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Key learning point: (X+M) adds up to 322% of Singapore’s GDP.
One question: how many pts are necessary for Q2a ?

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How to use SUNART and HEL together

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key learning point:
i learnt that a thrifty society also plays a part in increasing unemployment

one question:
none !!!!!!!!!

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i learnt that the fiscal policy is dependent on the economy

we would want to know how exactly we can use the supply-side policy in paragraph writing

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Government should implement supply side policies to address structural UN through interventionist supply side policies by putting in resources in training and retraining the workforce to bridge the skills due to skills mismatch. With supply side policies, unskilled labour becomes skilled labour, decreasing UN rate as more people gets hired.

How it works:
1. Supply side policies that help provide educational subsidies can reduce the income gap in society. Education subsidies make education affordable to low income families. This would increase the labour productivity of the workforce as they will have the required skills and knowledge for the industry, this will increase demand for labour, hence increasing wages and reducing the income gap. For example, there is the Continuing Education and Training Master Plan, which aims to ensure a competitive and career-resilient workforce. This will enable working adults to continue to build and deepen their skills, regardless of their starting point and qualifications. Hence, this will reduce occupational immobility and help workers to stay relevant, employed and have a stable income. Therefore, increasing productivity growth. Furthermore, Singapore is a small economy that lacks resources, resulting in a tight labour market. Hence, it is critical to increase productivity to match with the increase in wages. Therefore, supply side policies that focuses one educing occupational mobility is important. However, there might be time lag between reforms and outcomes and it takes awhile for educational policies to take effect and for workers to learn from these educational campaigns.

Supply side policies like improvement in infrastructure can help to enhance productivity for sustainable growth. For example, the Singapore government introduced the Productivity and Innovation Credit Scheme (PIC) which helped to encourage productivity and innovation in Singapore. This helped create the incentive to invest in areas to improve their productivity. The increase in investment will lead to the increase in the quality of capital goods which is a factor of production, increasing LRAS. This will cause the full employment level of output to rise, hence increasing sustainable growth. Furthermore, PIC supports local businesses which might not enjoy internal EOS due to the small domestic market and therefore, cannot compete with foreign firms in the global market. However, it is expensive to fund and costly to monitor the appropriate use of PIC which might not be sustainable when large funds are involved.

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Question: How many details/ points are needed for each HEL paragraph

Learning point: Supply side > Demand side policies for unemployment

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this policy is effective as it is able to drive huge increase in AD, since export makes up 300% of singapore GDP, the increase in export will drastically increase AD which can help increase employment.

however this policy is 🤬 🤬, this is because it does not tackle the root cause of emerging technology displacing peoples job, since singapore tend to produce high end goods like medicine, which uses a lot of machinery. it does not tackle the issue of structural unemployment as there is a skill mismatch. moreover, the multiplied increase in AD tends to be limited due to singapore’s thrifty nature. hence they have a high MPW. policy targeting AD will hence be rendered less effective.

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Demand-side policies like the expansionary fiscal policy is the best economic solution to respond to cyclical unemployment. This is done through reducing taxes, and increasing government expenditure. Given that cyclical unemployment is demand-deficient in nature, there is a need to increase AD to stimulate production and thus increase the derived demand for labour. A rise in RNY and fall in inventory, which increases production, will result in an increase in employment, resolving the problem of unemployment, since labour is a key factor of production. This policy is dependent on the state of the economy, as there may be limited effectiveness of the policy if consumers and producers still have a pessimistic outlook of the economy. However, that being said, if the unemployment issue is extremely urgent, especially in the context of Singapore, where we experienced high rates of unemployment at 3.5%, which is an increase from previous years, stagnating around 2%, this policy tends to be more effective.

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Eng ting, shi qing, clarisse, calista, megan

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Eng ting, shi qing, clarisse, calista, megan

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new technologies replace factory workers, these people in sunset industries cannot move to sunrise industries due to the mismatch of skills and thus leads to structural unemployment. Example: During the 1970s, there was a heavy demand for cheap labour which resulted in creation of production factories for textile and everyday goods. However, due to increased automation manual labour was no longer needed and thus resulted in retrenchment, leading to an increase in the structural unemployment rate in the late 1980s.

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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New technologies → mismatch of skills or increase in skill required for jobs → structural unemployment

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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Policy 3: HEL of Supply Side Policies- Mechanism, + and – (SUNART)

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Policy 3: HEL of Supply Side Policies- Mechanism, + and – (SUNART)

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Policy 2: HEL of Demand side policies Exchange rate policy (ERP)- Mechanism, + and – (SUNART)

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Policy 2: HEL of Demand side policies Exchange rate policy (ERP)- Mechanism, + and – (SUNART)

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Policy 1: HEL of Demand side policies expansionary fiscal policy (EFP)- Mechanism, + and – (SUNART)

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Policy 1: HEL of Demand side policies expansionary fiscal policy (EFP)- Mechanism, + and – (SUNART)

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Stretch: If you are done with your point and have more time: Pls complete pt 3 and explain to your classmates as well! 

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Stretch: If you are done with your point and have more time: Pls complete pt 3 and explain to your classmates as well! 

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Explain how challenge of a more thrifty society with an ageing population results in higher unemployment rate in SG

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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Explain how the emergence of new technologies such as artificial intelligence (AI) affects structural unemployment in SG

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Stretch: If you are done with your point and have more time: Pls complete pt 3 and explain to your classmates as well! 

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Stretch: If you are done with your point and have more time: Pls complete pt 3 and explain to your classmates as well! 

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Explain how challenge of a more thrifty society with an ageing population results in higher unemployment rate in SG