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Lectures provide further theoretical understandings of the history of economic thought, the place of anthropology in this history, the emergence of capitalist economies, and the changing nature of individuals and societies as economic actors in the 20th century.MPhil Paper 1 Guide - to be loaded early October For reading lists, additional teaching materials, past exam papers and reports please see the MPhil Moodle Course.An external supply shock will lead to a rise in the general price level resulting in higher inflation.
Fiscal policy is a demand-side policy that is used to control government expenditure or taxation to influence aggregate demand.
To deal with an external demand shock, the government can increase expenditure on goods and services.
When this happens, firms will employ even less factor inputs from households and hence will pay them even less factor income.
The further decrease in households’ income will induce them to further decrease consumption expenditure resulting in a further decrease in aggregate demand.
The focus of the kinship course is on kinship practice and cultures of relatedness as the product of daily living within a particular culture and social structure.
We look at problems in kinship theory: These problems are addressed by exploring theoretical arguments in relation to particular ethnographies.The economics course provides a foundation in the anthropological study of production, consumption and distribution in various cultures.The syllabus comprises the following main areas: Through seminars on these substantive topics, the course discusses topics such as exchange, ‘the gift’, the division of labour, and value. An external shock is an unexpected external economic event that has undesirable effects on the economy.There are two types of external shocks: external demand shock and external supply shock.The view that Singapore has few policies to deal with an external shock can be discussed with reference to the effectiveness of monetary policy, fiscal policy, exchange rate policy and short-term supply-side policies in Singapore.An external demand shock will lead to a decrease in national output and hence national income.An external demand shock occurs when an unexpected external economic event leads to a substantial fall in exports and hence aggregate demand.For example, the 2008-2009 Global Financial Crisis caused by the Subprime Mortgage Crisis in the United States led to a substantial fall in exports in Singapore.When the cost of production in the economy rises independently of demand, firms will increase prices at the same output levels to maintain profitability.In other words, they will decrease output at the same prices which will lead to a decrease in aggregate supply resulting in a rise in the general price level.