econ 101

In Response to Donald Low

Donald Low responded to my piece from yesterday. In his response, he now concedes that the concept of market failures is given coverage in introductory econ classes. But I’m afraid this was not the impression given to his readers from his original co-authored article, which in my opinion gave more the impression that Econ 101…
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Econ 101 Does Not Only Justify Free Market Policies

In a recent Straits Times article, Benjamin Goh and Donald Low warned readers against the use of simplified economic theory in informing public policy. They point out that economic proposals such as free trade benefiting society and the minimum wage reducing employment may in fact simply be expressions of ‘the speaker’s ideology or dogma’, and…
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