Ravi Menon, in last year's IPS-Nathan lecture series, made the case that it was better for Singapore to shift towards a high-wage, high cost, high productivity economy rather than rely on low cost labour. The challenge is how to achieve high productivity.
Great article. I agree and my impression is that if you look at history, taxes and inflation are the two factors that cause the most social unrest.
Ravi Menon, in last year's IPS-Nathan lecture series, made the case that it was better for Singapore to shift towards a high-wage, high cost, high productivity economy rather than rely on low cost labour. The challenge is how to achieve high productivity.
https://lkyspp.nus.edu.sg/ips/news/details/event-summary-9th-ips-nathan-lecture-series-lecture-ii-an-innovative-economy-by-ravi-menon
This is interesting, thanks for pointing this out! I guess they are well on their way to achieving these goals.
YouTube link to Ravi Menon's lecture:
https://youtu.be/sH6JEuMufxA