The lead author Dr Tan Khee Giap of the comment below in 2003 said the opposite and got crucified by the Govt. His boss and old man man's brother-in-law ran for cover faster than a speeding bullet and hid under the desk. This despite he unveiling the findings of his staff personally.
Its 9 years later and he realised which side of his bread is buttered. Read carefully.
http://www.spp.nus.edu.sg/docs/growing-pains-in-growing.pdf
Even if this were true, it does not make
logical sense that when the external environment
is highly favourable, the Government
should curtail employment growth
by tightening the labour market, and
drive up business costs in a bid to slow
economic growth. Such a direct interventionist
approach would have serious repercussions
for businesses and potential investors.
If multinationals conclude such
government measures are the official
mode of economic management, they
may decide to shift their investment
plans elsewhere, and would be most
unlikely to relocate back to Singapore.
For context, read our fellow forummer's blog
http://singstatistician.blogspot.com/2011/06/mistake-in-pap-think-tank-critique-on.html
Its 9 years later and he realised which side of his bread is buttered. Read carefully.
http://www.spp.nus.edu.sg/docs/growing-pains-in-growing.pdf
Even if this were true, it does not make
logical sense that when the external environment
is highly favourable, the Government
should curtail employment growth
by tightening the labour market, and
drive up business costs in a bid to slow
economic growth. Such a direct interventionist
approach would have serious repercussions
for businesses and potential investors.
If multinationals conclude such
government measures are the official
mode of economic management, they
may decide to shift their investment
plans elsewhere, and would be most
unlikely to relocate back to Singapore.
For context, read our fellow forummer's blog
http://singstatistician.blogspot.com/2011/06/mistake-in-pap-think-tank-critique-on.html