<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	>

<channel>
	<title>laremy.sg &#187; economics</title>
	<atom:link href="http://laremy.sg/tag/economics/feed/" rel="self" type="application/rss+xml" />
	<link>http://laremy.sg</link>
	<description>The Official Website of Laremy Lee (李庭辉)</description>
	<lastBuildDate>Sun, 05 Feb 2012 04:50:39 +0000</lastBuildDate>
	<language>en</language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.org/?v=3.3.1</generator>
		<item>
		<title>Curry sauce capitalism.</title>
		<link>http://laremy.sg/2011/11/15/curry-sauce-capitalism/</link>
		<comments>http://laremy.sg/2011/11/15/curry-sauce-capitalism/#comments</comments>
		<pubDate>Tue, 15 Nov 2011 02:55:57 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[Miscellany]]></category>
		<category><![CDATA[Singapore]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[humour]]></category>
		<category><![CDATA[kukubirdedness]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=3524</guid>
		<description><![CDATA[So it seems that McDonald&#8217;s outlets around Singapore have run out of curry sauce. It is thus timely for me to explore the non-altruistic/capitalistic side of my nature and place on offer two (2) packets of original, authentic McDonald&#8217;s curry sauce (as shown in the above picture) which I have in my possession. Let the [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.facebook.com/photo.php?fbid=10150374569897045&amp;l=d1b59410a3"><img title="Two packets of curry sauce - going to the highest bidder" src="http://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc7/s720x720/318693_10150374569897045_552752044_8609345_971206277_n.jpg" alt="Two packets of curry sauce - going to the highest bidder" width="400" height="299" /></a></p>
<p>So it seems that <a href="http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_734060.html">McDonald&#8217;s outlets around Singapore have run out of curry sauce</a>.</p>
<p>It is thus timely for me to explore the non-altruistic/capitalistic side of my nature and place on offer two (2) packets of original, authentic McDonald&#8217;s curry sauce (as shown in the above picture) which I have in my possession.</p>
<p>Let the bidding wars commence!</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2011/11/15/curry-sauce-capitalism/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ain&#8217;t gonna work, man.</title>
		<link>http://laremy.sg/2011/02/02/aint-gonna-work-man/</link>
		<comments>http://laremy.sg/2011/02/02/aint-gonna-work-man/#comments</comments>
		<pubDate>Wed, 02 Feb 2011 12:13:09 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[IMHO]]></category>
		<category><![CDATA[economics]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=2660</guid>
		<description><![CDATA[(image via mrbrown; read the SDP website for more info if you don&#8217;t have graphics support.) Well, if Freakonomics is to be believed, the scheme ain&#8217;t gonna work. In fact, it could potentially backfire on the daycare centre in that the teachers end up doing extra work for no pay (I&#8217;m assuming the &#8216;fine&#8217; goes [...]]]></description>
			<content:encoded><![CDATA[<p style="text-align: center;"><a href="http://yoursdp.org/index.php/news/singapore/4550-pap-kindergartens-charge-parents-for-being-late"><img class="aligncenter" title="Letter from the PAP Community Foundation (Bedok Branch)." src="http://www.mrbrown.com/.a/6a00d83451b52369e20147e236bfdc970b-800wi" alt="Letter from the PAP Community Foundation (Bedok Branch)." width="283" height="400" /></a></p>
<p>(image via <a href="http://www.mrbrown.com/blog/2011/02/kindergarten-fines-parents-who-are-late-in-fetching-kids.html" target="_blank">mrbrown</a>; read the <a href="http://yoursdp.org/index.php/news/singapore/4550-pap-kindergartens-charge-parents-for-being-late" target="_blank">SDP website for more info</a> if you don&#8217;t have graphics support.)</p>
<p>Well, if <a href="http://www.nytimes.com/2005/05/15/books/chapters/0515-1st-levitt.html?_r=1&amp;pagewanted=print" target="_blank">Freakonomics is to be believed, the scheme ain&#8217;t gonna work</a>.</p>
<p>In fact, it could potentially backfire on the daycare centre in that the teachers end up doing extra work for no pay (I&#8217;m assuming the &#8216;fine&#8217; goes to the centre and won&#8217;t get channelled to the teachers as &#8216;overtime&#8217; pay).</p>
