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What About Monopolies?

One of the main criticisms levelled against the free market is the concept of market dominance, or market power. Free markets are great, but they often lead to the accumulation of power by certain firms, who end up as monopolies, or so the argument goes. One firm may eventually end up gobbling other smaller ones,…
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Lee Kuan Yew liked Fredrich Hayek. Do you?

Former Prime Minister and Founding Father of Singapore Lee Kuan Yew, we can all agree, was an intelligent, well-read man who saw Singapore through its turbulent years. It would be interesting to explore some of his intellectual influences and whether they hold any relevance for us today. Significantly, Lee was a strong supporter of the…
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Why Lee Hsien Loong Is Absolutely Right On Inequality

Income and wealth inequality is recognised as a big problem around the world today. It is perceived to have contributed to the backlash against globalisation in Western countries, the rise of populism amongst the electorate. The World Economic Forum identifies rising inequality as a big threat against the world economy. In Singapore, there is a growing chorus of economists…
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Don’t Study Economics As A Martian

A Martian is observing Grand Central Station in New York. He is bedazzled by what he sees. Bodies wandering around aimlessly. He is curious and wants to understand what is going on. Then he notices that when the small hand on the station clock points to eight, there is a lot of movement as bodies…
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How Sweden Was Saved By Free Markets

A cursory glance at online political discourse in Singapore today will yield a common buzzword: inequality. This word paints a heart-wrenching image of a mass of people left behind in this rapidly digitalising age of global capitalism. Ask any idealistic university undergraduate how this problem can be solved, and the same politically correct answer will…
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Avengers Endgame: How Ticket Scalping Serves Consumers

Avengers Endgame hits theatres later this month, sparking a mad rush among Marvel fans to secure the best seats for the opening week. The issue of ticket scalping is back in the spotlight again as resale prices of tickets are skyrocketing. Intuitively, ticket scalping strikes us as insulting and an unethical practice that justifies legislative…
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