| Mr Koh discussed various economic concepts and policies, including potential contradictions in macroeconomic analysis, the importance of essay writing skills, and the impact of fiscal policy on unemployment. He also introduced the concept of “conflicts” in economic policy, presented two methods for planning, and discussed the use of expansionary fiscal policy and its potential impact on price stability and balance of trade. Lastly, Mr Koh introduced the concept of TAF (Thesis, Antithesis, and Factors) in relation to economic concepts and outlined the topics for the next week’s session. | |
| Writing R1 and R2 for Macro Essays: Next steps | |
| • Students to review the essay planning techniques discussed, including the balance vs. dartboard methods for structuring R1 and R2. | |
| • Students to practice applying the TAF (Thesis, Antithesis, Factors) framework to “extent to which” essay questions. | |
| • Students to review the sample essays and detailed essay plans uploaded to the shared folder. | |
| • Students to prepare for next week’s topics: stagflation, case study skills, and international accounts. | |
| • Mr. Koh to upload additional documents on Theory of CA to the shared folder. | |
| Summary: Writing R1 and R2 for Macro Essays | |
| Singapore’s Export-Driven Economy Contradictions | |
| Mr Koh discussed two potential contradictions in macroeconomic analysis for Singapore. The first contradiction is between Singapore’s export-driven economy and its small multiplier. Despite the small multiplier, Mr Koh emphasized that changes in exports still significantly affect Singapore’s economy due to its export-driven nature. The second contradiction involved the impact of exchange rate changes on price competitiveness. Mr Koh explained that while currency depreciation makes exports cheaper in foreign currencies, it also increased the cost of imported raw materials. However, the overall effect is still a net increase in price competitiveness, as the decrease in export prices outweighs the increase in production costs. | |
| Essay Writing Skills and Sample Essays | |
| Mr Koh discussed the importance of essay writing skills and the need for more sample essays in the shared folder. He mentioned that the topic of economic policies for full employment in a globalized world was extensively tested and would be used to demonstrate essay writing skills. Mr Koh also asked the participants to plan and discuss two questions related to macroeconomic aims and issues, and economic growth policies. He emphasized the importance of time management during essay writing, suggesting that each part should be completed within six minutes. | |
| Identifying R.1 and R.2 in Essay Planning | |
| Mr Koh discussed the importance of identifying R.1 and R.2 in essay planning, emphasizing that the rest of the structure should follow. He explained two methods to work out R1 and R.2: splitting the dashboard into subparts and using a balance approach. Mr Koh also highlighted the need to consider both material and non-material standards when addressing questions about policies to improve living standards. He encouraged the participants to choose the method that flows more easily and to consider the impact of different policies on various aspects of the economy. | |
| Understanding Unemployment and Fiscal Policy | |
| Mr Koh discussed the importance of understanding the factors and diagrams related to unemployment and fiscal policy. He emphasized the need to explain the factors, including the diagrams, and the role of fiscal policy in addressing cyclical and structural unemployment. Mr Koh also highlighted the limitations of expansionary fiscal policy, such as the state of expectations and the impact on export-driven economies. He suggested that the choice of policies depends on the root cause of unemployment and the nature and state of the economy. Finally, Mr Koh mentioned the potential for complementing fiscal policy with monetary policy, such as cutting taxes and interest rates. | |
| Supply-Side Policies and Unemployment Reduction | |
| Mr Koh discussed the benefits of supply-side policies in addressing unemployment, emphasizing their sustainability in reducing structural unemployment and increasing investor confidence. He encouraged students to persist with their chosen approach, using the NSGRTE framework, and linked the discussion to the current globalized world’s volatility. Mr Koh also mentioned the importance of free trade agreements in mitigating unemployment. | |
| Economic Policy Conflicts and Trade-Offs | |
| Mr Koh discussed the potential difficulties of Singapore’s economy due to expansionary fiscal policy. He asked the class to consider whether the policies could cause difficulties and whether they would lead to demand pull inflation. Mr Koh also introduced the concept of “conflicts” in economic policy, which refers to the trade-offs between different goals. He explained four ways to split these conflicts, including the balance of trade, inflation, and structural unemployment. The class was encouraged to use the balance method or the dartboard method to analyze the impact of these policies. | |
| Fiscal Policy and Monetary Inflation | |
| Mr Koh discussed the use of fiscal policy and monetary inflation, highlighting the potential for conflicts. He presented two methods for planning, the balance method and the dartboard method, and asked the participants to vote on which method they would use. The majority chose the dartboard method. Mr Koh emphasized the importance of balance in essay writing, as it can affect the score and entry to level 3. He also mentioned the need for clear two sides in the analysis to give credit for a stand. | |
| Evaluating Difficulty Levels and Structuring Answers | |
| Mr Koh explained the dartboard method for evaluating difficulty levels and discusses how to approach structuring answers for exam questions. He emphasizes the importance of balancing R1 and R2 (likely referring to reasons or arguments) in responses, advising students to focus on these components rather than E1 and E2 (likely evaluations). Mr Koh then introduced a new question about conflicts limiting the scope of expansionary fiscal policy, instructing students not to disclose the extent of influence in their initial claim but to save it for the evaluation section. | |
| Expansionary Fiscal Policy and Its Impact | |
| Mr Koh discussed the use of expansionary fiscal policy and its potential impact on price stability and balance of trade. He emphasized that the policy can increase growth and potential growth, which can lower inflation in the long term. Mr Koh also highlighted that the policy’s effectiveness can be limited by factors such as the nature of the economy, and the availability of budget. He encouraged the participants to think critically about the policy’s limitations and its potential impact on different aspects of the economy. Mr Koh also outlined a plan for the upcoming months, which includes a hackathon in June, smart drilling in July to September, and an exam simulation in October. | |
| TAF in Economic Concepts Discussion | |
| In the session, Mr Koh rounded up with a discussion on the concept of TAF (Thesis, Antithesis, and Fact) in relation to economic concepts. He used a question from a paper as an example to illustrate how TAF can be applied. The question was about the extent to which technological advancements and economic integration could reduce resource misallocation. Mr Koh explained how to use TAF to analyze the question, including considering the potential negative effects of technological advancements and economic integration. He also mentioned the importance of government intervention in addressing market failures. Mr Koh ended the discussion by sharing resources and outlining the topics for the next week’s session. Interested to attend a trial session with us? Hop on to experience the TET advantage! |
