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Singapore's transition to innovation‐based economic growth: infrastructure, institutions and government's role
Author(s) -
Koh Winston T. H.
Publication year - 2006
Publication title -
randd management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.253
H-Index - 102
eISSN - 1467-9310
pISSN - 0033-6807
DOI - 10.1111/j.1467-9310.2006.00422.x
Subject(s) - incentive , government (linguistics) , frontier , entrepreneurship , innovation economics , technological change , business , economic system , economics , industrial organization , market economy , political science , finance , linguistics , philosophy , law , macroeconomics
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.