<p>And knowing how good some Singaporeans are at finding bargains, some parents could very well pick up their children 40 minutes after the official release time to effectively get 40 extra minutes of child minding for <strong>free</strong>!</p>
<p>That is, the letter illustrates the fine for each five-minute block from 12.05pm/5.05pm to 12.35/5.35pm, but doesn&#8217;t say anything about what happens if people come at, say, 12.40pm/5.40pm.</p>
<p>The letter needs an additional clause in the example after the last bullet point that says &#8220;and so on&#8221; or &#8220;etc&#8221; or something to that effect to prevent any grounds for quibbling.</p>
<p>But even then, the centre still hasn&#8217;t provided a terminal point, or a time limit in terms of how long it will wait for the parent to pick up her/his child.</p>
<p>So what&#8217;s a poor childcare centre to do?</p>
<p>It can&#8217;t boot the kids out when they&#8217;re done for the day (unethical) but the teachers are human beings and need time after work ends to eat/rest/go for courses, etc. too.</p>
<p>I&#8217;d suggest they could consider the following:</p>
<ol>
<li>Send their staff for English language re-training (which I can conduct &#8211; for a fee, of course),</li>
<li>Rewrite the letter as part of their homework, this time phrasing it in this manner:
<ul>
<li>Parents to be given a 15 minutes grace period, following which</li>
<li>Parents to be fined $50* for every 15-minute block of time in which their child/ward remains at the centre.</li>
<li>If the parents have still not arrived after, say, 45 minutes from the time the child has been released, a certain procedure will be taken to place the child in another authority&#8217;s custody**.</li>
</ul>
</li>
</ol>
<p><small><em>* The number is arbitrary, but I think it&#8217;s sufficiently large enough to act as a deterrent, which is what the centre is looking for, anyway.<br />
** Whatever procedure the centre has for dealing with cases of abandonment or neglect e.g. taking the kid to the nearest police post after the parent has been duly notified or if all attempts to contact the parent has gone unanswered.</em></small></p>
<p>What do you think?</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2011/02/02/aint-gonna-work-man/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The High Cost of Poverty: Why the Poor Pay More.</title>
		<link>http://laremy.sg/2009/05/24/the-high-cost-of-poverty-why-the-poor-pay-more/</link>
		<comments>http://laremy.sg/2009/05/24/the-high-cost-of-poverty-why-the-poor-pay-more/#comments</comments>
		<pubDate>Sun, 24 May 2009 14:15:39 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[Asides]]></category>
		<category><![CDATA[Miscellany]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[life]]></category>
		<category><![CDATA[poverty]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=760</guid>
		<description><![CDATA[The poor get poorer because they don&#8217;t have the money to reap economies of scale. (via)]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.washingtonpost.com/wp-dyn/content/article/2009/05/17/AR2009051702053_pf.html" target="_blank">The poor get poorer because they don&#8217;t have the money to reap economies of scale.</a> (<a href="http://gssq.blogspot.com/2009/05/i-bought-cactus.html" target="_blank">via</a>)</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2009/05/24/the-high-cost-of-poverty-why-the-poor-pay-more/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The bookshop: An example of market mechanisms at work.</title>
		<link>http://laremy.sg/2009/05/17/the-bookshop-an-example-of-market-mechanisms-at-work/</link>
		<comments>http://laremy.sg/2009/05/17/the-bookshop-an-example-of-market-mechanisms-at-work/#comments</comments>
		<pubDate>Sun, 17 May 2009 07:31:23 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[IMHO]]></category>
		<category><![CDATA[bookshop]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[reading]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=693</guid>
		<description><![CDATA[Read about it in The Sunday Times Lifestyle section, and again at Cowboy Caleb&#8217;s blog, so I thought I&#8217;d come in with an assertion of my own that I am not going to elaborate on: Bookshops provide an example of market mechanisms at work. Buyers (or users who are willing and able to buy books, [...]]]></description>
