[2 August 2005]
Book on New Growth Strategies for Singapore by SMU Economics Professors to Mark the Nation's 40th Anniversary

The School of Economics & Social Sciences of the Singapore Management University has published a new book, “The Economic Prospects of Singapore”. Written to celebrate Singapore’s 40 years of independence, the book examines the challenges facing Singapore and the strategies that Singapore must now embark upon in order for it to successfully transit from an economy heavily focused on trade and foreign investment to an innovation-driven economy. Only then can Singapore compete close to the global technological frontier to keep abreast of other fast-developing nations.

The book also describes the policies that have led to Singapore’s economic success, and discusses ways in which Singapore can continue to build upon these successes. Several broad themes are explored in the book, ranging from the employment trends and prospects in Singapore to the challenges of promoting entrepreneurship and stimulating innovativeness in future generations. Chapter highlights can be found in the Annex. The book includes a chapter by eminent economist Edmund S. Phelps, McVickar Professor of Political Economy at the Department of Economics, Columbia University.

“The Economic Prospects of Singapore” is the maiden publication of the Economics faculty of the SMU’s School of Economics & Social Sciences. Edited by Associate Professor Winston T. H. Koh and Professor Roberto S. Mariano, Associate Dean and Dean, respectively, of the School of Economics and Social Sciences, and published by Pearson Addison-Wesley, the book contributes to the scholarship and research on Singapore’s economic development. The book launch also marks the third anniversary of the School, which was established in 2002.

“As Singapore moves on to the next phase of economic growth, it is imperative that we groom a new generation of young talent who responds instinctively to entrepreneurial ideas and where innovation is second nature to them. SMU is proud to play this important role of nurturing new blood to be future corporate and business leaders for Singapore. This book is SMU’s gift to Singapore on its 40th birthday. I hope it will spark useful dialogue and constructive discussion on the country’s economic prospects,” says Professor Howard Hunter, President, Singapore Management University.

All the ten writers in the book are accomplished scholars in economics with substantial experience in industry and the public sector. Associate Professor Winston Koh is recipient of the 2003 Lee Kuan Yew Fellowship for Excellence in Research. He was previously an investment banker at J.P. Morgan and has consulted widely for government agencies. He received his PhD in Economics from Princeton University and specializes in economics of information, financial economics, industrial organization, microeconomic theory. Professor Augustine Tan was formerly a Member of Singapore’s Parliament for 21 years, a former Political Secretary to the then Prime Minister Lee Kuan Yew, and has served as Chairman of the Parliamentary Committee on Finance, Trade and Industry. A Stanford PhD holder, his area of expertise is in international trade and finance. Associate Professor Hoon Hian Teck has contributed many opinion pieces to The Business Times on pressing issues confronting the Singapore economy. He was awarded a Fulbright Research Scholarship in 2001 and is a recipient of the 2002 Lee Kuan Yew Fellowship for Excellence in Research. He obtained his PhD from Columbia University and specializes in international trade, macroeconomics and economic growth. Associate Professor Phang Sock Yong is presently a member of the Competition Commission of Singapore, and has previously served on the Board of the Land Transport Authority and the Urban Redevelopment Authority. A Harvard PhD holder, her area of expertise is in housing and transport economics and policy.

The CVs of the authors can be found here.

The book will be retailing in major bookstores.