IDEAS home Printed from https://ideas.repec.org/p/siu/wpaper/15-2004.html
   My bibliography  Save this paper

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://mercury.smu.edu.sg/rsrchpubupload/1974/Final_WB_CreativeCity.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. Bryan Cheang, 2024. "What Can Industrial Policy Do? Evidence from Singapore," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(1), pages 1-34, March.
    11. Ketels Christian, 2017. "Working Paper 258 - Structural Transformation: A competitiveness-based view," Working Paper Series 2369, African Development Bank.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jakob B. Madsen* & Md. Rabiul Islam, 2012. "The Anatomy of the Asian Take-off," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 4(2), pages 1-24, July.
    2. William R Kerr, 2018. "Heterogeneous Technology Diffusion and Ricardian Trade Patterns," The World Bank Economic Review, World Bank, vol. 32(1), pages 163-182.
    3. Zhou, Yixiao & Tyers, Rod, 2019. "Automation and inequality in China," China Economic Review, Elsevier, vol. 58(C).
    4. Claessens, Constantijn A. & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1998. "Diversification and efficiency of investment by East Asian corporations," Policy Research Working Paper Series 2033, The World Bank.
    5. Chi‐Wa Yuen, 1998. "The Fifth Asian Dragon: Sources Of Growth In Guangdong, 1979–1994," Contemporary Economic Policy, Western Economic Association International, vol. 16(1), pages 1-11, January.
    6. David Jones, 1997. "Asian Values and the Constitutional Order of Contemporary Singapore," Constitutional Political Economy, Springer, vol. 8(4), pages 283-300, December.
    7. Amer Bisat, 1997. "Growth, Investment, and Savings in the Arab Economies," IMF Working Papers 1997/085, International Monetary Fund.
    8. Sarath Delpachitra & Pham Van Dai, 2012. "The Determinants of TFP Growth in Middle Income Economies in ASEAN: Implication of Financial Crises," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 11(1), pages 63-88, June.
    9. Timmer, Marcel P., 2002. "Climbing the Technology Ladder Too Fast? New Evidence on Comparative Productivity Performance in Asian Manufacturing," Journal of the Japanese and International Economies, Elsevier, vol. 16(1), pages 50-72, March.
    10. Timmer, Marcel P., 1999. "Climbing the Technology Ladder Too Fast? An International Comparison of Productivity in South and East- Asian Manufacturing, 1963-1993," Working Papers 99.2, Eindhoven Center for Innovation Studies.
    11. Sonobe, Tetsushi & Otsuka, Keijiro, 2001. "A new decomposition approach to growth accounting: derivation of the formula and its application to prewar Japan," Japan and the World Economy, Elsevier, vol. 13(1), pages 1-14, January.
    12. Charles R. Hulten, 2000. "Total Factor Productivity: A Short Biography," NBER Working Papers 7471, National Bureau of Economic Research, Inc.
    13. Patalinghug, Epictetus, 2001. "A Review of the Components of the Medium-Term National Action Agenda for Productivity (MNAAP) 2000-2004," Research Paper Series RPS 2001-02, Philippine Institute for Development Studies.
    14. Li, Hongyi & Wei, Xiangdong & Xie, Danyang, 2009. "Competitiveness of the Hong Kong economy," China Economic Review, Elsevier, vol. 20(3), pages 573-586, September.
    15. Park, Jungsoo, 2012. "Total factor productivity growth for 12 Asian economies: The past and the future," Japan and the World Economy, Elsevier, vol. 24(2), pages 114-127.
    16. Hiau Looi Kee, 2005. "Productivity or Endowments? Sectoral Evidence for Hong Kong's Aggregate Growth," Asian Economic Journal, East Asian Economic Association, vol. 19(1), pages 51-81, March.
    17. Lee E. Ohanian & Paulina Restrepo-Echavarria & Mark L. J. Wright, 2018. "Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America," American Economic Review, American Economic Association, vol. 108(12), pages 3541-3582, December.
    18. Shu-Shiuan Lu, 2012. "East Asian growth experience revisited from the perspective of a neoclassical model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 359-376, July.
    19. Y. Wu, 1997. "Productivity & Efficiency: Evidence from the Chinese regional economies," Economics Discussion / Working Papers 97-18, The University of Western Australia, Department of Economics.
    20. John Fernald & Brent Neiman, 2011. "Growth Accounting with Misallocation: Or, Doing Less with More in Singapore," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(2), pages 29-74, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:siu:wpaper:15-2004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: QL THor (email available below). General contact details of provider: https://edirc.repec.org/data/sesmusg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.