Sammyboy RSS Feed
17-01-2014, 12:00 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
So I think the costs to the economy and society of relying on asset price inflation and rich people to raise our growth rates far outweigh their benefits. What productive capacity do property speculators and high net worth individuals who park their monies in Singapore help to create? So yes, we get a wealth management industry that employs a few thousand people and manages several billion dollars. We can do without these benefits.
Meanwhile, their costs in terms of raising property prices, increasing the risks of financial crashes, the competition they create for positional goods, and their ostentatious lifestyles undermine our egalitarian norms and values. They also reduce the trust and mutual regard citizens have for one another, undermining their willingness to contribute to a more equal society. All in, I would say that the efforts to attract rich foreigners (and their monies) to Singapore are quite ill-advised.
- http://theindependent.sg/academic-di...tary-but-says/ (http://theindependent.sg/academic-dismisses-forbes-commentary-but-says/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?172816-Prof-Rich-foreigners-in-SG-ill-advised-undermine-our-egalitarian-norms-and-values&goto=newpost).
So I think the costs to the economy and society of relying on asset price inflation and rich people to raise our growth rates far outweigh their benefits. What productive capacity do property speculators and high net worth individuals who park their monies in Singapore help to create? So yes, we get a wealth management industry that employs a few thousand people and manages several billion dollars. We can do without these benefits.
Meanwhile, their costs in terms of raising property prices, increasing the risks of financial crashes, the competition they create for positional goods, and their ostentatious lifestyles undermine our egalitarian norms and values. They also reduce the trust and mutual regard citizens have for one another, undermining their willingness to contribute to a more equal society. All in, I would say that the efforts to attract rich foreigners (and their monies) to Singapore are quite ill-advised.
- http://theindependent.sg/academic-di...tary-but-says/ (http://theindependent.sg/academic-dismisses-forbes-commentary-but-says/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?172816-Prof-Rich-foreigners-in-SG-ill-advised-undermine-our-egalitarian-norms-and-values&goto=newpost).