The Making of Behavourial Economics: Review of "Misbehaving" by Richard Thaler
Review - Charmaine Tan Huan Yuen
A pioneer’s account of the paradigm shift in economics offers compelling insights for the contemporary scholar and practitioner alike.
Krugman, Wolf and the Roots of the Financial Crisis
Review - He Ruimin
Review of Paul Krugman's The Return of Depression Economics and the Crisis of 2008 and Martin Wolf's Fixing Global Finance
Policymaking for Real People
Review - Tan Yeling
An understanding of how human biases affect economic decision-making can significantly improve the design of public policy. A new book authored by Singapore’s policymakers explains.
Using the Tax System to Create New Resources Out of Thin Air
Opinion - Robert H. Frank
Cornell Professor of Economics Robert Frank believes a progressive consumption tax could cut down wasteful competitive spending without compromising public resources.
Implications of Prospect Theory on Road Pricing
Article - Anthony T. H. Chin
While the economic costs of traffic congestion are well documented, the effectiveness of economic instruments, such as road pricing, in containing traffic congestion is less clear. Prospect Theory, a leading behavioural model in experimental economics, may explain inelastic driver behaviour in response to road pricing during peak hours. It may also shed light on the phenomenon of consumers who continue driving despite its higher economic cost relative to other modes of transport.
Opinion: The Environment as Capital
Opinion - Dodo J. Thampapillai
Following the 2006 Stern report, global warming, climate change and the scarcity of basic resources have become dominant themes in policy forums concerning sustainable development.
Auctions, Market Experiments and Public Policy
Interview - Bart Wilson, Stephen Rassenti, Vernon L. Smith
A discussion with Professors Vernon L. Smith, Stephen Rassenti and Bart Wilson
Singapore's Political Economy: Two Paradoxes
Article - Bryan Caplan
Economist Bryan Caplan, noted for his insights on public choice, visited Singapore in November 2008. His observations address how “economically efficient, but politically unpopular” policies might successfully be carried through a democratic system, and sheds light on the environment in which public policy is made and implemented in Singapore.
Editorial Issue 6
Editorial - Alvin Pang
Triumph of the Lion City
Review - Tan Peng Ting
Review of Edward Glaeser's Triumph of the City