Sepupus, most of you who are reading this are probably aware that I am from Malaysia, and a subset of you are probably aware about the traumatic separation between Malaysia and Singapore.
If you have known me over the years, you may also know how I have wrestled with this complexity both in my existence as a Malaysian and in my interactions with Singaporeans, and in my later reading, reflection, and heightened understanding of this event.
In time, and upon reflecting upon the ties of kinship, trauma, and renewed kinship between our two nations, I have come into the realization that Singapore’s story is a story of transformation, renewal, not just of surviving but also of thriving – It is a key case study that any student of economics must be aware of if they wish to understand the importance of institutions, policies, and economic planning for securing the future of a country.
Most of you who know me in person further likely understand very clearly that I am a strong admirer of the Singapore story – not just the story of the country itself as articulated by Lee Kuan Yew, but also his book “The Singapore Story” in itself, which I have read from cover to cover three times by now, even as I now read his “From Third World to First” for the third time for a project that is coming up for Singapore’s Diamond Jubilee, SG60.
But you probably also know that I like to read beneath the surface – At least, I like to tell myself that I read beneath the surface, and therefore, I cannot discuss Singapore’s success without highlighting the role of one of its chief architects: Dr. Goh Keng Swee.
With that in mind, I am very proud to share with you this premium report below, accessible in full by our premium members or purchasable for USD10 over here, about the man behind Lee Kuan Yew and a sine qua non of Singapore’s economic success.
Introduction
When Lee Kuan Yew delivered the eulogy for his old comrade Dr. Goh Keng Swee in 2010, he declared that “of all my Cabinet colleagues, it was Goh Keng Swee who made the greatest difference to the outcome for Singapore” (pmo.gov.sg).
Dr Goh is clearly from Singapore, but the fact that he was one of the chief planners of a nation that so sharply diverged away from Malaysia and became one of the most prosperous countries in the world in per capita terms is something that should give not only Malaysia but the rest of the world pause, as they contemplate the consequences of a grand natural experiment illustrating the consequences of institutions and policy formulation upon the fate of two countries that share in ties of kinship, but prioritize dramatically different things. (More on this in subsequent reports and posts)
Indeed, Dr. Goh was the quiet powerhouse behind many of Singapore’s early triumphs – the economic architect who engineered the nation’s leap from Third World to First, the strategist who built up a credible defence from scratch, and the reformer who overhauled Singapore’s education system.
A man of incisive intellect and steely pragmatism, Goh served as Prime Minister Lee Kuan Yew’s trusted lieutenant, often tasked with the toughest problems of government (pmo.gov.sg), combining scholarly rigor with an unflinching practicality to carry out the bold policies that laid the robust foundations of modern Singapore.
This report explores how Dr. Goh Keng Swee set up Singapore’s economic base and key institutions, his interactions with Lee Kuan Yew (including Lee’s own influence and support), and the unique thinking and vision that Goh brought to the fledgling nation. It is a narrative of how one extraordinary man – perhaps one whom we could dub Lee Kuan Yew’s “hatchet man” for his role in executing difficult policies – systematically planned and built the structures that would support Singapore for generations to come. (Lee once said he intended to see that Singapore “will be here a thousand years from now. And that is your duty and mine” – a vision made attainable by the enduring institutions he and colleagues like Goh created(pmo.gov.sg).)
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Do you like doing well on exams? Does that er, maximize your utility?
Well, listen up.
Mark schemes are crucial for getting those sweet, sweet, beautiful marks in your Economics (or pretty much any other) exams, whether IGCSE, A Levels, IB, or pretty much anything else — If you’re wondering why I specifically said good at economics exams, just ask yourself: Does being good at economics exams immediately or directly mean that you are good at thinking as an economist? That’s an interesting question, but what’s for sure is this:
If you cannot do well in economics exams, it is very unlikely that somehow or another you are secretly a truly incredible economist. And with that in mind, exams as tests are crucial and it is entirely possible to get higher marks if we understand how those marks are given out.
Here is where mark schemes come in, not just for examiners, but for students who want to excel.
Here’s why!
🎯 1. They Reveal the Target
Mark schemes tell you exactly what the examiner is looking for. Economics is not just about writing something that’s “kind of correct.” It’s about hitting specific keywords, concepts, and logical chains that the examiner has been told to reward.
