Markets and Growth
2018/2019, Semester 2
Lee Kuan Yew School of Public Policy (Lee Kuan Yew School Of Public Policy)
Modular Credits: 4
This module is intended for individuals who are interested in the functions of the market in modern economies and who in the course of their careers may be in positions of regulating market behaviour for public policy purposes. The focus is to identify what makes the market imperfect or cause market failures. The course will also examine the appropriate form of governmental intervention.
No pre-requisite. Required economic concepts would be taught as part of the course.
PP5165 Markets and Growth - elective
2018-19 Semester 2
Lam Chuan Leong
This module is targeted at those concerned with the public policy implications of trade and markets on economic growth. This is not a course in economics so no economics background is required.
The course will briefly discuss the various types of economies from the planned to the liberal market based economies. The emphasis will be on the liberal market model as this is generally accepted as the means of generating faster economic growth. In practice, however, the free market model is seldom if ever fully realized. We will examine how markets fail, the symptoms of market failure and the public policy interventions necessary to mitigate the failure.
International trade is essential to the global market. Hence this course will examine the advantages and disadvantages of free trade amongst countries. The existence of trade barriers, national priorities and political considerations that constrains free trade will also be discussed.
Cases used will be drawn from sectors such as telecommunications, land transport, climate change, energy, international trade and finance sectors. Topics include externality, information asymmetry, competition law, and the regulation of oligopolies or monopolies, and liberalization and privatization policies including Public Private Partnerships.
Upon completion of the module, the student will:
Have a good understanding of the role of markets in economic growth
Be able to diagnose market failures or imperfections.
Choose the tools for public policy intervention
Good understanding of international trade arrangements
Course schedule Year is 2019
Trade and markets
Efficiencies of Markets
Recess 28 Feb
Public policy on monopolies
Ch13, 14 and 15*
Application to the Telecoms and Electricity Markets
National Energy Policy Report
Electricity and Gas Industries (LKY School Course).ppt
Liberalisation of markets and privatisation
The state and market
The globalization of market failure
The globalization of market failure.pdf
State owned Enterprise
Singapore public enterprise HBS case
Singapore Land transport
Urban transport by Lim Lan Yuan.
Land transport case of Singapore.
* Chapters refer to this book: Principles of Economics by N Gregory Mankiw, Euston Quah and Peter Wilson 2
** To be separately downloaded from the Harvard Business School Publishing website.
Class Participation 20%
Assignment One maximum of 750 words 20% Assignment Two maximum of 750 words 20%
Final Assignment maximum of 2,200 words 40% Note: There is no Final Exam for this course.
About the Instructor:
Lam Chuan Leong is a Practice Professor at the LKY School of Public Policy. His key areas of interest and expertise are in the application of general management theories and also of micro-economics, particularly in regard to regulation of monopolies, competition policy, pricing and market efficiency, privatisation of government services, transport economics, and the structuring of public as well as private financing initiatives. His areas of interest are in the application of behavioural economics and cognitive science to managerial decision-making and strategic planning.
Chuan Leong has held the post of Permanent Secretary in the Ministry of Finance, Ministry of the Environment, the Ministry of National Development, the Ministry for Trade and Industry, and the Ministry of Communications and Information. Earlier he has served in the Ministry of Defence and the Prime Minister
He was also the Chairman of the National Science and Technology Board, the Infocomm Development Authority, the Competition Commission of Singapore and has been on the Board of the Monetary Authority of Singapore and several Singapore companies.
Workload Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week