Tuesday , January 21 2020
Home / Adam Smith Institute / The Singapore on Thames question – Do you sincerely want to be rich?

The Singapore on Thames question – Do you sincerely want to be rich?

Summary:
Quoting Bernie Cornfeld might not be entirely appropriate for a free market think tank as much of his activity was over the edge of what even we think a free market should allow. And yet it is the correct question to be asking about this idea of Singapore on Thames:If he wants working-class Labour votes the PM can’t promote the rightwing post-Brexit ideal of Singapore-on-ThamesSingapore’s GDP per capita, at PPP exchange rates, is some ,700. That for the UK is some ,700. for the avoidance of doubt here, PPP means we’ve already taken account of differences in the cost of things across geography. We’d rather like a near 50% uplift in our real standard of living. We’re pretty sure that most of the country, including those of the working class who generally vote Labour, would like a 50%

Topics:
Tim Worstall considers the following as important:

This could be interesting, too:

SchiffGold writes The Dawn of the Dead on Wall Street

Tim Worstall writes We’d call this from Joe Stiglitz propaganda, not economics

Tyler Durden writes “Eat The Rich”: Davos Beefs Up Security As Protesters Gather

Tyler Durden writes Secret Wars, Forgotten Betrayals, Global Tyranny. Who’s Really In Charge Of The US Military?

Quoting Bernie Cornfeld might not be entirely appropriate for a free market think tank as much of his activity was over the edge of what even we think a free market should allow. And yet it is the correct question to be asking about this idea of Singapore on Thames:

If he wants working-class Labour votes the PM can’t promote the rightwing post-Brexit ideal of Singapore-on-Thames

Singapore’s GDP per capita, at PPP exchange rates, is some $57,700. That for the UK is some $39,700. for the avoidance of doubt here, PPP means we’ve already taken account of differences in the cost of things across geography. We’d rather like a near 50% uplift in our real standard of living. We’re pretty sure that most of the country, including those of the working class who generally vote Labour, would like a 50% uplift in their real standard of living. Actually, the only person we know of who thinks that a higher standard of living is a bad idea is Caroline Lucas.

So, the actual question to ask about the Singapore on Thames idea is “Do you sincerely want to be rich?” If the answer is yes then let’s get on with it, shall we? Just this time in a legal manner. As, obviously, Singapore has done.

Having sniped at The Guardian’s subeditors - they are responsible for sub-headers after all - there’s also a little point to have out with the paper’s Economics Editor, Larry Elliott.

Nor is it the case that there has been no state aid for the financial sector, just that it has been delivered in a less overt way. The Docklands Light Railway and the Jubilee line extension that link Canary Wharf to central London are either infrastructure projects or state aid, depending on your point of view.

Not really Larry, no. As your own newspaper has reported the Jubilee Line extension to Canary Wharf was funded by the landlords of Canary Wharf. As the Crossrail station there was also so funded. As the developers of Battersea power station into luxury flats also funded Battersea tube station. As, in fact, Hong Kong funds its entire metro system, from the land value uplift around the stations.

Hong Kong is, we agree, a different place from Singapore yet there really are things we can learn - even apply having learnt them - from these richer places out there in Asia. Like, you know, how to get richer?

Media enquiries: 07584 778207 (Call only, 24 hour)

Tim Worstall
Tim Worstall is a British-born writer and Senior Fellow of the Adam Smith Institute. Worstall is a regular contributor to Forbes and the Register. He has also written for the Guardian, the New York Times, PandoDaily, the Daily Telegraph blogs, the Times, and The Wall Street Journal. In 2010 his blog was listed as one of the top 100 UK political blogs by Total Politics.

Leave a Reply

Your email address will not be published. Required fields are marked *