Wednesday, June 13, 2007
Now the SCV hike. I understand their rationale for the hike, and I also understand that these things are bound to happen in the monopoly market. The perks of studying economics is that you understand why all these should, and will happen, and you also understand why there will be complaints. This does not mean that as a consumer I am happy. Sometimes I wonder if these management boards ever studied economics, or have someone on their board who did economics. Claiming these hikes are "inevitable", or "natural" are terrible excuses.
But it's not all the organisations fault. Singaporeans are so well protected in every way a slight change in climate and we make a big fuss about it. I received a letter in the mail today informing me of a price hike in bank charges, and I was indifferent about it. Do you know why? Because I know that in this country there will always be competition and I will always have choices as a consumer. Price hikes, and high GST are all part and parcel of life around the world, and if Singapore is to become a first world nation it will have to happen as well. It's just a pity Singaporeans both as consumers and as businesses lack the experience to handle such issues appropriately.
Dan
10:48 am