			<content:encoded><![CDATA[<p>Read about it in The Sunday Times Lifestyle section, and again <a href="http://cowboycaleb.liquidblade.com/index.php/archives/2009/05/17/sts-loh-keng-fatt-says-you-should-pay-sgd2-to-enter-bookshops/">at Cowboy Caleb&#8217;s blog</a>, so I thought I&#8217;d come in with an assertion of my own that I am not going to elaborate on:</p>
<ul>
<ol><em>Bookshops provide an example of market mechanisms at work. Buyers (or users who are willing and able to buy books, for the purpose of this idea) subsidise browsers (people who just wanna come in and look-see, without the intention of buying any books) and everyone benefits from this relationship.</em></ol>
</ul>
<p>You&#8217;re welcome to either substantiate my point-of-view or disprove my claim.</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2009/05/17/the-bookshop-an-example-of-market-mechanisms-at-work/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The reason?</title>
		<link>http://laremy.sg/2009/02/12/the-reason/</link>
		<comments>http://laremy.sg/2009/02/12/the-reason/#comments</comments>
		<pubDate>Thu, 12 Feb 2009 12:45:46 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[Asides]]></category>
		<category><![CDATA[Singapore]]></category>
		<category><![CDATA[economics]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=162</guid>
		<description><![CDATA[I&#8217;m not too shure if I&#8217;ve found the reason for the very surprising hit.]]></description>
			<content:encoded><![CDATA[<p>I&#8217;m not too shure if I&#8217;ve found <a href="http://www.yawningbread.org/guest_2009/guw-156.htm" target="_blank">the reason</a> for the <a href="http://laremy.sg/2009/01/28/what-the-hell/" target="_blank">very surprising hit</a>.</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2009/02/12/the-reason/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Should information be free?</title>
		<link>http://laremy.sg/2009/02/10/should-information-be-free/</link>
		<comments>http://laremy.sg/2009/02/10/should-information-be-free/#comments</comments>
		<pubDate>Tue, 10 Feb 2009 13:20:32 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[IMHO]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[education]]></category>
		<category><![CDATA[ict]]></category>
		<category><![CDATA[journalism]]></category>
		<category><![CDATA[musings]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=146</guid>
		<description><![CDATA[One of the arguments that Walter Isaacson makes with regard to charging for online content is this: &#8230; those who believe that all content should be free should reflect on who will open bureaus in Baghdad or be able to fly off as freelancers to report in Rwanda under such a system. I say this [...]]]></description>
			<content:encoded><![CDATA[<p>One of the arguments that Walter Isaacson makes with regard to <a href="http://www.time.com/time/business/article/0,8599,1877191-1,00.html" target="_blank">charging for online content is this</a>:</p>
<blockquote><p>&#8230; those who believe that all content should be free should reflect on who will open bureaus in Baghdad or be able to fly off as freelancers to report in Rwanda under such a system.</p>
<p>I say this not because I am &#8220;evil,&#8221; which is the description my daughter slings at those who want to charge for their Web content, music or apps. Instead, I say this because my daughter is very creative, and when she gets older, I want her to get paid for producing really neat stuff rather than come to me for money or decide that it makes more sense to be an investment banker.</p></blockquote>
<p>As a producer of creative work myself, I&#8217;m inclined to agree: I don&#8217;t want to be a struggling artist, or worse, not producing art at all. At the same, I&#8217;m quite perturbed by Isaacson&#8217;s stand, for if he had had his way a long time ago, I wouldn&#8217;t have reached this stage of my life.</p>
