04 Oct '11, 1am

The Four Myths of Inequality in Singapore

The Four Myths of Inequality in Singapore

More generally, we should question whether the economic performance of countries should be measured only in terms of income, or GDP per capita. Surely, what citizens care about is not some abstract notion of aggregate production that does not take into account how that “national income” is distributed or whether the stuff which is produced is valued by society. Various economists have therefore suggested that in measuring economic progress, governments should also take into account other indicators of well-being. These include consumption, health and longevity, leisure time, and yes, how fairly incomes are distributed. By these measures, Singapore does not do as well as its GDP per capita level suggests. Klenow and Jones (2010) for instance shows that while Singapore’s per capita GDP in 2000 was 83% of the US’, Singaporeans’ well-being (measured by consumption adjusted for...

Full article: http://theonlinecitizen.com/2011/10/the-four-myths-of-ine...

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