| Week of 10 August8 weeks to promos |
- ★ Negative externality: MSC>MPC, welfare loss (draw)
- ★ Positive externality: MSB>MPB, under-consumption (draw)
- Two-diagram welfare approach is the required diagram
- Public goods: non-rival, non-excludable, non-rejectable; free-rider
- Public vs private goods; why the market under-/non-provides
- Merit & demerit goods (externality + information failure)
- Information failure / imperfect information
- ★ Allocative efficiency: MSB=MSC; deadweight loss
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- ★ Negative externality: MSC>MPC, welfare loss (draw)
- ★ Positive externality: MSB>MPB, under-consumption (draw)
- Two-diagram welfare approach is the required diagram
- Public goods: non-rival, non-excludable, non-rejectable; free-rider
- Public vs private goods; why the market under-/non-provides
- Structured, steps-based approach to 'how the market fails'
- ★ Allocative efficiency: MSB=MSC; deadweight loss
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| Week of 17 August7 weeks to promos |
- Merit & demerit goods (externality + information failure)
- Information failure: imperfect information
- ★ Asymmetric info → adverse selection (pre-contract, hidden type)
- ★ Asymmetric info → moral hazard (post-contract action) (H2)
- Factor immobility: occupational & geographical (H2)
- Market dominance / monopoly power as market failure (H2)
- For each: name the precise distortion vs the social optimum
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- Organise by intervention type, then evaluate each:
- ★ Taxes & subsidies to correct externalities
- Quotas & tradeable permits
- Joint/direct provision (public & merit goods)
- ★ Rules & regulations / legislation
- Public education / information campaigns
- ★ Evaluate effectiveness & limitations (with real examples)
- Apply to a Singapore market-failure case
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| Week of 24 August6 weeks to promos |
- Organise by intervention type, then evaluate each:
- ★ Taxes & subsidies (Pigouvian) to correct externalities
- Quotas & tradeable permits (e.g. carbon)
- Joint/direct provision (public & merit goods)
- ★ Rules & regulations / legislation
- Public education / information campaigns
- Nudges: loss aversion, sunk cost, salience bias (H2)
- ★ Evaluate effectiveness, then how government failure may arise
- Apply to a Singapore case (transport, healthcare)
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- ★ Indicators: GDP/GNP/GNI/NNP, real vs nominal, per capita
- CPI & core inflation; unemployment rate; balance of payments
- Limitations of indicators for performance & SOL
- Use indicators for SOL (material + non-material)
- ★ AD = C+I+G+(X−M); AS (SRAS/LRAS); the 6 AD-AS diagrams
- Factors that shift AD and AS
- Multiplier effect of a change in AD
*Study the above only if you are tested on macro
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| Week of 31 August5 weeks to promos |
- ★ Demerit goods (cigarettes/alcohol/sugar): tax, regs, education
- ★ Congestion: COE, ERP/road pricing; carbon: carbon tax
- Education (positive ext + info failure): subsidy, compulsory
- Healthcare (merit + asymmetric info): subsidy, 3M, co-pay vs moral hazard
- Public housing (HDB): grants, BTO; equity vs market allocation
- For each: failure → policy → evaluate effectiveness
- Revise via https://tinyurl.com/etgsgmarketfailure
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- ★ Demerit goods (cigarettes/alcohol/sugar): tax, regs, education
- ★ Congestion: COE, ERP/road pricing; carbon: carbon tax
- Education (positive ext + info failure): subsidy, compulsory
- Healthcare (merit good): subsidy, 3M
- Public housing (HDB): grants, BTO; equity vs market allocation
- For each: failure → policy → evaluate effectiveness
- Revise via https://tinyurl.com/etgsgmarketfailure
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| September Holidays (w/c 7 Sep)4 weeks to promos |
Blocked for promos preparation. |
Blocked for promos preparation. |
| Week of 14 September3 weeks to promos |
Blocked for promos preparation. |
Blocked for promos preparation. |
| Week of 21 September2 to 0 weeks to promos |
Not applicable. |
Not applicable. |