Externality is an impact on a party that is not directly involved in the transaction. There are many examples of externalities, be it positive ones or negative ones.

Here in Singapore, there are also exampeles of externalities. Education might be one of the most important key to any Singaporean.Everyone is required to at least attend 6 years of primary school. Education in Singapore is a positive externality to the society.

Firstly,it benefits the workforce.People would be more competent as they go up the ladders of education. By enrolling into any instituition after secondary school,they learn valuable lessons that would help in their working life. For example, a student taking the business and social enterprise course would be a valuable asset to the future of social enterprises in Singapore.

This benefits the workforce as there would be professionals specialising in the line of work, creating a more holistic workplace,which in return would create a more competitive and professional workforce. Secondly, with education, there would be lesser negative impact on the society. By empasizing on the importance of education, students would think of their future and stay in school instead of dropping out,
mixing with bad company and in return creating a negative effect on the society by involving in crimes and unlawful acts.That is why i think education in Singapore is a positive externality.

by istianah

Labels: externality

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