Need to pursue compassionate policies and still be competitive
By Pearl Lee, The Straits Times, 8 Nov 2014
By Pearl Lee, The Straits Times, 8 Nov 2014
Speaking at a gala dinner to celebrate the 80th anniversary of the National University of Singapore's (NUS) economics department, Mr Goh said the social sciences will help the country look beyond gross domestic product and boost the holistic well-being of individuals and community.
There is a shift towards "an aspirational economy", or one that supports intangible goals such as family relationships, work-life balance, health, a sense of community and a network of friends, he told about 300 academics, alumni and students.
"An aspirational economy assures us of our basic needs and material comforts and, at the same time, continuously generates growth and opportunities which enable us to pursue our higher-order aspirations," said Mr Goh.
Such an economy sets the stage for social science research to make a big impact, he said, as it will allow Singapore to remain competitive while pursuing compassionate policies. Mr Goh also called for social science researchers to take note of local realities. For instance, economics researchers should work on empirical questions relevant to Singapore, rather than esoteric ones or abstract concepts.
This point was also brought up by Professor Julian Wright, who heads the economics department. "It is critical that what we teach is differentiated, locally relevant, and more interactive," he said.
This point was also brought up by Professor Julian Wright, who heads the economics department. "It is critical that what we teach is differentiated, locally relevant, and more interactive," he said.
Some changes are in place for the economics department.
From next year, economics honours students will for the first time be able to specialise in a topic, in areas such as quantitative economics or financial and monetary economics.
The department will also introduce a compulsory module where award-winning lecturers from different fields are invited to address real-world economic questions.
At the event at National University of Singapore Society Kent Ridge Guild House last night, Mr Goh also launched a student-led economics mentorship programme, a collaboration between the NUS Economics Alumni and NUS Economics Society. Current economics students can learn from and be mentored by graduates of the course.
Mr Tan Tai Kiat, an economics department alumnus who started the programme, said: "Looking back on my student days, I think I would have appreciated such guidance."
Second-year economics student Pius Tan, 22, landed an internship at an oil and gas company last year through people he met from the scheme. "It allows us to build up a professional network," he said.
Singapore's economy must 'evolve' to support higher order aspirations: ESM Goh
By Wong Siew Ying, Channel NewsAsia, 8 Nov 2014
By Wong Siew Ying, Channel NewsAsia, 8 Nov 2014
Emeritus Senior Minister (ESM) Goh Chok Tong has said that the Republic has a distinguished past but the economy must evolve to support higher order aspirations.
He was speaking at the 80th anniversary dinner of the Economics Department at the National University of Singapore on Friday (Nov 7). The dinner was attended by some 300 academics, alumni and students.
According to Mr Goh, an aspirational economy is one that assures Singaporeans of basic needs and material comforts, while at the same time, generates growth and opportunities to enable them to pursue higher aspirations.
In addition to income and wealth, other factors clearly matter to Singaporeans' sense of emotional well-being and life satisfaction, Mr Goh added. These include solid family relationships, good work-life balance, good health, a sense of community, a strong network of friends, participation in arts and sports, volunteerism and contribution to charity.
"An aspirational economy will still need to remain competitive. This requires a qualitative shift in our skills and mindsets. It innovates and creates to push boundaries of productivity and competitiveness, and open up new areas of opportunity,” Mr Goh said.
“It embraces setbacks as an essential ingredient for eventual success, it encourages critical debate and exchange of ideas. And it values and nurtures local talent, while staying open to foreign talent. To prepare for such a future, we must stay teachable, so that we can constantly adapt and contribute,” he added.
LIFE SKILLS JUST AS IMPORTANT AS HARD SKILLS
Mr Goh noted that an aspirational economy is not just about hard skills. He said: "We will also need to hone our life skills and instincts. It is not sufficient to have just brainy people in an aspirational economy; we also need people who can build, manage, sell and serve.”
Mr Goh said the SkillsFuture Council will oversee continual learning and training efforts to ensure that people have the skills and mindsets to thrive in the aspirational economy.
But besides staying competitive, an aspirational economy should also foster empathy and compassion. Mr Goh said more can be done to instil "compassionate meritocracy as the cornerstone of Singapore".
BALANCING THE YIN AND YANG OF AN ASPIRATIONAL ECONOMY
He added that the Government's "new way forward" for Singapore balances the yin and yang of an aspirational economy.
Other than tackling economic issues, it also focuses on ensuring inclusive growth through programmes like WorkFare and the Progressive Wage Model for cleaners and security guards.
The Government has also committed resources to schemes like the Pioneer Generation Package and MediShield Life. Mr Goh said Singaporeans are also doing a lot more for each other as volunteerism has almost doubled in the past decade.
"Compassion and competition are the yin and yang of an aspirational economy. Individual drive and team competitiveness enable Singapore to grow and prosper but compassion breathes soul into our economic machinery and tempers the individualistic nature of meritocratic competition. It gives meaning to our economic pursuits and our lives,” he said.
"Compassion and competition are the yin and yang of an aspirational economy. Individual drive and team competitiveness enable Singapore to grow and prosper but compassion breathes soul into our economic machinery and tempers the individualistic nature of meritocratic competition. It gives meaning to our economic pursuits and our lives,” he said.
Last year, the Government dedicated close to half - or 7 per cent of GDP - of its total spending, including special transfers, on social needs.
Mr Goh added that social sciences can play a bigger role in advancing Singapore as an aspirational economy. The Government is considering how to make a bigger push in the area of social sciences research that can yield dividends for Singapore. To this end, he said the Government will need to engage academia more to initiate joint research projects, fund research and share data.
Mr Goh said: "The bottom line is that we need to produce more local social science researchers who will put in the effort to understand our own circumstances, conduct applied research and offer possible policy solutions."
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