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From Efficiency-driven to Innovation-driven Economic Growth: Perspectives from Singapore

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  • Kim-Song Tan

    (School of Economics and Social Sciences, Singapore Management University)

  • Sock-Yong Phang

    (School of Economics and Social Sciences, Singapore Management University)

Abstract

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region.2 The call reflects an increased awareness both within and outside the government of the need to redefine Singapore’s comparative advantage through a new national innovation policy.

Suggested Citation

  • Kim-Song Tan & Sock-Yong Phang, 2004. "From Efficiency-driven to Innovation-driven Economic Growth: Perspectives from Singapore," Working Papers 15-2004, Singapore Management University, School of Economics.
    • Handle: RePEc:siu:wpaper:15-2004
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    References listed on IDEAS

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    1. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64, National Bureau of Economic Research, Inc.
    2. Phang, Sock-Yong, 2003. "Strategic development of airport and rail infrastructure: the case of Singapore," Transport Policy, Elsevier, vol. 10(1), pages 27-33, January.
    3. Alwyn Young, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(3), pages 641-680.
    4. Scott Stern & Michael E. Porter & Jeffrey L. Furman, 2000. "The Determinants of National Innovative Capacity," NBER Working Papers 7876, National Bureau of Economic Research, Inc.
    5. Shahid Yusuf, 2003. "Innovative East Asia : The Future of Growth," World Bank Publications - Books, The World Bank Group, number 15158, December.
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    Cited by:

    1. Seck Tan & Allen Lai Yu-Hung, 2016. "Economic Repercussions Of Extreme Events For An Island Nation: Case Of Singapore," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(01), pages 1-19, March.
    2. Pfotenhauer, Sebastian M. & Wood, Danielle & Roos, Dan & Newman, Dava, 2016. "Architecting complex international science, technology and innovation partnerships (CISTIPs): A study of four global MIT collaborations," Technological Forecasting and Social Change, Elsevier, vol. 104(C), pages 38-56.
    3. Adrian Saville & Douglas Mbululu & Nicola K. Rowbotham, 2014. "Exchange Rate Policy and Export Performance in Efficiency-Driven Economies," Working Papers 469, Economic Research Southern Africa.
    4. Mohammad S. Khorsheed, 2017. "Learning from Global Pacesetters to Build the Country Innovation Ecosystem," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 177-196, March.
    5. Pfotenhauer, Sebastian M. & Juhl, Joakim & Aarden, Erik, 2019. "Challenging the “deficit model” of innovation: Framing policy issues under the innovation imperative," Research Policy, Elsevier, vol. 48(4), pages 895-904.
    6. Boon L. Lee & William Shepherd, 2009. "Output and Productivity Performance of Hong Kong and Singapore's Transport and Communications Sector, 1990 to 2005," Asian Economic Journal, East Asian Economic Association, vol. 23(1), pages 65-91, March.
    7. Murakami, Jin, 2018. "The Government Land Sales programme and developers’ willingness to pay for accessibility in Singapore, 1990–2015," Land Use Policy, Elsevier, vol. 75(C), pages 292-302.
    8. J.J. Klink, 2011. "The Mobility of Labour and Capital: The Urban Implications of Changing International Trends," Chapters, in: H. S. Geyer (ed.), International Handbook of Urban Policy, Volume 3, chapter 4, Edward Elgar Publishing.
    9. Konrad Nübel & Michael Max Bühler & Thorsten Jelinek, 2021. "Federated Digital Platforms: Value Chain Integration for Sustainable Infrastructure Planning and Delivery," Sustainability, MDPI, vol. 13(16), pages 1-17, August.
    10. Ketels Christian, 2017. "Working Paper 258 - Structural Transformation: A competitiveness-based view," Working Paper Series 2369, African Development Bank.

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