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9.01.2007

FASHIONABLE SLIPPERS: Supply Side Economics

There is some truth to the belief that supply creates its own demand. As former Singaporean Prime Minister Lee Kuan Yew once said, “If you build it (the hotels), they (tourists) will come.” Today, Singapore is far from its former image. It not only serves top quality services, it also draws a lot of income by being a tourist destination.

At the micro level, my cheap, old fashioned but reliable slippers have never failed me. I use it at home all the time and it has always been very reliable. Replacement pairs are available only in flea markets. Lately, I’ve noticed that a lot of expensive and fashionable pairs are now occupying prime shelves in classy stores. These brands, in my opinion, are nothing more than a reinvention of the old design and presently marketed as a fashion item. The slippers, which used to be home footwear, have already become fashionable weekend outdoor attire.

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