Stability and growth especilly ]
Respond to sign-post:
-Projects successfully bidded by Las Vegas Sand and Genting International. Increase SG GDP by 1.5 billion.
-Drive growt and create employment in SG.
Thesis: Explain how the development would help achieve the macro-goal of the SG govt.
Devt of IR --> build infrastructure, promote tourism --> boost tourist receipts/consumption --> C,I,X increase --> Increase in AE --> national income increase ( multiplier effect ) --> attain actual growth --> generate substantial employment opportunities --> increase household income --> trigger off further spending --> encourage EG.
-Evaluate limitations of small k [ High MPM, MPS ]
-conflict wit other macro-goals --> D-pull inflation.
-IR can directly/indirectly affect FDI.
-Increase in capital stock --> increase productivity capacity --> Increase in ASLow unemployment:
- cyclical UnN --> AD falls and ff cut back on their production. Wages are "sticky"
- Injection into circular flow --> expansion in both output,capacity --> provided that there is excess capacity (if not may lead to d-pull inflation if im not wrong)
High sustained growth:
-Seasonal UnN : IR increases SG reliance on seasonal industries.
-Structural UnN: mismatch of skills, not suitable or retrenched SG workers, re-training is required ( S-side policy )Inflation:
Thesis: Cost push --> Persistent increase in cost independent of AE.
IR --> Bring in more forex --> Increase in D for SG dollars --> .... --> Stronger SG $ act as bulwork against increasing cost of imports.
Note: SG govt have ability to manage exchange rates but D for SG $ is not very high in the first place.High sustained growth:
Anti-Thesis: In LR, as AS increases, any inflationary pressure would be reduced. Conclusion:
-Decision to build IR made through cost-benefit analysis.
--> consider not only macro impacts but also the -ve externalities etc pollution in the building process or gambling when it is completed
--> Govt estimates such problems ( "putting figures in things that are intangible" )
--> Lastly, IR was built as Benefit > Cost and since there is net +ve benefit, there could be sustained growth of SG over time.