Jon Paul living in the metaverse. He thought inflation was caused by the game admins reducing drop rates

As an economics graduate, it’s interesting to hear what is the average Singaporeans’ general understanding of our economy.

@VivianHoGrey13

2 жыл бұрын

same here!

@malita354

2 жыл бұрын

Most will think that businesses will not profiteer from the rise in costs and that businesses will not increase more than it is necessary. And there is no way they can calculate if the businessmen have charged more than actual cost increase

@vtn08

Жыл бұрын

What is ur esteemed understanding oh economics expert?

@jareth7971

Жыл бұрын

@@vtn08 that i should’ve studied harder during uni.

Actually, in 22:44 SG does not increase interest rates at all. The MAS chooses to allow the SGD to appreciate, maintain or depreciate. A strong SGD usually helps to manage cost-push inflation as factor inputs and other imports from foreign markets become cheaper in SGD. Good episode! :)

Thanks for this episode, great topic

I stayed and worked in several countries from 3rd world to developing to 1st world countries. Singapore cost of living really not high neither low. It's just nice. The survey/report saying singapore is the most expensive city to live in is based on expats not citizens. Then "some" Singaporean spreading and magnified it till most ppl think the survey/report is based on citizens.

@ausgaporetan8512

Жыл бұрын

Where does Singapore rank in terms of affordability for its citizens? Is it on par with cities like perth, calgary, taipei or more like paris, milan, sydney?

The relationship between inflation / monetary / fiscal are complex but perhaps need more knowledgeable guest for this topic to get the basic facts down.

Very good topic to discuss about! I have enjoyed this video very much. Thank you!

Low key actually a good podcast to revise H2 econs with real life examples

12:34 Your seller decides the price, yes. How is the price decided? If he's the only seller, then there's low supply, and thus increase in prices. If he has many competitors around him, then there is higher supply and he may have to sell at a lower price or else his competitors will get the business instead of him. So it still comes back to supply and demand. 13:50 So how do companies come up with the actual stuff that you like? By pouring investment into research, sourcing for better quality or more niche products, and thus increasing the price. 18:40 That's just poor family planning, do you have plans for contingency? Sounds like he doesn't. Also, haven't turned on my aircon in years, it actually isn't that terrible without aircon. 31:27 This is exactly why I do not want a welfare state. Why does the fruit of one's labour has to be shared among those who have not contributed? Off-topic for this, but this is the same reason I rather have CPF as a retirement scheme compared to a pension system. Where does the money for pension come from? Taxpayers. I rather fund only my own retirement than to have to fund other's retirement as well yet collecting the same amount as those who contributed less. 34:47 I agree with this take a lot. SG is generally a pretty affordable country, and help should be extended only to those in very unfortunate/disadvantaged scenarios instead of those who are just digging their own graves with an irresponsible lifestyle and mindset. Honestly, when comparing to other countries, I think the only expensive items in SG is housing and car. Cars is not even necessary in our case as our public transport infrastructure is pretty extensive, so the only remaining issue is housing. You can compare food prices to other first world countries, and how many of them can still get a meal (neighbourhood area) for around our equivalent of $4? I can usually spend even just around $3 to get a meal. The more expensive items like alcohol and tobacco are not necessary items as well.

can yall do an episode about how younger ppl earning so much money compared to our elderly folks these days?

Great Episode!

An episode on 'How Much Salary You Need To Own a Car In Singapore'?

@frostbitepokin9520

2 жыл бұрын

3.5k a month

@isaacimmanuelanthony9921

Жыл бұрын

@@frostbitepokin9520 3.5 before or after cpf deduction

The economy and supply chain will stiill be a big issue for the rest of 2022 ( ie Malaysia chicken export ban, food shortages). Would be cool to have an economist guest in a future episode!

If currency gets too strong, it makes our exported goods and services less attractive to other countries. Thus the business goes more to our competitors. As what Dan said, the way for a country to get richer, we need to earn more from exports.

1.2k may be enough to sustain an minimal lifestyle however that doesnt include unexpected cost or monthly cost stuff like medical, insurance and etc. Plus if theres isnt enough money for savings, when rainy day comes, you get fcked. Which is why we always yearn for a bigger margin of income rather than just right. Also does Singaporean complain too much? Yes, cos we love to complain regardless but i think that applies to most people in the world but we are alot more vocal about things like that because we always want things to be better if possible.