<p>This is because I wouldn&#8217;t have had a chance to read widely, and the main reason for my reading widely is because of the Internet, and not having to pay for information on the Internet. So what happens when one starts charging for content then? The laws of demand and supply dictate that some consumers will end up foregoing this content, for whatever reasons might occur. That&#8217;s not a pleasant thought in my humble opinion &#8211; although I can afford to pay for content now, what about people who will benefit from free information but are unable to pay at this point in time?</p>
<p>I think there&#8217;s a middle ground, and the current Straits Times model might be it &#8211; let consumers who value the timeliness of news pay a premium for it. Personally, I&#8217;m fine with news coming in late; it isn&#8217;t important for the news I&#8217;m interested in to arrive fresh off the press, and besides, reading blogs does help ameliorate this possible drawback.</p>
<p>I&#8217;m not kidding, by the way. Previously, I used to listen to <a href="http://mrbrownshow.com/" target="_blank">The Mr Brown Show</a> (TMBS) to get my news. My rationale was that the jokes I didn&#8217;t get were the gaps in my knowledge which I needed to fill, since satire and parody have to reference real-life events in order for them to work. Now I have <a href="http://reader.google.com/" target="_blank">Google Reader</a> to aggregate information for me. That&#8217;s why I love technology, or <em>tek-no-lo-ghee</em>, as a character on TMBS might call it.</p>
<p>At the same time, Cherian George has written a very thoughtful piece entitled <a href="http://journalism.sg/2009/02/06/the-future-of-journalism/">The Future of Journalism in a Post-Newspaper World</a>. It throws up very interesting ideas about the way to go for journalism, including government intervention, if you consider the educational aspect of information as a public good.</p>
<p>For now, I&#8217;m just going to read voraciously, as a form of me shaking my fist defiantly at impending doom. Or maybe it&#8217;s just the Singaporean in me taking advantage of the freebies. Whatever lah. Anyway, I have miles to go before I sleep, so I&#8217;ll do my work first before reading the news.</p>
<p>P.S. On that note, this is <a href="http://www.mrbrownshow.com/2009/02/09/the-mrbrown-show-this-is-duh-news-11/" target="_blank">duh news I think everyone should read</a>. Okaybye.</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2009/02/10/should-information-be-free/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An economic thought experiment.</title>
		<link>http://laremy.sg/2009/01/30/an-economic-thought-experiment/</link>
		<comments>http://laremy.sg/2009/01/30/an-economic-thought-experiment/#comments</comments>
		<pubDate>Fri, 30 Jan 2009 09:17:28 +0000</pubDate>
		<dc:creator>Laremy</dc:creator>
				<category><![CDATA[IMHO]]></category>
		<category><![CDATA[economics]]></category>
		<category><![CDATA[life]]></category>
		<category><![CDATA[musings]]></category>

		<guid isPermaLink="false">http://laremy.sg/?p=91</guid>
		<description><![CDATA[Scenario: You have six children. You plan to have at least one more child. You have eight more children instead. Question: Given the above scenario, what is the marginal utility of having: One more child? Eight more children? I&#8217;m really curious as to why the family isn&#8217;t already satisfied with the six children they already [...]]]></description>
			<content:encoded><![CDATA[<p><strong>Scenario: </strong><a href="http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5618449.ece" target="_blank">You have six children. You plan to have at least one more child. You have eight more children instead.</a></p>
<p><strong>Question:</strong> Given the above scenario, what is the <a href="http://en.wikipedia.org/wiki/Marginal_utility" target="_blank">marginal utility</a> of having:</p>
<ol>
<li>One more child?</li>
<li>Eight more children?</li>
</ol>
<p>I&#8217;m really curious as to why the family isn&#8217;t already satisfied with the six children they already have. At the very least, I hope the family is rich and can provide a college education for all children, and the parents are loving people who know how to <span style="text-decoration: line-through;">rear</span> raise their kids according to sound principles founded on common sense.</p>
]]></content:encoded>
			<wfw:commentRss>http://laremy.sg/2009/01/30/an-economic-thought-experiment/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>

