Externality in Singapore: Education

An example of an externality in singapore would be education. When children or actually just about anyone undergoes education, he or she will be able to better serve the community. For example, if a few people start studying how to utilise natural energy such as sunlight, they might be able to help shift our energy sources to cleaner ones and reduce pollution. In this way, even the surrounding countries will benefit. Furthermore, educating people will help to reduce crime rates. By going to school, people, especailly youngsters, will spend less time hanging out in the streets. The neightbourhoods will be very much less rowdy if everyone child was at school spending their time learning and bettering themselves. In addition, with an education, people will be more likely to get jobs and therefore be able to support themselves. When people have a stable job, their parents won't have to fork out money to support them and the government won't have to spend taxpayers money to help jobless people pull through.

And although there are so many benefits that come with an education, not everyone pays for it, hence its an externality. The effects of it gets felt by everyone but is only paid for by a few or sometimes just one person alone.

Done by: Marcus Liu, T01

Labels: externality

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