For example, if the question is:
Explain two reasons why a firm may benefit from economies of scale.
The mark scheme might expect:
One valid type of economy of scale (e.g. purchasing, managerial)
A clear explanation of how it reduces average cost
Vague answers like “the firm grows” don’t get marks—even if they’re sort of true; each exam has specific criteria and conditions under which marks can be procured. And if you don’t try to understand them or actually work with the real marking documents in the first place, there’s a very high chance that you will just end up concluding that exams are unfair. The system was rigged against you and you didn’t have a chance when actually it was your own fault for not seeking out this important resource.
Also, understanding the syllabus and assessment objectives is one thing and it’s nice to have and it’s good to have that understanding, but you also need mark schemes; mark schemes offer you concrete and hard reasons as to why a particular answer is correct and will give you a valuable picture of what is correct for the exam that you happen to be taking.
🧠 2. They Train You to Think Like an Examiner
By reading mark schemes, you begin to internalize the examiner’s mindset. You learn to:
Structure your responses in logical steps (e.g. define → apply → analyze)
Avoid waffle
Anticipate the level of depth required for questions
Sympathize with examiners and imagine what it would be like if you were actually forced to evaluate other people.
This is especially useful in data-response questions or evaluation-based questions, where many students lose marks by either over-explaining or under-developing points.
A little bit more on this. You should try as a student or a parent to understand how an examiner thinks.
It is very worthwhile to do this.
Consider that an examiner wants to reward you for sharing your knowledge and ask yourself what the examiner needs to know in order to give you credit for your answers – They are not here to harm you or to trip you up immediately. Rather, they are performing a very important role in deciding who should be given credit and how they should determine who are the wheat and who are the chaff within the exam cohort. To separate out clearly who are the best – the ones who are good and the ones who unfortunately do not make the cut.
This logic is not exclusive to examiners. If you were to think about it long enough, you might see that there is a societal need for this kind of differentiating behavior, and you might in turn see that at some point, you might have to make the same decisions as well. So, be an examiner for the day, and think about what you would be looking for if you were in their position. It will be valuable for you.
📝 3. They Teach You the Language of Economics
Mark schemes highlight the specific terminology that Cambridge values. Using the correct economic language (e.g. “opportunity cost,” “price elasticity of demand,” “allocation of resources”) can make the difference between a 5 and an 8.
Having examples in front of you will make it very much easier for you to get used to using that language across all future situations, and make it so you don’t just start waffling out things that people won’t understand. It’s not about infinite creativity across a span of things that are ultimately not relevant. Rather, it is about being able to use the language in the common world that you are studying and being able to make use of it in the most effective, well-reasoned ways. Language is not merely about sounding pretty. It is also about being effective. And the mark schemes tell you very clearly what is effective, even if you may have to interpret them and may need good examples (hint: Join Premium!).
🧩 4. They Help You Understand Assessment Objectives
Each question in Economics (IGCSE and A Levels) is mapped to certain Assessment Objectives (AOs) like:
AO1: Knowledge and understanding
AO2: Application and analysis
AO3: Evaluation
Mark schemes show how each of these is rewarded. So if a question is AO3-heavy, you must evaluate—e.g. by weighing alternatives, recognizing limitations, or giving reasoned judgments. Understanding how the assessment objectives work in conjunction with what the mark schemes offer is highly helpful, especially when you have a good teacher or tutor on hand who is able to help you identify the deeper patterns that lie within.
The same is true for the International Baccalaureate as well, which in turn has its own dynamics – for example, knowledge and understanding of economic theories, application analysis, synthesis, and evaluation in Papers 1 and 2, and accuracy of calculations in Paper 3; almost every IB student also probably has nightmares about the rubrics for the extended essay and also for the commentaries that they have to produce as part of a portfolio throughout their entire career.
The IB has its own ways of assessing what is a good IB economics essay, and we’ll talk more about that soon even as I begin to provide and articulate examples that will come out in this website.
But the basic point is this: it doesn’t matter what curriculum it is – you need to find out how you will be marked in order to understand the broader goals of what you’re being taught to do, and you need not just to have that broad overview of the picture or the direction in which things are going but also need a very clear understanding of how things are evaluated on the more granular levels, whatever exam you are taking.
📊 5. They Are a Study Tool in Themselves
Mark schemes let you reverse-engineer good answers. When practicing past papers, you can:
Compare your answer to the mark scheme
Spot missing points or overcomplicated explanations
Learn what earns marks and what doesn’t
It’s one of the most efficient ways to improve.
The reason for this is that you want to make sure that you are hitting the right notes, and the mark scheme is basically a source of truth for you. The more you compare your answers to mark schemes and the more you become able to produce answers that hit the correct note, the higher the marks you will get in your exams as compared to what you would have gotten if you had not seen the mark schemes in the first place.
✅ Summary
Mark schemes aren’t just tools for checking your score—they’re guides for mastering the exam. If past papers are the questions, mark schemes are the answer key to success. Learn their logic, adopt their style, and you’ll write answers that the examiner wants to reward.
They are your keys to the kingdom of economics heaven. Or if you are not religious, then to the mansion. The luxury car or to the dream holiday destination where you can meditate beyond the confines and constraints of banal human life into the higher reaches of a more beautiful universe.
Take your mark schemes friends and use them as a part of your strategy. Don’t listen to me tell you this over and over again. Reading what I say and hearing me tell you things is only going to get you so far. You can have all the premium resources that you want, but you must use them. You must be proactive, and you must take your learning into your own hands. It is an honor to be a part of your journey, but you are far from done. Go further and farther, and if you want to thank me, do it after you succeed.
In fact, some of you are further along the journey – you might be taking A Level economics, doing an IB program, struggling through your H2 Economics classes while you pass through Raffles, slogging through Olympiad questions for the International Economics Olympiad…
And some of you are just weirdos who are not even taking any of these curricula and are just here to read to learn and to absorb voraciously.
Well, you’re in the right place – Share this with a friend who needs to know about this, who hasn’t learned about it. Help them help you to help yourselves to succeed together!
With that in mind, the real target of this post is those of you who are thinking about studying economics beyond the IGCSE, those of you who want to know the differences before you even set out on the IGCSE or even choose that pathway.
And that’s why, right here and right now, we’re going to talk about a syllabus one step up from the Cambridge IGCSE Economics – The Cambridge A Level economics, subject code 9708.
Let’s go!
A-Level economics is one step further along than IGCSE economics, and it takes place at a different educational level and a higher level of advancement. In fact, it is at the same level as the International Baccalaureate Diploma Program, or the IB, which I’ll talk about in future posts.
While IGCSE economics is catered towards students who are at the high school level, A-level economics is for students who are taking pre-university programmes, which means that this is what they’ll be studying right before they apply for admission to universities; as such, it makes sense that the subject trains the specific skills that students are supposed to have when they enter university:
The ability to analyse, to evaluate, to make choices, to make judgements on the basis of data, and to confidently present that judgment, demonstrating that you are a good fit for good universities, and will make wonderful use of the resources that you can get at the world’s best schools (if that’s what you’re aiming for!), or scholarship resources from your countries or governments as your academic career forms an investment thesis.
📘 From IGCSE to A Level: A Whole New Economic Ballgame
As with the IGCSE, you shouldn’t purely rely on what a blog or a website tells you and you should always consider official resources and syllabi. With that in mind, here are some links to the official Cambridge A Level Economics 9708 syllabi… And here’s what the Cambridge A Levels syllabus (right) looks like compared to the IGCSE syllabus (left).
If you are not doing Cambridge A-levels, then find the syllabus that is relevant to you, whether it is AQA, OCR, or whatever syllabus it is that you happen to be dealing with, and you can consider the differences across educational levels.
Anyway, in this case, I’m using the 2026-2028 syllabus for A-levels and the 2027-2029 syllabus for IGCSE.
Now, what are the differences?
I suppose you would probably come up and start thinking that A-Levels is obviously harder than IGCSE Economics. But here are two very important points that I need to make right at the outset:
A-Levels Economics is more complex but it is not a continuation of IGCSE Economics. A Levels are designed as a first-principles, university-preparatory course — not a continuation of IGCSE, but a foundational reintroduction to economics at a more abstract, analytical, and evaluative level.
You do not need to have taken IGCSE Economics in order to take A-Levels Economics, and in fact, many people do not – Although the learning curve will be much steeper if you don’t do so.
The aims of the A Level syllabus reflect this:
“To read critically, express ideas clearly using data and diagrams, analyse problems, and appreciate how economists study the world — with a view to further study and real-world engagement.”
You will soon realize when you look at A Level exams and textbooks that you are NOT just describing supply and demand or memorizing what a PPC is. At A Levels, you are:
Judging whether a government policy will lead to unintended consequences.
Evaluating how ethical concerns intersect with economic efficiency.
Developing the intellectual habits of an economist.
🧠 Real Life Dilemmas and Situational Analyses
Both syllabi emphasize these powerful conceptual anchors.
Scarcity and choice
The margin and decision-making
Equilibrium and disequilibrium
Time (short-run vs long-run)
Efficiency and inefficiency
The role of government and equity
Progress and development
But it is fair to say that IGCSE economics emphasizes and teaches reasoning about causal chains and cause-and-effect relationships and in turn asks students to critically evaluate why things have happened, but the level of analysis required is different. That is because of…
🧱 Layered Complexity
Consider this table. Read it carefully, and you will understand a little bit more about the differences in complexity displayed across these two curricula.
As you can see, IGCSE content covers the same broad topics as A-levels, but the A-levels take them to a brand new level of complexity that is much more difficult and much more evaluative – it is a subset of the A Levels syllabus, with much greater simplicity.
In A Levels, you build on what you know, never leaving it behind, but dive much more deeply into a lot of different topics, such as the theory of the firm, utility maximization, indifference curves, and plenty of different ways of understanding externalities – how to resolve them and deal with analysis of situations on a much higher level and have thus to rely upon what you really know about the world from your wider and external reading suffused with an understanding of economics.
We haven’t even gotten into the world of empirical data, econometrics, natural experiments, experimental economics, behavioral economics, research on institutions, and everything else, which are NOT in A Levels…
But you can see here that at A Level, a stronger foundation is being built, and that if the IGCSE was merely the tip of the iceberg, A-Levels is a part of the tip that is deeper down.
📊 The Papers: How You’ll Be Assessed
Anyway, already, I think you can very clearly understand that A-Levels is more intense than IGCSE.
The IGCSE economics papers are done in the course of just one multiple choice paper and a subjective paper (Paper 2).
For the A-Levels, you have AS and also the A2 exams, each of which contributes 50% towards a student’s overall grade.
A-Levels consists of two sets of multiple choice papers on significantly more complex and analysis-heavy questions, as well as actual data response and essay questions. Here’s a breakdown below.
Paper
Level
Format
Time
Focus
%
P1
AS
Multiple Choice
1 hour
AS content
33% AS / 17% A Level
P2
AS
Data Response + Essays
2 hours
Micro & Macro essays
67% AS / 33% A Level
P3
A Level
Multiple Choice
1 hr 15m
All content
— / 17% A Level
P4
A Level
Data Response + Unstructured Essays
2 hours
Advanced micro & macro
— / 33% A Level
Notice something interesting: essay questions become unstructured at A Level, and your ability to evaluate becomes the hallmark of excellence.
At this level, examiners require you to make use of real-world examples that you have gained from reading the news, becoming aware about the world and developing, refining and articulating your knowledge through your own experiences of becoming aware about the world and intentionally choosing to learn about it.
Naturally, this then brings us into looking at the assessment objectives.
🎯 Assessment Objectives: The Weight of Thinking
For Cambridge A Levels and Cambridge IGCSE Economics, the assessment objectives are the same.
However, the way that they are weighted across the syllabi is different and reflects the different emphases of the exams. This is worth thinking about in detail.
Here is a detailed comparison table that shows you how these differences play out and that will guide you in the direction that you need to grow in.
This means that beyond the IGCSE, just knowing facts and how to deal with simple cause-and-effect scenarios is not enough. You must…
Analyze cause and effect on a much more sophisticated level and in novel situations.
Recognize assumptions and be able to challenge them.
Debate pros and cons, evaluating your choices across the short and long term, consider the roles of stakeholders. Question yourself and the basis upon which you make judgements.
Justify your conclusions and why you believe them effectively.
However, it’s not just about right answers, and the notion of right answers may not necessarily even apply here. It is certainly, however, about sound reasoning.
🧠 Tangible Differences between A Level and IGCSE Economics Questions
Let’s now have a look at tangible and specific ways in which IGCSE economics questions differ from A-levels economics questions. I’ll give you a couple of examples here.
🧮 1. Demand and Supply
IGCSE (0455):
Explain two causes of an increase in demand for a product. (4 marks) Analyse how an increase in demand affects equilibrium price and quantity. (6 marks)
A Level (9708):
A government plans to intervene in the housing market by setting a maximum price below the market equilibrium. Discuss the likely effects of this policy on the housing market and evaluate whether it will be effective in improving access to housing. (20marks)
🧠 Difference:
IGCSE isolates one concept: shifts in demand.
A Level embeds demand/supply into policy, consequences, and effectiveness, and expects:
Use of diagrams
Application of theory
Judgment about outcomes
Recognition of unintended effects
💰 2. Elasticity
IGCSE:
Explain what is meant by price elasticity of demand and identify two factors that affect it. (4 marks) Analyse how knowledge of PED might help a business when setting prices. (6 marks)
A Level:
A firm faces price inelastic demand for its product but operates in a competitive market. Evaluate the extent to which price elasticity of demand is useful for business decision-making in such a market. (20 marks)
🧠 Difference:
IGCSE = define, list, and apply simply.
A Level = explore limitations, contextual relevance, and market structure interactions.
🏦 3. Government Policy / Market Failure
IGCSE:
Identify two types of market failure. (2 marks) Explain how a government could correct the market failure caused by pollution. (6 marks)
A Level:
Governments sometimes use taxation to deal with negative externalities such as pollution. Evaluate whether taxation is the most effective way to deal with this type of market failure. (20 marks)
🧠 Difference:
A Level requires:
Critical comparison (e.g., tax vs regulation)
Use of real-world context
Diagram(s) showing welfare loss used to analyze situations under the expectation that the student can choose what they are going to show with the diagram at hand.
Balanced conclusion
🌍 4. International Trade and Globalisation
IGCSE:
Explain two reasons why countries trade with each other. (4 marks) Analyse the impact of tariffs on consumers and producers. (6 marks)
A Level:
Countries often face conflicting objectives in trade policy: protecting domestic industries vs encouraging free trade. Discuss the likely effects of imposing a tariff on imports, and evaluate whether it achieves its intended policy goals. (25 marks) – Note that 25 mark questions are AQA.
🧠 Difference:
IGCSE focuses on direct cause-effect.
A Level examines trade-offs, political economy, and long-term consequences. Students are expected to debate, not just describe. Multiple-choice questions require analysis, deeper understanding, and ability to reason through multiple steps of thinking rather than (relative) surface-level understanding.
📈 5. Inflation & Unemployment (Macroeconomics)
IGCSE:
Define inflation. (2 marks) Analyse one cause of inflation and one possible consequence. (6 marks)
A Level:
Consider the policy trade-off between reducing unemployment and controlling inflation. Evaluate whether a government should prioritise price stability or full employment. (25 marks)
🧠 Difference:
A Level questions are structured around dilemma and judgment — this mimics real-world policymaking.
A-level questions often require you to put in examples and have an awareness of specific case studies from your own personal reading that you can immediately talk about in relation to.
🧠 How to Succeed at A Level Economics
As we can see, A Levels Economics is not really trivial. The vast majority of people who are just reading this piece with no prior experience with economics probably will not have thought as deeply as the average A Levels Economics student because they have never specifically directed their attentions towards this task.
Of course, I’m not saying that you need to have taken the subject in order to succeed or to know more compared to someone who has taken the A Levels because experience makes a difference. But it is certainly true that in order to be able to do well at this subject under the constraints of assessment and evaluation that exist out there, there are certain things that you may have to do.
✅ Read widely. Think deeply.
Use The Economist, IMF blogs, real data — and connect them to your syllabus. You will definitely need content and examples to do well in the essay questions and to be able to cite things that end up making sense – not only from your formal learning or from reading a textbook over and over again until kingdom come. You need insight about the real world. Read widely, read far, and become good at understanding that you can learn from everywhere there is to learn from and under any circumstance, and should also make a point of choosing to learn under any circumstance.
Don’t necessarily think that you are going to learn everything or even the best of the things that you will learn about merely from learning essay structures or specific frameworks in which to do questions. Those are important and we will also talk about them extensively on this blog, but they are not the only thing.