@vivianwyx8914

2 жыл бұрын

I also think 1.2k is not very realistic. but salary of fresh poly graduate is 2.5k while Local Uni grads 3.7k (according to Asiaone, ST) Median salary for age 25-29 is 4k. A large number are likely living at their parents with some not yet contributing to household. If the salaries published are actual then it would seem ok :)

A healthy amount of inflation is a good thing. That would be 2-3% per year. It shows that the economy is still growing. This also means our cost of goods become more expensive but our wages will also increase. The 2-3% of inflation also acts as a buffer against going into deflation. Deflation is more scary than inflation. Your cost of goods goes down but so does your wage. Even though your purchasing power may be the same but psychologically it affects people demand for goods. They will look at it as "my income decrease i will consume(buy) less stuff". Consumption and investment falls. This affect the economy and our gdp growth. Thus having a healthy amount of inflation is not a bad thing and it does not make no sense.

@shucklesors

Жыл бұрын

bro this doesnt explain anything. its like telling a child "1+1 = 2 because it just is". dont explain by way of consensus or sentiment that youve heard. instead, try to explain fundamentally: why must we have inflation? start with how nominal and real growth is divorced. youll quickly see you understand far less than you thought.

Interesting food for thought: should we adjust our income or our expenses to deal with inflation?

It'll be interesting if you guys can cover other real issues or daily living concerns like resale prices at million dollars for HDB flats, just so to get Singaporeans thinking and discussing about such issues and concerns :)

It’s a pinch on all people !Hopefully this inflation period will be stopped .(Governments maybe off the money printer?)

Singapore doesn't control money supply or interest rate =) Singapore's monetary policy is centred on exchange rate, which is more effective for our small and open economy.

Think the issue with citizens saying ministers are out of touch with the people stems from a place of psychological mindset rather than physical actions. If the Government pledges to tighten its spending and spending is done for essential goods and services, then increase in GST is justified. But if spending is left unchecked and frivolous, no amount of justification and rhetoric can appease the citizens. If we want to keep the system healthy, the inflows (gst) must keep pace with the outflows(spending). Both in terms of rhetoric and practical actions on the ground.

@scbchong6964

2 жыл бұрын

The people pointing finger and blaming govt ministers are usually lacking in life skills and working experience. Complain and blame is very easy. Learning to be better at what you do and solving problems is very difficult.

Here's an idea/ how about delaying the implementation of GST specifically for food, government services, utilities? etc

Notification bell~

36:03 "ThEn Y'AlL pAsS aWaY aLrEaDy La..." - John said it with such defeat that I wanna give him a hug 🥺 my friends and I watch and like every single one of your episodes + we subscribe. hopefully this helps give Gravity Media the opp to earn more and eventually pay your employees more too!

Singapore is not expensive compared to Japan as the cost inflation were higher due to high life standard & quailty

This podcast really woke the econ brain I didn't know I had

aaayyyeee Dan looking esp. good this ep sia

I love Denise's bottle 🤣

Basically the economy is a zero sum game. Resources are limited so somebody will need to finish the day with less food on the table. Everybody wants more but there is only so much to go around.

lately it really does, understandly inflation happens with our expansion but our salaries isn't catching up, i earn 4k a month but my friends are earning more than 10k a month, its really unbalanced in terms of pay. Also diamonds - natural ones are limited resources... but the commercialization of weddings inflates it as well. so if you wanna fight against it. don't buy dem diamonds. but yeah artificial scarcity is possible. like the oils we obtained are all locked in futures contract so by right we should get the price hike 5-10 years later and not 1 year later... the oil oligarchs definitely pulling strings here. which is why SG govt raised an investigation on this last month.

solid

Should the poverty line and class be re-drawn to fit into this current dire economic? Afterall, prices not likely to come down in the future.

MV = PY and currency strength depends on BOP (open economy)

Googling inflation and immediately he found how to solve it. :) good job

20 trillion QE from america and low interest rates from loans. Caused inflation too Fertilizer are also made by fossil fuel (ethylene) too...

There is an economical cost for conscientiousness.

Can ask Jon Paul his views about gravity? Might not make sense also

25:30 is JP wearing a nautilus? Dayum

How Much Salary You Need To Live In Singapore? So how much issit?

Nice

I think jon paul is suggesting that prices of goods are artificially inflated by producers and market makers but I don't think that's true..any economist can weigh in?

Meatless sausage = sausage skin LMAOOOOOOOOOOO

Inflation is understandable but the quantum per item price hiked is lacking transparency. Many are easily fooled. They will say price hiked because of the war. But they fall short of questioning the fact that such price hikes can be profiteering. Eg. Actual cost increased by 50cents. To profiteer, businesses increased by $1 and many people say, oh, this is Justified due to the war. This time I won't criticise the hosts. See if my post survives. I have print screen this post with time stamp.

hmm is the counter argument to inflation effects with capitalism economics vs Marxism economics?

