Institutions and Economic Development: Cheong Kee Cheok’s Contribution to Economic Thought

Abstract

This paper seeks to review the theories and arguments of two leading economic schools that Cheong Kee Cheok dabbled on, initially originating with neoclassical economic thinking to gradually appreciate evolutional economic thinking. In doing so, the paper makes it clear that logic, merit and evidence drove much of Cheong Kee Cheok’s economic thinking, including acknowledging that within the context of the real world where markets (relative prices) often lacked its allocative role when faced with complicated and often opaque circumstances. However, his analyses stayed clear of illogical arguments predicated on the politics of the majority and the politics of the powerful to be transcendental and humanistic in nature. With these credentials as the central pillars of his character, Cheong Kee Cheok gained popularity as an unbiased universal scholar who exchanged ideas freely with people of all walks of life, including with the countless students he mentored.