Singapore's transition to innovation-based economic growth: infrastructure, institutions and government's role
Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and institutions to develop innovation capabilities and encourage entrepreneurship.
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Document Type: Research Article
Affiliations: School of Economics and Social Sciences, Singapore Management University, 90 Stamford Road, Singapore 178903, Singapore , Email: [email protected]
Publication date: 2006-03-01