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The Good Economy and the Good Life

In: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy

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  • Hian Teck Hoon

Abstract

It is evident that we don’t each live alone on an island, like Robinson Crusoe. Instead, we live within a society with other people within a particular geographical area. There are rights and obligations as members of that society, typically organised with a government that has a monopoly on violence. From the perspective of a good economy, the important feature of a society is that collaboration among the citizens, each with different abilities (both innate and acquired), in production and exchange according to the principle of comparative advantage results in a social surplus. In other words, the total output produced by all the workers with differing skill levels from social collaboration is greater than the sum of the outputs of individuals working alone. The gains from international trade between one country and the rest of the world can further expand this social surplus…

Suggested Citation

  • Hian Teck Hoon, 2018. "The Good Economy and the Good Life," World Scientific Book Chapters, in: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy, chapter 12, pages 149-154, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813236233_0012
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    More about this item

    Keywords

    Singapore Economy; Catch-up Growth; Mature Economy; Standard of Living; Jobs; Business; Economic Model;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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