The Myth of GDP and its Effect on Real Incomes

[vince123123]

This topic got remembered when I read this recent article:

http://temasekreview.com/2009/09/23/the-paradox-of-singapore’s-economic-growth-time-income/

This concept was first written by TOC:

http://theonlinecitizen.com/2009/05/the-fallacy-of-“growth-at-all-costs”-part-one/

I think they make interesting reads; whether or not you agree or disagree.

 

[eyes]

A good read Vince. I agree that quality of life has fallen dramatically since the the late 80s and early 90s here. The faster inflation rate and cost of living surpassed year after year of any actual increase in disposable income. Our retire funds here does little for us compared to what it could do elsewhere.

This place is indeed on a perpetual hypercompetitive (but blind) race.

Housing is not affordable. 30% average income to sustain a mortgage? That 30% is based on dual or combined household income. There are little savings for the middle class not to mention the Joe on the street. So when recession hits... :sweat:

I always envy how folks in the regions can survive on sole income. Own lands, have a feasible retirement plan and worklife balance even when we constantly refer them as emerging economies, developing countries, or even third world when their are actually richer than us on paper and in practice.

I'd learnt many years ago to cut off the superiority when visiting our neighbours as I watch them having cars that never expires, owned a flat piece of land for eternity (not 99 years), only have 1 person working in the household, able to maintain 5 - 6 children, able to sent them to good American or British universities to study up till post-graduate levels without any scholarships or grant.

This topic got remembered when I read this recent article:

http://temasekreview.com/2009/09/23/the-paradox-of-singapore’s-economic-growth-time-income/

This concept was first written by TOC:

http://theonlinecitizen.com/2009/05/the-fallacy-of-“growth-at-all-costs”-part-one/

I think they make interesting reads; whether or not you agree or disagree.

 

[night86mare]

Annual work hours (source: OECD (2004), OECD in Figures, OECD, Paris.

 

[Headshotzx]

offtopic -> You're just here to torment me on my econs paper tomorrow right?? /offtopic

 

[eyes]

Singapore average working hours is 49 hours a week (Labour Force Survey Report, 2003).

That probably works out roughly to 2,548 hours annually. :bigeyes:

We have surpassed the Japanese in the number of hours worked. Hope Karoshi won't be increasing here though.

Some links to share: http://www.sgclub.com/singapore/passed_away_due_11759.html (a public known case of Karoshi)

 

[scanner]

Singapore average working hours is 49 hours a week (Labour Force Survey Report, 2003).

That probably works out roughly to 2,548 hours annually. :bigeyes:

We have surpassed the Japanese in the number of hours worked. Hope Karoshi won't be increasing here though.

Some links to share: http://www.sgclub.com/singapore/passed_away_due_11759.html (a public known case of Karoshi)

I have worked in Korea before, In general, we are getting very close to Korea in term of time spent working.
How sad....

 

[aryanto]

Singapore average working hours is 49 hours a week (Labour Force Survey Report, 2003).

That probably works out roughly to 2,548 hours annually. :bigeyes:

We have surpassed the Japanese in the number of hours worked. Hope Karoshi won't be increasing here though.

Some links to share: http://www.sgclub.com/singapore/passed_away_due_11759.html (a public known case of Karoshi)

actually wont be that many cos probably retrenched first before can karoshi :sweat:

 

[UandMe]

A good read Vince. I agree that quality of life has fallen dramatically since the the late 80s and early 90s here. The faster inflation rate and cost of living surpassed year after year of any actual increase in disposable income. Our retire funds here does little for us compared to what it could do elsewhere.

This place is indeed on a perpetual hypercompetitive (but blind) race.

Housing is not affordable. 30% average income to sustain a mortgage? That 30% is based on dual or combined household income. There are little savings for the middle class not to mention the Joe on the street. So when recession hits... :sweat:

Really can see myself selling tissue next time.

 

[flowerpot]

A good read Vince. I agree that quality of life has fallen dramatically since the the late 80s and early 90s here. The faster inflation rate and cost of living surpassed year after year of any actual increase in disposable income. Our retire funds here does little for us compared to what it could do elsewhere.

