Saturday, January 2, 2010

Economist debate: European Holidays

Motion: "This house believes that Europeans would be better off with fewer holidays and higher incomes"
Do Europeans take too many holidays?

Dear Reader,
We have a winner in our debate on vacation time. The team arguing against the motion has won the debate convincingly, with 79% against 21% of the votes. This house does not believe that "Europeans take too much holiday."

The voting record shows the weight of opinion has been consistently 4:1 against the motion from the outset, though the pro team's Robert J Gordon did shift his share of the vote by a few percentage points in the course of the debate. The final vote (and the many laments from the floor by overworked Americans) shows that most readers believe lost income is a price worth paying for extra holidays.

For his part, John de Graaf, arguing against the motion, eloquently made the case that there is more to life than work and money. His argument that Europe has established a better balance between work and leisure was bolstered by the contributions from guest commentators.

John O'Sullivan
Debate Moderator
Economics Correspondent
The Economist

UK Companies Investigation Branch

From UK Daily Mail
2 January 2010


Robert Burns has a blunt message for cheats who set up companies to con the public. 'There is an organisation that can take action against you and put you out of business,' he warns. That organisation is the Companies Investigation Branch. You may not have heard of it - much of its work is confidential - but it may have quietly taken action to stop you falling victim to sharp practice.


Some traditional types of malpractice recur. One involves 'land banking', where plots of land are purchased and sold to investors on the basis that planning permission will be granted.
'We find time and time again that the prospects of planning permission are south of zero,' says Burns.
'In one case, the land had everything wrong with it from a development point of view. It was green belt, a heritage site and was on a flood plain. There was just about every conceivable obstacle.'

The benefits of social insurance

Social insurance is operated differently from private insurance. Social insurance is operated by the state, and is usually compulsory. It is funded partly by contributions from the insured members with the deficit covered by tax revenue.

Examples of social insurance are the unemployment insurance and old age pensions operated by many developed countries. In America, this is called social security. It is popular in America, which is the capital of capitalism and free market. Many countries also have health care insurance operated as a social insurance, e.g. UK, Canada and most countries of Europe.

Under a social health care insurance, there is no need to worry about pre-existing or congential conditions as they are covered. There is the risk of over-consumption of health care services which are paid by insurance, but this can be controlled to a large extent. There is also the need to control the charges made by doctors and hospitals. When the control is exercised by the state, backed by the law, it produced better results than control by private individuals exercising market choice, as can be seen by the high cost incurred by private health care insurance in America.

Singapore has stayed away from social insurance on the fear that they can be abused. This fear is exaggerated, and reflects the mindset of Singaporeans, including our leaders, in avoiding taking personal judgement and responsibility. We have to change this mindset and find new solutions to problems that have been ignored a long time. Private insurance is not suitable to handle problems such as unemployment relief and affordable health care.

Tan Kin Lian

Responsible communication

Here are two rulings by the Supreme Court in Canada that recognize the importance of responsible communication made in the public interest.

US Debt - a Ponzi scheme?

Read this editorial in The Nation.

Affordable Car Insurance Quote Online

The coming of internet has been a great boon for the people of today. Internet has brought the world and the various types of information very close to us at the click of the mouse. When you go for shopping online for car insurance quote online you get so many advantages and the most important thing is that you are saving on your time and energy. You don't have to wait for an agent to come and