The danger of Economics 101 in public discourse

• Understanding the limits of basic economic theory will help raise the level of public discussion on policies – especially during Budget season

As the economics adage goes, there are unlimited wants but limited resources. In any discussion of the Budget, we are constantly reminded of the trade-offs at stake and the values that underpin our social contract as a society. For instance, we may hear that universal social spending would produce unintended negative effects on work incentives or that they are fiscally unsustainable. Read more…

External Link : https://www.straitstimes.com/opinion/the-danger-of-economics-101-in-public-discourse