This place is indeed on a perpetual hypercompetitive (but blind) race.

Housing is not affordable. 30% average income to sustain a mortgage? That 30% is based on dual or combined household income. There are little savings for the middle class not to mention the Joe on the street. So when recession hits... :sweat:

I always envy how folks in the regions can survive on sole income. Own lands, have a feasible retirement plan and worklife balance even when we constantly refer them as emerging economies, developing countries, or even third world when their are actually richer than us on paper and in practice.

I'd learnt many years ago to cut off the superiority when visiting our neighbours as I watch them having cars that never expires, owned a flat piece of land for eternity (not 99 years), only have 1 person working in the household, able to maintain 5 - 6 children, able to sent them to good American or British universities to study up till post-graduate levels without any scholarships or grant.

how many ppl realize that in SIN... a friend just book a flat at The Peak and i just say good luck to him... why make urself half a million poorer i just dun understand...:dunno:

 

[hongwen37]

It can be seen nowadays in the microscopic level...

In my workplace, the earliest to go home after work and earning the most are the Caucasian... Whereas Asians tend to stay back and "be productive"...

 

[eyes]

how many ppl realize that in SIN... a friend just book a flat at The Peak and i just say good luck to him... why make urself half a million poorer i just dun understand...:dunno:

It's actually not 1/2 a million poorer. He don't have that 1/2 a million so it can't be said he is poorer. The correct term, it's 1/2 a million in long term capital debt. Put this under an average person in the middle class here, immediately he goes into negative personal nett worth.

Then there's the interest rate risks involved and inability to balance that equation with strong capital income. Many don't see the risk of going bust overnight.

Speculation? It's gambling. They probably get less than 100k for per property speculation, but when things go in the direction they don't expect (eg. price fall), they enter into debts that can go up to close to a million for that same 1/2 a million property.

Back to the point, blind capitalism enriches the rich and further impoverish the poor; do you agree?

 

[eyes]

It can be seen nowadays in the microscopic level...

In my workplace, the earliest to go home after work and earning the most are the Caucasian... Whereas Asians tend to stay back and "be productive"...

It's their culture: Quality, not quantity. And for 1 thing, they don't play the undercut on salary expectations. If you have been in Europe and America for work, you'll understand, it's their culture. Repect for personal time (ie. don't the boss dare to call after work or during lunch) and Dignity for individuals (ie. Freedom to voice your opinion and execute your task without unecessary interventions).

 

[night86mare]

If you have been in Europe and America for work, you'll understand, it's their culture. Repect for personal time (ie. don't the boss dare to call after work or during lunch) and Dignity for individuals (ie. Freedom to voice your opinion and execute your task without unecessary interventions).

actually, to be fair..

every country has a mix of cultures. in europe and america, you can be expected to be available around the clock if you are in certain lines of work. of course the renumeration tends to be higher...

 

[iMac08]

this is interesting..i work on average 64hr min a week to almost 68hr or more.i shld migrate

 

[drakon09]

this is interesting..i work on average 64hr min a week to almost 68hr or more.i shld migrate

You shouldn't be alive.

It's not right. ;p

 

[iMac08]

You shouldn't be alive.

It's not right. ;p

hahaha..i am still apparently..falling sick is not an option...i still need to entertain my wife's after work who i feel so sorry....an article once said we shld spend at least 15hr of quality time with our spouse. i fail...damn i hate myself:thumbsd:

 

[night86mare]

this is interesting..i work on average 64hr min a week to almost 68hr or more.i shld migrate

won't it be easier to change jobs?

that said, i know people who want jobs which give them a lot of worktime.. :bsmilie:

 

[alantkh]

won't it be easier to change jobs?

that said, i know people who want jobs which give them a lot of worktime.. :bsmilie:

they are probably paid by the hour like lawyers...

 

[iMac08]

haha..$$$...i love my job...which is why i believe whatever time we havee,we shld enjoy life...and not be stingy over that bit of money...

i love your works. and i love to have the time to be able to travel and shoot and learn...

 

[eyes]

To escape the second boss at home? :bsmilie:

won't it be easier to change jobs?

that said, i know people who want jobs which give them a lot of worktime.. :bsmilie: