Victor Tan

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What’s In A Syllabus? A-Level Economics (9708) VS IGCSE Economics (0455)

Victor Tan
 

Hello Sepupus!

Not all of you are IGCSE students.

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:

  1. 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.
  2. 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.

PaperLevelFormatTimeFocus%
P1ASMultiple Choice1 hourAS content33% AS / 17% A Level
P2ASData Response + Essays2 hoursMicro & Macro essays67% AS / 33% A Level
P3A LevelMultiple Choice1 hr 15mAll content— / 17% A Level
P4A LevelData Response + Unstructured Essays2 hoursAdvanced 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.

See you in the next post, sepupus!

Malaysia’s Economist King: Sultan Nazrin Shah of Perak

Victor Tan
 

Hello sepupus!

The following Personality Report is one that I have wanted to write for a very long time. It is about a figure who is an eminent economist, but who is also a part of one of Malaysia’s most important institutions: The Royalty within Malaysia’s constitutional monarchy.

Because this is a topic that is of significance to Malaysia and Malaysia’s history and one that I consider important and relevant to all Malaysians, it will be made free to all readers; like other premium reports, you may purchase an individual copy for USD10 for your personal use, or get access to this report (and all other Premium Reports and features!) as well as discounts to other resources through a Premium membership.

…But this one is currently free, and if you are a citizen of Malaysia, or you’ve only had a passing understanding of the royalty of Malaysia, or if you are an international observer who has never thought about this aspect of Malaysia before, I hope that you will find this enlightening and interesting.

I extend this as a small gift to the world. Please read this and share it before I change my mind!

Thank you!

Your Highness, I hope you will enjoy this report. I have done my best to do justice to your legacy; any errors and omissions are my own.


Source: Official website of the Office of the DYMM Paduka Seri Sultan Negeri Perak

Introduction

In the landscape of modern monarchy, Sultan Nazrin Muizzuddin Shah – the Sultan of Perak – stands out as a rare blend of royalty and scholarly intellect. 

He holds degrees from the world’s elite universities, including Oxford and Harvard, and even a doctorate in political economy – an unprecedented feat for a Malaysian monarch (1)

Even as His Highness serves as Malaysia’s Deputy Yang di-Pertuan Agong, he is far from a figurehead, and has leveraged his education and passion for knowledge to become a thought leader on economics, history, and governance. 

Sultan Nazrin frequently engages with intellectual circles and the public on issues ranging from economic development to interfaith dialogue (2), even as he describes himself as a “friend of intellectuals everywhere”. (18)

This report explores the journey of Sultan Nazrin Shah – his historical context, education in economics, scholarly projects, publications, and the role he plays as a public intellectual monarch – to shed light on how education has shaped an exemplar king in 21st-century Malaysia.

A Royal Heritage Shaped by History

Sultan Nazrin Shah’s story cannot be separated from the rich history of the Perak Sultanate and its encounters with colonialism. Perak, a state in Peninsular Malaysia, was thrust into the colonial spotlight with the signing of the Pangkor Treaty in 1874, an agreement that marked the start of British political control in Perak (3)

This treaty, imposed after a period of succession disputes and unrest, brought in a British Resident to “advise” the Sultan, effectively subordinating Perak’s traditional governance to colonial interests. 

The late 19th and early 20th centuries saw Perak’s economy transformed by booms and busts in tin mining and rubber, global commodity cycles, and the upheavals of two World Wars and the Great Depression (3)

These historical forces not only altered Perak’s fortunes but also shaped the role of its monarchy. The Sultan’s institution had to navigate the legacy of colonialism, from the erosion of traditional authority under British rule to the challenges of post-independence nation-building.

Born on 27 November 1956, Sultan Nazrin Shah grew up in a royal family conscious of this historical legacy. His grandfather had ruled during colonial times, and his father, the late Sultan Azlan Shah, was himself an accomplished and modern monarch – a former Lord President (chief judge) of Malaysia who strongly valued education and the rule of law. 

From a young age, His Highness was imbued with an understanding that a monarch’s legitimacy lies not just in lineage but in service to the people and dedication to knowledge. 

He later acknowledged the influence of his parents in instilling “uncompromising moral and ethical values” and a passion for justice (4). This grounding in history and values would inform his intellectual interests and his vision of monarchy’s role in society.

The Making of an Economist King: Education and Early Career

Sultan Nazrin Shah’s educational journey is a striking departure from the leisurely princely paths of old. As a boy, he received both local and international schooling, reflecting his family’s emphasis on a well-rounded education. He attended primary school in Kuala Lumpur and continued his secondary education at St. John’s Institution – a premier school in Malaysia’s capital – before going abroad for his pre-university studies. 

In the early 1970s, the young prince studied at The Leys School in Cambridge, UK, for his A-Levels (5). This early exposure to rigorous academic environments set the stage for his higher education at some of the world’s top universities.

In 1976, Raja Nazrin (as he was then known, holding the title of Crown Prince of Perak) matriculated at the University of Oxford. There, he read Philosophy, Politics, and Economics (PPE) at Worcester College and earned a Bachelor of Arts (Honours) degree. 

PPE at Oxford is renowned for producing leaders and thinkers, and it gave him a strong foundation in political and economic theory. Not content with a bachelor’s alone, His Highness pursued graduate studies at Harvard University’s John F. Kennedy School of Government, obtaining a Master’s in Public Administration

He went on to break new ground for Malaysian royalty by completing a Ph.D. in Political Economy and Government at Harvard as well (6)

By the time he returned to Malaysia in the early 2000s, Sultan Nazrin Shah had become one of the most highly educated monarchs in Malaysian history, with academic credentials spanning Oxford to Harvard.

His scholarly training was not merely for prestige – it shaped his perspective on governing and development. At Oxford and Harvard, His Highness absorbed lessons in economics, public policy, and history that he would later apply to understanding his own state and country. 

For instance, he studied the mechanisms of economic growth and governance in developing countries, and he delved into historical analysis as part of his doctoral research (7). This deep academic immersion set him apart as a thinking ruler – one who could engage with experts and citizens on complex policy issues. It also earned him esteem among academia: he has since been made an Honorary Fellow of Worcester College, Oxford and of several colleges at Cambridge, recognitions of his scholarly bent (2).

Doctoral Research: Linking History, Economics, and Colonialism

Sultan Nazrin’s PhD work proved to be a defining chapter in his intellectual development. 

At Harvard, his research zeroed in on Malaysia’s economic history – specifically the early 20th-century economy of Malaya (the precursor to modern Malaysia) during the late colonial period. Titled “Historical National Income Accounting and Economic Growth in Malaya” (or similar, based on his topic), his dissertation involved painstaking original research. He made pioneering estimates of Malaya’s Gross Domestic Product (GDP) for the early decades of the 1900s – a time for which official economic data were scant (7)

By scouring colonial archives and employing econometric techniques, Sultan Nazrin Shah reconstructed how the Malayan economy performed under British rule and how it transitioned through tumultuous periods like World War I, the interwar years, and the Great Depression.

This academic project was more than an abstract exercise – it was Sultan Nazrin’s way of connecting the economic impact of colonialism with Malaysia’s present. His Highness’s research illuminated how colonial policies and global market forces shaped Malaya’s prosperity and later struggles. For example, British exploitation of natural resources (tin ore and rubber, in particular) brought great wealth to states like Perak, but also made them vulnerable to global price crashes. 

Sultan Nazrin explored these dynamics in his thesis, explaining the “volatile” economic changes of that era with data-driven analysis (7). It was uncommon for a royal figure to dive so deeply into archival research and statistical number-crunching, but Nazrin Shah was passionate about uncovering the truths of Malaysia’s economic past. As he later remarked, understanding history – especially the colonial economic legacy – is essential to formulating a path forward for national development (8).

In 2001, armed with his newly-minted doctorate, Sultan Nazrin Shah returned to Malaysia with a new Dr. title, and with a mission. His time in Harvard’s halls had not only earned him academic accolades but kindled a long-term commitment: to advance the study of Malaysia’s economic history and share its lessons with a wider audience. 

This commitment would soon take shape in a major research initiative back home.

Advancing Economic History: The EHM Project

Rather than shelving his thesis and moving on, Sultan Nazrin Shah expanded it into a broader project for the nation’s benefit. 

Soon after his return, with encouragement from the late Malaysian economic historian Shaharil Talib, he established a research team at the Asia-Europe Institute of University of Malaya in Kuala Lumpur (7)

For a crown prince (he was the Raja Muda of Perak at the time) to personally lead a research effort was extraordinary. 

Sultan Nazrin, however, was hands-on: despite the demands of royal duties, he convened regular meetings with his team of researchers – up to 15 assistants managed by economist Dato’ Gnasegarah Kandiah – poring over data and guiding the work (7)

The initial focus of the Economic History of Malaysia (EHM) project was ambitious and clear: to construct a robust set of historical GDP accounts for Malaya, year by year, from 1900 to the eve of World War II (9).

For several years, Sultan Nazrin Shah’s team sifted through colonial records in both Malaysia and the UK, piecing together statistics on tin production, rubber exports, population, and other economic indicators. 

They innovated methods to estimate economic output where records were incomplete. 

The result was a comprehensive time series of Malaya’s GDP (and its components by sector) from 1900 to 1939 (9). This dataset broke new ground – it gave scholars and policymakers a quantitative window into how Malaysia’s economy evolved under colonial rule, through boom times and crises.

By 2016, the project had grown in scope and entered a new phase. 

Sultan Nazrin Shah launched an online platform – the Economic History of Malaysia website – to disseminate the research findings and data (9)

This initiative made decades of painstaking work publicly accessible. The website not only hosts historical GDP statistics and methodology, but also features articles by various scholars on Malaysian economic and social history, reflecting Sultan Nazrin’s inclusive approach to scholarship (9). Under his patronage, EHM became a living project, constantly updating with new research, engaging experts from around the world, and educating Malaysians on their own economic heritage.

Publications and Thought Leadership

One hallmark of Sultan Nazrin Shah’s intellectual engagement is that His Highness has not kept his research confined to academic circles – he actively publishes and speaks to share insights with a broader audience. Over the past decade, he has authored several notable books, effectively translating historical economic analysis into narratives for policymakers and the public. His publications form a trilogy (with more to come) that tracks Malaysia’s economic journey from colonial times to the present:

  • Charting the Economy: Early 20th Century Malaya and Contemporary Malaysian Contrasts (2017) – This was Sultan Nazrin’s first flagship publication after years of research. In it, he revealed the newly assembled data on Malaya’s early 1900s economy and drew comparisons with Malaysia’s post-independence economy in the late 20th and early 21st century (10). The book “broke new ground” by documenting Malaya’s GDP and economic structure under colonial rule, and analyzing how those historical trends set the stage for Malaysia’s later growth (10). It provided a long-run perspective – for instance, showing how per capita incomes, trade, and industries shifted from the colonial period to modern times. Charting the Economy was lauded for its rigorous scholarship and accessible style, reflecting Nazrin’s aim to educate not just economists but also his people about their economic roots.
  • Striving for Inclusive Development: From Pangkor to a Modern Malaysian State (2019) – Sultan Nazrin’s second book moved from pure historical data into the realm of policy and vision. Here, he took a broad view of the past 150 years of Malaysian economic and social development (11). The title itself invokes Pangkor – a nod to the 1874 treaty and the colonial era – juxtaposed with the modern Malaysian state. In this work, Sultan Nazrin charted how far Malaysia has come since the days of British rule, achieving significant economic transformations and social progress, but he also candidly examined the challenges that remain (11). A key theme of the book is “inclusive development” – ensuring that growth benefits all segments of society. Sultan Nazrin emphasized the need to address inequality and to strengthen national unity in the development process, consistent with his long-held advocacy for education, interethnic harmony, and good governance. Striving for Inclusive Development reads as both an analysis of Malaysia’s nation-building journey and a manifesto urging continuous effort toward an inclusive, cohesive society.
  • Globalization: Perak’s Rise, Relative Decline, and Regeneration (2024) – His third and most recent book zeroes in on his home state of Perak, using it as a case study of globalization’s  mixed fortunes. Published by Oxford University Press, this work is the culmination of an in-depth study Sultan Nazrin led on Perak’s economic and social history over 150 years, especially how global economic waves impacted the state (12). Perak was once Malaya’s wealthiest region, riding high on tin mining and rubber during the British era – a time remembered as the state’s spectacular “rise.” The book documents how mid-20th century shifts – the collapse of the tin industry by the 1980s, for example – led to Perak’s “relative decline” within Malaysia as other states like Selangor and Penang surged ahead (12). Yet, Sultan Nazrin does not paint a picture of doom; he explores signs of “regeneration” and potential revival, discussing strategies for Perak (and similarly situated regions) to reinvent their economies in the 21st century. Notably, the book delves into themes such as colonial institutional legacies, federal-state relations, industrial agglomeration, and migration – showing how Perak’s story mirrors those of other once-prosperous areas left behind by globalization (12). Dedicated “to Perakians everywhere,” this volume is as much a scholarly monograph as it is a personal offering from a ruler to his people, distilling lessons from the past to inform future policy.

Accompanying these books, Sultan Nazrin Shah has also edited and contributed to other publications and delivered numerous keynote addresses. 

In fact, his very first published monograph, “The Monarchy in Contemporary Malaysia”, was based on a public lecture he gave in 2004 while he was still Crown Prince (13)

In that lecture – organized by the ISEAS institute in Singapore – Raja Nazrin Shah spoke about the evolving role of constitutional monarchy in a modern democratic nation. It was an early indication that he was already thinking deeply about how a traditional institution could remain relevant in contemporary society

His speeches and essays over the years cover a wide range of topics, reflecting an intellectual breadth not typical of royalty. 

He has written or spoken about ethno-religious relations in Malaysia, the importance of education, the principles of Islamic finance, nation-building and good governance, and the challenges of globalization, among other subjects (14). Many of these speeches are later published or compiled, effectively making Sultan Nazrin a public intellectual in his own right, not just a ceremonial figure.

Not only does he author books, but Sultan Nazrin often officiates at book launches and academic events, signaling his support for scholarship and knowledge-sharing. For instance, in 2018 he launched a historical book about the Perak Sultanate’s cultural heritage, emphasizing how understanding history is crucial for state pride and identity (15)

He has written forewords for academic works and regularly graces conferences and seminars with his insights. Through these actions, he bridges the gap between the ivory tower and the general public, using his platform to promote literature, history, and research.

Engagement with Education and the Public

Upon becoming the Sultan of Perak in 2014, Sultan Nazrin Shah immediately continued the tradition of royal engagement in education – but with his own scholarly twist. 

He was installed as the Chancellor of the University of Malaya (UM), Malaysia’s oldest university, a position traditionally held by the Sultan of Perak. In this role, Sultan Nazrin is a figurehead for one of the country’s top institutions of higher learning, presiding over convocations and promoting academic excellence. 

However, he is not a mere titular head; colleagues at UM note that his “diligence [and] erudition” are an inspiration to the campus community (2)

He has also become Chancellor of Sultan Azlan Shah University, a newer institution named after his late father (2). Through these roles, he advocates for educational advancement and often speaks on the need to empower youth with knowledge and critical thinking skills.

Sultan Nazrin’s involvement in education extends beyond universities. He serves as Chairman of the Board of Governors of Malay College Kuala Kangsar (MCKK), a premier boarding school in Perak that has historically groomed many Malaysian leaders (1)

His interest in nurturing future generations is evident in his frequent addresses to student audiences and graduates. He reminds young Malaysians that education is not just a personal asset but a pillar of national development, a theme he highlighted at forums like the Pangkor Dialogue in 2017: “Education contributes to development by empowering individuals to reach and fulfill their potential… and [it] makes it imperative for education systems to stay ahead of the game in our competitive and challenging times” (he noted in one speech) (16). Such statements underscore his belief that an educated populace is crucial for Malaysia’s progress.

Beyond formal education, Sultan Nazrin Shah has positioned himself as a patron of intellectual and cultural initiatives

Fittingly, he is the Royal Patron of the Harvard Club of Malaysia, connecting him with the community of Malaysian alumni of Harvard University (2)

In this capacity, he supports activities that promote learning and public discourse, often attending Harvard Club events and sharing his experiences to motivate others. 

He is similarly a patron or fellow of numerous institutions: the Oxford Centre for Islamic Studies (where he is Vice-Chair of the trustees) and several Oxford and Cambridge colleges have made him an honorary fellow for his support of academic collaboration (2). Sultan Nazrin also patronizes think tanks and professional bodies; for example, he is a Royal Fellow of Malaysia’s Institute of Strategic and International Studies (ISIS Malaysia) and the Institute of Defence and Security, reflecting his engagement with policy research communities (2).

One of the most visible ways Sultan Nazrin engages with the public is through high-profile lectures and forums. He often speaks at conferences such as the Khazanah Megatrends Forum, a major annual event on economics and finance hosted by Malaysia’s sovereign wealth fund. In 2014, newly enthroned, he delivered an address at Khazanah’s forum emphasizing that as Malaysia rides the “rising tide of the Asian century,” the fruits of prosperity must be equitably shared and sustainably managed for future generations (16)

He stressed that inclusiveness should be the “lynchpin” of the nation’s economic philosophy, a statement reflecting both economic insight and moral conviction. Sultan Nazrin’s words carried weight coming from a monarch-scholar: he was effectively nudging policymakers and business leaders toward a more inclusive and sustainable model of development. Such interventions have earned him respect as a non-partisan voice of reason in national conversations about the economy.

Similarly, Sultan Nazrin has used platforms like the Institute of Southeast Asian Studies (ISEAS) and other international forums to articulate the role of the monarchy in modern governance. In his 2004 Singapore lecture and in subsequent speeches, he argued that the monarchy can and should provide stability, continuity, and moral guidance in a democracy. He famously asserted that the monarch is not meant to be “deaf, blind and dumb” to the nation’s issues, but rather should be a voice of impartiality, fairness, and justice (17).  

This perspective was not just theoretical. 

In Malaysian public life, Sultan Nazrin often speaks up on matters of national importance, from racial unity to governmental integrity, in line with those principles. For instance, during times of political uncertainty, his statements often remind leaders and citizens of the constitutional framework and the need for fair governance.

Perhaps the most telling example of his public leadership came during his inaugural royal address as Sultan of Perak in 2015. In that speech, delivered at his formal installation ceremony, Sultan Nazrin proclaimed that “the monarchy does not merely play the role of a ‘decorative ornament’ for Malaysia” (18)

He went on to elaborate that the institution of the monarchy is a pillar of unity and harmony, enshrined in the country’s Constitution with important duties to perform (18). Using vivid metaphors and even drawing on historical and religious sources, he reminded his people that a ruler must rise above politics as a symbol of justice and fairness (18)

“Thus, the monarch has to be energetic, dynamic and convincing while also fulfilling his duty as a unifying presence,” he said, likening the monarchy to an umbrella under which the people find shelter amid an increasingly divided landscape (19). These words, coming at the moment he formally assumed the throne, set the tone for his reign. They signaled that Sultan Nazrin Shah sees his role not as a passive figurehead, but as an active guardian of his people’s welfare – intellectually, morally, and constitutionally.

Monarchy as Public Intellectualism in the 21st Century

Sultan Nazrin Shah’s unique profile – a head of state with a Harvard PhD and a catalog of serious publications – prompts a broader reflection on what monarchy can contribute to public intellectual life today. In many countries, monarchs have ceded day-to-day power and remain largely ceremonial. Malaysia’s constitutional monarchy is no exception in legal terms; Sultans do not govern, and they must act on the advice of elected governments for most matters. However, Sultan Nazrin represents a case of how a modern monarch can carve out a meaningful space by leveraging soft power – namely, the power of ideas and moral suasion.

By all accounts, Sultan Nazrin Shah is Malaysia’s most educated monarch – a fact that has earned him admiration from the public and the moniker of “Learned Sultan.” Education has given him credibility when he speaks on complex issues. He is able to engage with academics, economists, and statesmen in their own language, often citing data or historical precedent in his arguments. This has allowed him to act as a bridging figure between academia and the public, and between the government and the governed. For example, when he discusses economic policy or the challenges of globalization, people listen not just because he is a Sultan, but because he clearly understands the subject matter. His ideas carry a non-partisan authority – they are rooted in research and the long-term view, rather than in short-term politics.

Moreover, Sultan Nazrin’s scholarly inclination has helped modernize the image of the monarchy in Malaysia. He embodies what some observers call the “Nazrinian monarchy” model: a monarchy that presents itself as a thoughtful, unifying institution, not merely steeped in pomp and ceremony. In a diverse country where unity is fragile, he uses the stature of his office to emphasize common values and shared history. 

His intellectual projects, like the Economic History of Malaysia, also show that a monarch can contribute concretely to national knowledge. Instead of simply patronizing charities (which he also does), he has patronized research that builds an archive of the nation’s memory. It’s a form of intellectual philanthropy: investing time and resources to enrich the country’s understanding of itself.

Importantly, Sultan Nazrin Shah has been careful to stay within constitutional bounds even as he voices out on issues. He often prefaces his more pointed remarks by framing them as lessons from history or principles from the Constitution, thus educating listeners while gently guiding opinion. For instance, during political crises, he might quote past statesmen or legal provisions, indirectly advising leaders to uphold democratic ethics. This approach underscores how his academic mindset complements his royal duties. He navigates sensitive topics by leaning on scholarly evidence or historical anecdotes, which lends a neutral, educational tone rather than a political one.

The Sultan’s emphasis on lifelong learning also sets an example for his subjects. Well into his 60s, he continues to stay updated, engage with new ideas, and even work on new editions of his books to address recent global developments (12). By highlighting that learning never stops – even when one has ascended a throne – Sultan Nazrin inspires Malaysians to value knowledge and expertise. In a speech to an Islamic university, he once emphasized that a community’s strength lies in its knowledge and that leaders must be readers and learners. As patron of the Harvard Club, he often reminds alumni to give back by sharing what they have learned. In these ways, he redefines royalty not as a distant elite, but as a role model for personal development and intellectual humility.

Looking at the broader picture, Sultan Nazrin Shah’s role suggests that constitutional monarchies in the modern world can find renewed purpose by embracing education and intellectual leadership. A monarch who writes books, engages in policy discussions, and supports research can contribute to a nation’s “intellectual capital.” In Malaysia’s case, where the monarchy is intertwined with national identity, having a learned Sultan elevates the prestige of the throne and can even enhance national pride. Many Malaysians take pride in the fact that one of their Rulers has spoken at international forums or authored a book published by Oxford University Press. It places Malaysia’s monarchy in a positive light globally, as progressive and enlightened.

Of course, this approach also comes with the weight of expectations. The public holds Sultan Nazrin in high esteem, which means they listen intently to his words and often hope he will speak out during crises of governance or social tension. Navigating this responsibly has been one of his tasks – to be vocal enough to guide, yet neutral enough to stay above the political fray. Thus far, he has managed this balance adeptly, using historical and economic perspectives to comment on contemporary issues without taking partisan sides.

In summary, Sultan Nazrin Shah exemplifies how a royal figure can serve as a “public intellectual monarch.” Through education, he gained knowledge; through knowledge, he gained influence; and through influence, he strives to better his state and country. His journey from Oxford and Harvard back to the throne in Kuala Kangsar is more than a personal narrative – it reflects a model of leadership where tradition and modern intellect harmoniously coexist. In a very real sense, Sultan Nazrin Shah has shown that scholarship and monarchy, far from being at odds, can together contribute to the public good in the modern world.

Conclusion

Sultan Nazrin Shah of Perak stands as a compelling figure in Malaysia’s contemporary landscape – a monarch by heritage, an economist by training, and an intellectual by passion. His life trajectory, from studying the philosophical debates at Oxford to parsing economic data at Harvard, back to presiding over a historic Sultanate, has given him a unique voice among leaders. Branded “Malaysia’s Economist King,” he has leveraged his knowledge to interpret the past and envision the future for his people. Under his patronage, forgotten chapters of economic history have been reconstructed, and new generations are reminded of the lessons of colonialism, globalization, and nation-building.

The Sultan’s deep engagement with education – both his own and that of his nation – has made him an exemplar of lifelong learning and enlightened leadership. At a time when public discourse can be polarized and short-sighted, Sultan Nazrin injects a long-term, principled perspective grounded in history and data. Whether he is addressing a room of scholars, a hall of students, or a nation hungry for guidance, he invokes the values of knowledge, inclusivity, and unity. In doing so, he reinforces the idea that a monarch’s relevance today lies not in wielding power, but in wielding ideas that inspire and guide.

Sultan Nazrin Shah’s reign in Perak is still in progress, but already his impact is evident in the scholarly works he’s produced, the institutions he’s supported, and the minds he’s touched through his speeches. He has become a bridge between Malaysia’s past and future – illuminating how the trials of history inform the challenges of today, and how good governance and education can pave the way for a better tomorrow. For the Malaysian public, he offers a narrative of royalty that is not about opulence or ceremony, but about service, intellect, and moral stewardship.

