Not all other prices are set by competition. There's much manipulation through things like subsidies, tariffs, tax incentives, and bailouts. Also, having lived

Not all other prices are set by competition. There's much manipulation through things like subsidies, tariffs, tax incentives, and bailouts. Also, having lived in Singapore for years, it's a wonderful city and I love it, but the wage story isn't necessarily one to mimic. It might look grand as a foreigner, but your cleaning lady is probably sharing a 3 bedroom apartment with 16+ other women and doesn't see her family more than a few times a year.