✅ Practise essays often.
Structured argumentation is your strongest weapon, but so is familiarizing yourself with the actual format of the papers, understanding honestly how well you can deal with the real exam and with the real challenges that are in front of you rather than how good you feel on a given day about your ability to take an exam. It is not just about what you take in, but also what you output and how well you can refine the process of outputting which requires practice, no ifs and no buts, with real exam materials.
Feeling that you are good at something and actually being good at it are not the same thing. Don’t end up deceiving yourself.
✅ Read good essays.
Having good examples in front of you is going to be crucial to understand what excellence looks like, but so is forming the patterns in your head about why something is good.
That’s why there will be sample essays available to those of you with premium memberships – a perfect tool for you to learn a little more about how to deal with essay questions, potential lines of argument and what makes up a good and well-reasoned response.
These are not merely for you to memorize and copy: That’s not going to work.
However, it is for you to look at the patterns in thinking and to understand how to integrate effective or useful patterns of thinking into your own writing.
But also want to understand how we deal with uncertainty, qualify our answers, and ultimately manage to achieve what the mark schemes set out for us but also what the needs of excellence dictate that we should do. Not only relying upon what other people say or what Sepupunomics says, but also what we individually think of our work as human beings.
✅ Master diagrams and definitions, but also the why.
Memorizing diagrams is really not going to help you if all you can do is just remember vaguely how the diagram looks. Sure, you can get points for labeling axes, titling, drawing arrows, and highlighting shifts, but you need to understand the why.
Why does this work? Why is this particular shift justified? Why is it to the right and not to the left? Could something else have happened? Could I have used something else in my analysis? Why this particular thing?
Of course, even if you are an IGCSE student, having an awareness that this is what you need to be thinking about is valuable and meaningful as well, and the sooner you develop this skill, the better.
If you are currently reading this, I hope that you are taking some notes – It will be funny if you can beat the average A-level student or even the best by the time you enter high school. If you think that that could be interesting or funny, you should actually try to do it. Just make sure to tag me later on Instagram or something, and I’ll happily celebrate you as a testament to success and an inspiration for everyone here.
✅ Get used to uncertainty.
Many A Level questions are “To what extent…” — there’s no single answer.
Be comfortable with coming up with judgments on the basis of your reasoning and your thinking, with a realization that:
Cause and effect can exist.
Certain things can be true only under very specific circumstances.
Those circumstances may not be the case in the long run if assumptions are violated.
In the real world, changes in circumstances can alter the entire balance of things.
Regardless of the fact that certain things can only be true under certain circumstances and those circumstances may not hold, you need to be able to be comfortable speaking about uncertainty and making statements that are true given what we do know – Not running away from uncertainty, trying to collapse it into certainty that doesn’t exist. Forming pools of black where there once was grey or white after you’ve decided to get rid of black.
🧑🏫 Final Thought for Sepupus
The level of expectation for IGCSE students and A-Level students is different, but you don’t need to be bound by those things. In fact, some of you may not even be taking either one of these curricula and you might not even be taking the IB either. All of this could be new to you and you are just going through the post reading them one after another and observing what is coming through them.
If you are starting to get the sense that I recognize that the distinctions across the different syllabi are artificial and limiting in nature, you are on the right track. That is certainly how I think.
However, it is also a fact that it is true that certain curricula are tailored to people of lower ages because they are calibrated to what is reasonable for a person to develop statistically speaking by a certain age.
But then you are here reading Sepupunomics. Are you an ordinary person? Well, you could give an idealistic answer, an inflated answer that puts you at the center of the universe, or a realistic answer that is reflective of your level of ability. It doesn’t really matter to me because we are all on a journey forward.
I will say this though, in the context of IGCSE vs the A-levels.
Where the IGCSE syllabus hands you the map, the A Level syllabus tells you to chart the terrain, make choices, and justify your path. It trains your brain to better explore both the beauty and the mess of the real world, And assesses you on the paths, the destinations, and the journeys that you will take along the way, how beautiful they are, how filled with the sights and wonders that you would have gained from your reading, understanding, and comprehension of the wider world.
But you don’t need to be doing A-levels in order to experience any of that. You only need to have the will to go forward on the journey and to go on it. Trust the process, and you may go further and farther than you may have thought possible.
