Dear brothers and sisters
unfortunately I am not so old and do not know the recession in 1980s.
According to Michael D Barr, PAP created unnecessary recession. please shed some light to brothers and sisters here.
Michael D Barr (MDB): Lee Kuan Yew was no economist, and the real innovative thinking done on the economic front was done by others. Lee had the good sense to follow good advice, and the political ability and will to implement good advice, even if it was unpopular in the short term and brought a lot of immediate hardship. Not everything went well. His government created an unnecessary recession in the 1980s when they suddenly jacked up wages and salaries by 20%, but they got a lot more right than wrong.
http://asiapacific.anu.edu.au/newmandala/2015/03/25/assess-lee-kuan-yew-which-one/
please share more info. who was our minister of trade and finance at that time?
unfortunately I am not so old and do not know the recession in 1980s.
According to Michael D Barr, PAP created unnecessary recession. please shed some light to brothers and sisters here.
Michael D Barr (MDB): Lee Kuan Yew was no economist, and the real innovative thinking done on the economic front was done by others. Lee had the good sense to follow good advice, and the political ability and will to implement good advice, even if it was unpopular in the short term and brought a lot of immediate hardship. Not everything went well. His government created an unnecessary recession in the 1980s when they suddenly jacked up wages and salaries by 20%, but they got a lot more right than wrong.
http://asiapacific.anu.edu.au/newmandala/2015/03/25/assess-lee-kuan-yew-which-one/
please share more info. who was our minister of trade and finance at that time?
