Four Things that Matter

Hian Hoon

Chapter 2 in Economic Dynamism, Openness, and Inclusion:How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy, 2018, pp 17-39 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Just as good readings of a person’s blood pressure and cholesterol levels give indications of a generally healthy body over a period of time, we can identify economic indicators that might give us an idea of how healthy an economy is. Four economic indicators are identified: the real GDP per capita gives us a measure of a country’s standard of living; the unemployment rate gives a measure of how well the job market is functioning in providing jobs to its citizens; the rate of inflation gives a measure of how fast the cost of living is rising; and the wage gap gives a measure of how wide is the extent of inequality among workers. In this chapter, we examine why these four indicators matter for the general health of an economy.

Keywords: Singapore Economy; Catch-up Growth; Mature Economy; Standard of Living; Jobs; Business; Economic Model (search for similar items in EconPapers)
JEL-codes: F63 (search for similar items in EconPapers)
Date: 2018
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