H2 Economics vs General Paper: and why I’m taking the H2 Economics examination in 2018

[W]hy do we study perfect markets, where firms are price takers? One reason is that they provide a useful approximation to the real world and give us many insights into how a market economy works. [. . .] Another is that perfect markets provide an ideal against which to compare the real world, since in perfect markets we see resources being used and allocated efficiently. (John Sloman, Alison Wride, and Dean Garratt. Economics. 8th Edition, Pearson, 2012. Quote from p.32)

H2 Economics vs General Paper: and why I’m taking the H2 Economics examination in 2018

In plain English, when we say that something — let’s say, the way a society is structured — is “efficient” and “ideal”, we are making a normative statement, or a value judgement. We are saying that the society under discussion makes such a good use of its resources (and hence is efficient) to the extent that we see it as so good and desirable, it might as well be perfect (and hence is ideal). Of course, Sloman et al. are not saying that “perfect markets” are ethically, morally, or aesthetically perfect. They are simply “perfect” in a very limited sense delineated by the field of economics, which includes the idea that firms are “price takers”, meaning that firms do not have the power to set the prices of the goods they sell themselves.

[Note:
Sloman et al. use the word “efficiently” in the sense that “efficiency is achieved when each good is produced at the minimum cost and where individual people and firms get the maximum benefit from their resources” (p.10). I want to argue that “ideal” here means “existing only in the imagination”, but given their reasoning (“since in perfect markets we see resources being used and allocated efficiently”), I find it difficult to make that argument.

To me, what is most suitable — and therefore, ideal — for the global society is a market system that is regulated to the extent that we bring the full force of our human capabilities to combat the ills of unsustainable human activity (i.e. climate breakdown, over-production/over-consumption, etc.), and to build a society that is inclusive in the most profound sense. Of course, to make that argument, I would have to pivot away from the discipline of economics as it is taught and examined in JCs in Singapore!]

In the hands of the wrong student or teacher, confusions between value judgements and value-free statements (i.e. normative statements and positive statements) can proliferate. Bombarded by words like “maximum satisfaction”, “perfect”, “efficient”, and “ideal”, many students end up thinking that what their economics teachers are talking about is some kind of utopia designed by economists that the real world has failed to live up to. In the hands of a clumsy student, information from the H2 Economics syllabus can appear in a GP essay with disastrous results. Some students end up defending the value of competition, for example, by saying that more competition will result in greater productivity.

(If only I had a dollar for every time…)

When I get new students studying GP and H2 Economics for the first time, I usually have to work to chip away at these types of misunderstandings that crop up with alarming frequency (alarming because I see H2 Economics as one of the propaganda tools of the neoliberal movement). In 2017, I thought to myself: why not tackle these misunderstandings at their root, and teach both H2 Economics and GP?

I started thinking aloud with some of my students, and close to the end of 2017, I ended up making a promise to them: that I would take the H2 Economics examination in 2018. While I feel a slight feeling of regret creeping in (the Sloman textbook is remarkably boring), I’m finding motivation by telling myself that beyond expanding my customer base by expanding my teaching repertoire, I will be uniquely positioned to battle the misconceptions (that just so happen to be helpful to the neoliberals) that so many students end up with — and with the amount of stuff that I post online, perhaps I can be of help to the larger community as well.

So stay tuned, Mr Seah’s H1 and H2 Economics tuition is coming soon!

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Tackling student sleep issues (Book recommendation!)

For a number of my students every year, one of the first things I have to do is to make sure they are sleeping properly. The signs are easy to recognise: when they are trying to solve a particular problem (let’s say, figuring out how to respond to a question), their eyes sometimes glaze over. Sometimes they blink and keep their eyes closed a beat too long. Sometimes their eyes are red the moment I see them.

Students with sleep issues can often be very high-performing students, but the fact is, they could perform much better if they were sleeping better.  Some poorly performing students can even make a jump in their academic performance just by being more mindful of their sleep. In fact, I am willing to bet that when they become more disciplined about their sleep, their lives get better in general.

I’ve written about sleep before, but this is such an important issue, that I feel the need to write about it again. To be perfectly honest, I sometimes suffer from insomnia — I’ve been calling myself a semi-regular insomniac for years. In the last month, I’ve actually had a number of weeks of bad sleep, to the point where I realised that I had to deal with it head-on. In the past, my go-to solution had been to go to my doctor for sleeping pills, but this time I wanted to get to the root of the issue. I wanted to really understand why I was feeling and sleeping so badly.

It was therefore with immense pleasure that I found The Sleep Solution by W. Chris Winter, a specialist sleep doctor. The science he presents in this book has been so helpful to me, I’ve been recommending it to my friends and family (particularly those who complain about not being able to sleep). It’s an added plus that Winter writes with a conversational tone that is often laugh-out-loud funny, even if some of his jokes can fall a little flat.

You can read a review of the book here, and you can check the availability of the book at the NLB (Singapore) here. People who have an NLB Overdrive account can get the book here (but most of you should go with the physical book since comprehension tends to be higher).

If you’re a parent or student dealing with sleep issues, go read the book. Well, if you’re human, just read it anyway. You’ll feel better. I’m not even finished with it, and I’m sleeping better already — I’ve even let go of my identity as a “semi-regular insomniac”. It’s that good.