Income Inequality, Unpacking the Challenge
In 2019 Singapore’s income equality fell to its lowest level for two decades. However, some observers expect income inequality to widen again from 2020 due to the uneven economic impact of the COVID pandemic. In this view, high-wage work has continued robustly throughout the pandemic while, in contrast, low-wage work has been profoundly curtailed by public health restrictions and economic downturn. In this ESS webinar chaired by Professor Danny Quah, Dean of the Lee Kuan Yew School of Public Policy, our panelists discuss the challenges of income inequality in Singapore due to the pandemic and more generally. What is the consensus now on tradeoffs between growth and equity? How are social mobility and income inequality related in Singapore? What factors in Singapore drive social stratification or, conversely, increased equality? How does demography interact with income inequality? Is the real problem in inequality of outcome or inequality of opportunity? Join us in what promises to be a lively discussion on the challenges of income inequality in Singapore.
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Income Inequality, Unpacking the Challenge
In 2019 Singapore’s income equality fell to its lowest level for two decades. However, some observers expect income inequality to widen again from 2020 due to the uneven economic impact of the COVID pandemic. In this view, high-wage work has continued robustly throughout the pandemic while, in contrast, low-wage work has been profoundly curtailed by public health restrictions and economic downturn. In this ESS webinar chaired by Professor Danny Quah, Dean of the Lee Kuan Yew School of Public Policy, our panelists discuss the challenges of income inequality in Singapore due to the pandemic and more generally. What is the consensus now on tradeoffs between growth and equity? How are social mobility and income inequality related in Singapore? What factors in Singapore drive social stratification or, conversely, increased equality? How does demography interact with income inequality? Is the real problem in inequality of outcome or inequality of opportunity? Join us in what promises to be a lively discussion on the challenges of income inequality in Singapore.
Read MoreOutstanding Economics Teacher Award 2021
ESS is pleased to invite nominations for the Outstanding Economics Teacher Award (OETA). This award was first launched in 2016. Up to two OETA awards will be given to outstanding secondary or junior college/centralised institute teachers who have exhibited excellence in the teaching and learning of Economics.
Read More9 October 2020 3 ESS Council Members on “Employers and workers must change mindsets to face harsh reality of economic crisis: Economists”
ESS Council Members Mr Song Seng Wun, Ms Selena Ling and Dr. Chua Hak Bin
Read MoreA guide to valuing time spent and saved during the pandemic
01 October 2020: Euston Quah is Albert Winsemius Chair Professor and head of economics at Nanyang Technological University. He is also the president of the Economic Society of Singapore.
Read More22 July at the Economic Society of Singapore (ESS) Annual General Meeting Workers' Party Jamus Lim elected council member
7 new members were elected to the council of ESS.
Read MoreThe Inclusive Future for China and the World!
25 July 2020: Cheryl WANG Yu and David LEE Kuo Chuen (Professor SUSS and Vice President, Economic Society of Singapore. "Programmable Government and The Value of Everything Economy"
Read MoreWinners of the SGX-ESS Essay Competition 2020: “What is the future construct of price-formation in the ‘computing fog’?”
Competition ended on 15 September 2020
Read MoreTaking Stock of the Covid-19 pandemic: Where do we go from here?
As Singapore heads towards a new phase of recovery, the ESS webinar series turns the spotlight back again on the Covid-19 pandemic. Tensions between public health and economic considerations developed as the Covid-19 pandemic pushed both systems to the edge. ESS has lined up a panel consisting of public health and economic experts to help us understand if the dust is settling from the implications of Covid-19 and the interventions taken in both public health and the economy. The speakers will also explore whether public health and economy outlook will continue to be as unpredictable and whether tensions will continue to abound. Expect some of these topical issues to be covered: Are appropriate treatments now available for Covid-19 patients? When will be vaccines available and how long will it take for the population to be immunised? Are the current public health measures enough to prevent a resurgence? Are there signs that the Singapore economy is reopening and recovering well? Have the stimulus measures taken effect? Are the parts of the economy and population that need more help?
Read MoreWill the US Dollar Continue to be the Dominant Reserve Currency?
Main takeaways from the Webinar: 1. The USD still currently dominates the world reserve currency by a far majority, but a sudden shift is not unlikely 2. There are a few contenders to the USD. Namely Euro, RMB and a possible shift to cryptocurrencies without a sovereign issuer 3. How Singapore adopts to such alternatives (if any), depends on her future trading patterns and trading partners Keywords: USD, Euro, RMB, Cryptocurrencies, Trade, ASEAN
Read MoreIs the Singapore Economy in Trouble now and what can we do about it?
Main takeaways from the Webinar: 1. The Singapore economy is not in trouble, and the government has fared relatively well in tackling the ever-evolving situation. 2. Save the worker, not the job. Call it Creative Destruction or Structural Transformation, our economy and business models will change. 3. Even if a vaccine to Covid-19 is found, the hastened changes will continue. We should use this chance to reinvent ourselves so we can ride the winds of recovery when it happens eventually. Keywords: Uncertainty, K-shaped Recovery, Structural Transformation, Retraining, Incentivising Innovation
Read MoreCOVID-19 PANDEMIC : WHAT IS THE NEW NORMAL IN SINGAPORE?
The main takeaways from the webinar are: First, the New Normal caused by Covid-19 is here to stay for the medium term; it will impact our consumption patterns, business models, and even personal lives. Second, the key to navigating this New Normal is to stay nimble; new opportunities abound as long as people are willing to adapt and last but not the least, the Digital avenues of interaction and commerce should complement, rather than substitute traditional methods. Keywords: New Normal, Gig economy, Micro Small Medium Enterprises (MSMEs), Web-based Learning, Digital Platforms
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