Commentary: What Singapore can learn from this year’s Nobel-winning economists

ALLOWING IDEAS TO FLOURISH

Thirdly, Singapore may foster creativity by allowing suggestions to develop. &nbsp, &nbsp,

Acemoglu and his associates are staunch advocates of democracy as the social organization’s most diverse type. It is unclear whether Singapore, with a state that some watchers characterise as authoritarian, may fit their ideal of political inclusiveness. &nbsp,

Is Singapore’s commitment to diversity of thought as the basis of an impressive world the most important thing to consider?

Unintentionally, the availability of misinformation and disinformation opens the door to propaganda and deception, which can be harmful. For example, anti-vaccine activists can destroy public care by sowing questions in people’s minds about the health of vaccinations.

Instead of censoring thoughts or critics, the goal is to combat disinformation through clarity, public knowledge, and access to information. Building media education, in particular, may be important for the people to be discerning consumers of info. &nbsp,

Singapore’s next stage of growth will require more indigenous innovation and original thinking as it” catch up” its growth by adopting technology and know-how from abroad.

Like any other nation, Singapore’s society and leadership are never perfect. According to experienced minister Professor Tommy Koh, Singapore needs “loving critics” to keep its social progress.

The function of this year’s Nobel laureates in economics demonstrates that promoting equitable development and enabling the development of ideas will be essential for Singapore’s growth and prosperity in the years to come.

The Lee Kuan Yew School of Public Policy has an Associate Professor in Practice Terence Ho. He is the author of Future-Ready Governance: Perspectives on Singapore and the World ( 2024 ).