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Economics
Totomania or expected returns?
An econometric investigation on Singapore Toto Market Conventional wisdom points out that Toto bettors are ruled more by greed and unrealistic expectation of returns than anything else. Their investment decisions rest heavily on the size of jackpots than expected monetary rewards. However, the author finds evidence (at least in Singapore Toto market) suggesting otherwise and bettors do take into consideration their expected monetary returns. Though these bets do not have positive net returns, thus weak-form efficiency exists, the author finds the bettors' decision to play generates a level of sales that conforms to their original forecasts of expected return. Saturday, April 24, 2004 
How can Singapore remain competitive in a globalising world economy? Based on a research paper (2002) by the McKinsey Global Institute, this essay argues the importance in the role of the government in focusing on a few strategic sectors. The McKinsey paper reveals some surprising findings: 1. Much of the United States labour productivity growth jump in the period 1990-1999 was real and will continue. 2. The productivity growth jump was concentrated in only six out of fifty-nine economic sectors in the United States. Therefore, if the Singapore government choose to focus on these few strategic sectors, they can potentially drive the overall Singapore economy. This essay also argues how the above strategy can be complemented by leveraging on the opportunities accruing from the globalising economy, and by identifying city-state's role in the portion of value chain in an increasing China-centric world, to enhance Singapore's competitiveness on the international stage. Saturday, April 24, 2004
Giants of Economics: Thorstein Veblen (1857 - 1929) By Stephen Yeo
"Conspicuous consumption of valuable goods is a means of reputability of
the gentleman of leisure." Thorstein Bunde Veblen was an unorthodox American economist of Norwegian ancestry. He is considered the founder of the "institutional school of economics", a group of economists who believed that traditional economic laws and theories had little validity. Sunday, February 10, 2004
Book Review
Amartya Sen, winner of 1998 Noble Prize in Economic Science, in this book, not only turns decades of economics on its head by arguing that economic development and individual freedom should go hand-in-hand, to counter poverty, but also lambastes Singapore Senior Minister Lee Kuan Yew's "Asian Values thesis" that promotes economic development at the expense of freedom. This book review tells more. Friday, August 15, 2003
Giant of Economics: John Maynard Keynes (1883-1946)
Who was this remarkable Keynes? This brief essay examines his life and how he came to develop his ideas. Saturday, August 9, 2003
Book Review
"Against the Gods" retraces the historical journey of men and their battle in subduing the whims of the Gods - risk. From the Oracle at Delphi to modern Chaos theory and Neural networks, Peter Bernstein weaves an enthralling story of the evolution of risk and how it has led to the development of modern financial economics, peppered with brief but colourful tales of the men who have contributed to this edifice. The book review tells more.
Economics goes potty over Harry Potter?
I went potty not because I am a Potter fan but the whole phenomenon defies the laws of economics as I have had understood it.
What's randomness?
Economic and social consequences of software piracy
Software piracy, despite what the official media claim, has contributed much to the development and progress of many developing countries like India, China and the East Asian nations. Far from robbing people of jobs, depriving government of fiscal revenue, and deterring foreign investors, software piracy has done exactly the opposite.
Wednesday, March 12, 2003
Giant of Economics: Adam Smith (1723-1790)
Although not exactly accurate, it does crudely capture the spirit of Adam Smith's most definitive work.
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Title: Development as Freedom
John Maynard Keynes was without question the most influential economist of the twentieth century. Not only he turned the abstract world of academic economics topsy-turvy but also affected the bread and butter world of every day lives when economics advisors steeped in Keynesianism offer remedies for economy ailments that affect every one of us.
Title: Against the Gods: The Remarkable Story of Risk
Counterintuitive and radical--that, I believe, will the many of us chose to greet the above quote. But what if that sum up the gist of The Wealth of Nations. Having second thought now?
