I know it’s not cool to admit to it, but I’m doing well. I am
the official owner of a flat that, once you minus the outstanding liability (ie
the outstanding mortgage), leaves me with a sum of at least S$200,000 plus. I
have a main job in professional services (accounting) and statistically speaking,
I produce around US$103,181 worth of value every year.
Yet, despite my statistical wealth, I am economically
unsecure. My best hope is that my main job will keep me on for at least another
20-years and a significant number of you who are reading this will support the
advertisers on this blog so that I can afford to buy an extra cup of coffee
every month. If, God forbid, I have any serious ailments in the immediate
future, my best bet is to die instantly so that I don’t become a burden to my
family.
What I’ve expressed would seem strange to anyone living
outside of Singapore. However, anyone from Singapore will understand because
what I’ve mentioned reflects the disparity between “Statistic” Singapore and “Real”
Singapore.
As part of “Statistic” Singapore, I’m doing well. There’s a
property to my name (I avoid using the word own as there is a mortgage to my
name), and property prices in Singapore are generally higher than in most
places (logic of small land area and many people living in the area) and therefore
my paper worth is comfortable. Singapore also has a relatively high Gross
Domestic Product (“GDP”) for a small island with a limited number of people and
if you look at the GDP per capita, the only nations with a higher GDP per
capita are Luxemburg (Tax Haven for wealthy Germans), Macao (Gambling Haven)
and Qatar (gas station). So, as part of “Statistic” Singapore, my share of the
national wealth is US$103,181 a year. This makes me better off than my friends
in Western Europe or the USA. Measures of our GDP success cab be found in the
following links:
https://www.gfmag.com/global-data/economic-data/richest-countries-in-the-world
It goes without saying that my reality in Singapore is less
rosy than what it appears to be in “Statistic Singapore.” Yet, despite this
fact, the government has spent countless times talking about our economic statistics
and leaving aside the economic devastation brought about by Covid-19, our
government inevitably goes back to our GDP statistics.
In fairness to our government, it’s not the only government
to fall back onto various economic indicators as how well they are doing.
Donald Trump for example cannot stop talking about stock market highs whenever
someone talks about his government’s record.
You could say that it’s only natural for everyone to want to
show themselves in a good light and economic statistics are probably the best
way to do it. So much of our lives are based on economics and I guess you could
say that when governments talk about the economy, it’s a way of showing that there’s
money to give us goodies.
However, as the differences between Statistic Singapore and
Actual Singapore have shown, GDP is a flawed measure of how well a country is doing
as it only looks at one aspect of life in a nation. So, could there be another
way of measuring how well a country is doing?
I think one of the best ideas comes from the small Himalayan
Kingdom of Bhutan, which came up with the concept of Gross National Happiness (GNH).
To a certain extent, there are aspects of this measure of happiness which one
could say are unique to the Bhutanese situation. We also need to remember that
Bhutan is not the idealistic Shangri La that is portrayed to be and looks to
India as a centre of economic assistance. There is also the problematic issue
of having to conduct surveys on a yearly basis.
Having said that, the basic idea of GNH is right. The Bhutanese
has qualified happiness into several aspects, which include things like the environment,
health, cultural diversity and community vitality in addition to the usual
economic measurements. A graph of what GNH comprises of can be found below:
Now, admittedly its harder to measure GNH with its various
aspects than GDP. However, as argue, GDP is a flawed measurement as it only acknowledges
the fact that life more than just economics. If you look at the situation in
Singapore, you’ll find that our government is obsessed with GDP. All you need
to do is to ensure that enough people are employed and nobody actually starves
to think that you’ve done a good job. There is, for example, no need to look at
the type of jobs that people are getting and whether things like whether I’m
worrying on whether I might be able to afford to send my kid to school or
whether I get sick or not.
Let’s go back to my personal example. As GDP indicates, I’m
doing well. I have a job and a property in my name. The government can claim
that it’s technically done well. People like me are producing USD100,000 plus a
year and so on and so on.
However, GNH forces those in power to see that people are
not just economic digits. Under the GDP measure, you’d be successful if you see
that your people have a job even if that job pays $500 a month. However, under the
GNH measurement, you have to ensure that people not only have jobs, but they
can afford to send their kids to school, live in normal conditions and don’t
have to breath toxic air as part of daily life.
Our traditional method of measuring things is too narrow and
doesn’t portray things accurately. Isn’t it time we look at trying to measure
things more accurately so that we can build a more livable society for the greater
number of us?
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