In essence, Sultan Nazrin Shah has proven that a king can indeed be an economist, a historian, and a teacher for his nation. His story enriches the tapestry of Malaysia’s monarchy, showing that tradition can find new life and purpose in scholarship. As Malaysia continues to navigate the complexities of the 21st century, the example of its “Economist King” – a leader who continually learns and enlightens – will remain a beacon, reminding all that knowledge is the truest royal inheritance.

References (Bibliography)

  1. Nazrin Shah of Perak – Wikipedia. Sultan Nazrin Muizzuddin Shah (born 1956) is the current Sultan of Perak (ascended 2014) and is noted for being a strong advocate of education, holding a BA from Oxford and a PhD from Harvard(en.wikipedia.org)(harvardclubofmalaysia.org).
  2. Harvard Club of MalaysiaOur Patron, Sultan Nazrin Shah. Describes Sultan Nazrin as ascended in 2014, Chancellor of University of Malaya, Honorary Fellow at Oxford and Cambridge colleges, etc., and notes his roles (former Financial Ambassador, now Royal Patron for Islamic finance initiative) and UN co-chair position. It highlights his research interests in economic and political development, and lists his publications Charting the Economy (OUP 2017) and Striving for Inclusive Development (OUP 2019). It also mentions he speaks on constitutional monarchy, governance, Islam, finance, education, etc.( 1. harvardclubofmalaysia.org).
  3. Economic History of Malaysia (EHM)About the Project. Explains the historical context of Malaya/Malaysia’s economy, “defined by the signing of the Pangkor Treaty in 1874” which led into waves of globalization, tin and rubber boom-bust cycles, colonialism, world wars, decolonisation and independence in 1957. Emphasizes that understanding this history is key to an informed society( ehm.my).
  4. EHM – About HRH Sultan Nazrin Shah. Highlights Sultan Nazrin’s advocacy of good governance, multiculturalism, and rule of law “like his father, Sultan Azlan Shah”, noting he has a passion for judicial independence and credits his parents for instilling strong moral values(ehm.my).
  5. Wikipedia (Early life education details). Notes that Nazrin Shah studied at Sekolah Rendah Jalan Kuantan (KL, 1962–67), St. John’s Institution (KL, 1968–70), and The Leys School in Cambridge, UK (until 1975) before pursuing higher education(en.wikipedia.org).
  6. EHM – About HRH. Confirms Sultan Nazrin’s higher education credentials: B.A. (Honours) in PPE from Oxford University; MPA from Kennedy School of Government, Harvard; and Ph.D. in Political Economy and Government from Harvard University(ehm.my).
  7. EHM – About the Project. Describes how Sultan Nazrin’s interest in economic and social development was propelled by his PhD dissertation at Harvard, where he produced pioneering estimates of Malaya’s early-20th-century GDP and analyzed the volatile economic changes of that period with econometric methods(ehm.my).
  8. EHM – About the Project. Details the establishment of the research team at University of Malaya after his return in 2001. Sultan Nazrin led a team (with Dato’ Gnasegarah, Harbans Singh, etc.) to create a comprehensive historical GDP series for Malaya (1900–1939) by gathering colonial statistical records from archives in Malaysia and the UK(ehm.my).
  9. EHM – About the Project. Chronicles the evolution of the Economic History of Malaysia project. In 2016 it launched a public website to share data and research. It notes Sultan Nazrin “launched his first flagship publication Charting the Economy: Early 20th Century Malaya and Contemporary Malaysian Contrasts in January 2017,” which broke new ground in understanding Malaya’s economic performance under colonial rule vs post-independence( ehm.my). It also notes a second volume (methodology) was prepared. Further, it records that in July 2019 he published Striving for Inclusive Development: From Pangkor State to a Modern Malaysian State, analyzing Malaysia’s transformations and remaining challenges, calling for an inclusive Malaysia(ehm.my).
  10. EHM – About the Project. Describes the Perak-focused research starting 2020, covering how “British colonialism took over from Perak’s traditional governance, exploiting tin and rubber,” and examining sub-themes like colonial legacy, federal-state relations, etc., with global parallels(ehm.my). It notes the outcome as Sultan Nazrin’s third book Globalization: Perak’s Rise, Relative Decline, and Regeneration, published June 2024 by Oxford University Press(ehm.my).