Algoooo la

Talk centred around inflation

Singapore is like this : 1. Group who BENEFITED from the system more : issue? What issue? Sg no issue. Complain, complain! Who so addicted to complaining? I everyday eat good food and rice bowl unbreakable one. 2. Group who do not benefit or do not benefit as much : PaiTan ah!

Before I came to the US, I thought we Singaporeans BITCH too much, boy was I wrong! I miss Singapore at times!

Good sharing 18:24-21::25

nice

FIRST!

can you do a podcast about the singapore education system? Like how it actually hurt the students compared to other countries's education systems.

Jon Paul is right. For greedy manipulators, just refuse to buy their products. Support the reasonable honest businesses, or buy something else. Otherwise, we succumb and we all “die together”, including the greedy manipulator. Irony.

algogogogo

Just my 2 cents but this is in response to John saying that Singapore is a very survivable country. I strongly believe that public healthcare should be heavily subsidised, as mentioned most people can afford necessities like food and shelter. But just walking through the streets and on the MRT, how many times have you seen wheelchair bound people selling tissue paper. Or people with curved backs who have clearly not received proper treatment for scoliosis. More and more stories about people going into bankruptcy or having to crowdfund for essential life saving medical treatment. This is a big issue in SG but I understand that this will incur heavy gov spending which will in turn result in increased taxation but to me it is worth it to ease their burdens. I’m sure many of us have heard our parents say “singapore die can, sick cannot”, that needs to change.

do one about Johnny Depp and Amber Turd please!!

@yonsannn

2 жыл бұрын

With JP!!! 😂

If you're crying poverty but you're still making dumb financial decisions like buying a car for convenience and dumb health decisions like smoking then you only have yourself to blame

The problem is when crisis is averted, the price doesn't come down.

Venezuela needs to do a hard fork

My basket of goods went up price because my basket is from Louis Vuitton, the food price stayed same.

The Host with simple hair is right except where he is wrong. The Teddy bear shirt guy's point is Not that there is no reason for Inflation But : 1. How is this amount of price hike Quantified in a fair and accurate way. The host shows less intelligence when he say because costs have gone up due to all the known reasons, the prices in the market is accurate and correct. What the Teddy Bear shirt guy said is He Agrees there is reason for price hike but who quantified how much is hiked is not profiteering. To make it easier for the mostly unquestioningly population, if price went up by $1, can it be that the actual cost increase is only $0.60 but businessmen use this chance to jack up by additional 40cents? So the Host with sinple hair has a very typical Naive mindset that is a Threat to Intelligence. If most Singaporeans think the same way, they will all say, "aiya, knn! Simi LanJeow is also boh bian one what "

Algooooooo

No legendary ‘I can live on $10 a day’?

next wait for chicken prices to rise

Why kpkb so much? Many singaporeans complain about the price of everything but know the value of nothing. There is too much cash around. You are overpaid and underskilled and untalented. CPF savings are fat and CPF interest rates very generous. Full bonus was paid for the past two years despite lack of innovation and productivity. Past couple of years, many GenX turn 55 and can withdraw first tranche of substantial CPF savings. Plus Wealth Effect from investments and rising property prices. Inflation caused by too much money and too little common sense.

6:29 the "huh" took me out

The hosts tend to be Politically correct while the 2 employees or guests show more Intellectual Honesty. Maybe its because of their Business Self Interest .

It would be interesting to invite Jamus Lim for this episode :D

8:54 = communism

Yakun :(

Subtitles pls 🥲

JP is not wrong. Milton friedman was also an anti-inflation kind of guy.

Algo? Algo.

Jon Paul is not wrong, the principle underpinning the global economy is the want of more. Even if we created a system with stable supply and demand. Inflation will still occur due to everyone wanting more.

@ck260594

2 жыл бұрын

Because humans are greedy in nature. What Jon Paul was quoting is Karl Marx communism. Which is damn good on paper, but not realistic.

@ammo_conscious

2 жыл бұрын

Yeap, when he was giving the example of Arizona Tea and Denise said, "how does my company make money then?" 13:53 . That right there, is your answer.

Come on, JP - lol

Team caps, vs team no caps? 🧢🧢🧢

Why was my comment deleted for saying the hosts seem to be Politically Correct while the guests are more intellectually honest? Something to hide?

Jon Paul too woke for us commoners to understand.

Could cryptocurrency be a possible solution?

aiya where got price increase, can increase gst one la. govt give gst voucher one, low income wont suffer pffff. inflation? whats that.

@Jack-hy2ki

2 жыл бұрын

U r not wrong. Cos I have a few relatives who are low income. They got so much help from the gov. I don't see them suffering nor struggling but they are low income. Medical bills all FOC also.

Despite the economic downturn,I'm so happy☺️. I have been earning $ 60,000 returns from my $7,000 investment every 13days.