  11. EHM – About HRH. Quotes Sultan Nazrin from an Oxford-Cambridge Society dinner (2008) on monarchy’s role: “The monarchy in Malaysia has discretionary powers… but also responsibilities beyond what’s written. Rulers cannot be deaf, blind and dumb to critical issues… They must be voices of impartiality, fairness and reason… and must adapt to new realities to remain vibrant.”(ehm.my).
  12. Malay Mail“Sultan Nazrin: Monarchy not just decorative ornament” (7 May 2015). Reports on his inaugural address as Sultan of Perak, where he stated “the monarchy does not merely play the role of a ‘decorative ornament’… [it is] one of the main pillars of the nation’s unity and harmony.” It mentions his speech’s rich content (Qur’an passages, historical anecdotes) and his description of the monarch’s role as a bipartisan upholder of justice and fairness(malaymail.com). It also quotes him: “Thus, the monarch has to be energetic, dynamic and convincing while also fulfilling his duty as a unifying presence,” and notes he likened the monarchy to an umbrella uniting the people in a divided landscape(malaymail.com).
  13. ISEAS PublishingThe Monarchy in Contemporary Malaysia (Public lecture by Raja Nazrin Shah, 27 July 2004 in Singapore). A 26-page paper published from his lecture on the modern role of monarchy, indicating early engagement with such intellectual discourse (13)(bookshop.iseas.edu.sg).
  14. Harvard Club of Malaysia – further notes. Highlights that Sultan Nazrin has “written articles and spoken on a wide range of issues including constitutional monarchy, nation-building, governance, Islam, Islamic finance, ethno-religious relations, education, and socio-economic development,” reflecting his broad intellectual interests(harvardclubofmalaysia.org).
  15. Malay MailSultan Nazrin launches book on history of Perak Sultanate (3 July 2018). Details that Sultan Nazrin launched a book titled “Perak Sultanate: The Historic Royal Glory of Perak Tengah,” published by UTP, which covers Perak’s cultural heritage and history. During the launch, he spoke about how the book captures important historical dynamics and challenges faced by past rulers, linking them to the state’s present stability and prosperity(malaymail.com).
  16. Economic History Malaysia – quotes of Sultan Nazrin. For example, at the Pangkor Dialogue 2017, he said “Education contributes to development by empowering individuals… imperative for education systems to stay ahead in competitive times.” And at Khazanah Megatrends Forum 2014, he emphasized inclusiveness and sustainability: “the ethos of inclusiveness and sustainability should form the lynchpin of our economic philosophy… growth must be sustainable across generations”(ehm.my).
  17. EHM – About HRH. Notes Sultan Nazrin’s engagement with diverse groups and forums, stating he “reaches out to young Malaysians, graduates, professionals (e.g., Inter-Pacific Bar Association) and international Islamic finance community… presenting on constitutional monarchy, nation building, governance, education, socio-economic development, etc.”(ehm.my).
  18. EHM – About HRH. Describes Sultan Nazrin as “a friend of intellectuals everywhere” with a “seemingly insatiable appetite for knowledge.” As UM Chancellor, “his diligence, erudition and fairness are a source of inspiration to staff and students”. This speaks to his role in academia and influence on educational institutions(ehm.my).
  19. Harvard Club / UN roles. Sultan Nazrin was appointed Co-Chair of the UN High-Level Panel on Humanitarian Financing (2015) by the UN Secretary-General, reflecting international recognition of his expertise. He also served as Malaysia’s Special Envoy for Interfaith and Inter-Civilisational Dialogue at the UN Alliance of Civilisations, underlining his involvement in global discussions on cultural and religious harmony(harvardclubofmalaysia.org). These roles complement his intellectual and moral leadership at home.

Welcome to Sepupunomics!

Victor Tan
 

Welcome friends and sepupus from around the world!

Sepupunomics is a blog and educational resource for both the young and the old on the wonderful subject of economics!

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Well, it means “cousin” in Malay. If you’re not down to read too much, just know that in my mind, I am sepupu, you are sepupu, we are all sepupu from across the universe; if you REALLY want to know what a Sepupu is and why I’m using this name against all good sense and even though it requires an explanation, here’s why this site is called Sepupunomics.

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