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"Even after achieving the status of a developed economy, many economies face other challenges which may include economic stagnation and income inequality. The book looks at how a mature economy can continue to weather challenges and how the growth of living standards will depend on productivity growth through Singapore's experience. After Singapore's rapid economic transformation, the nation is at its crossroads. The book explains how productivity growth in turn depends on technological diffusion from abroad as well as indigenous innovation. It also examines how the design of policy to develop indigenous innovation to promote economic dynamism may come with creative destruction and disruptive effects on jobs and wages. The Singapore Economy provides insight into how we can maintain social cohesion and establish a political equilibrium that embraces the new sources of growth through policy formulation for economic inclusion"--

Economic development --- Income distribution

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This book charts the fall of productivity growth and the rise of inequality within global economies and societies. Set out through a series of economic models, the impacts of falling rates of productivity growth, particularly in the USA, are examined in relation to lowering interest rates, the lifting of the stock market, and an increasingly unequal distribution of wealth. The economic impact of COVID-19, including the increased tendency to work from home and renewed public debt pressures, are contextualised within broader issues of wage suppression and discontent within the labor force to highlight how average workers have been left behind. The rise of China and the geopolitical tensions that it has created is also discussed. This book sets out the macro and microeconomic innovations that can create a revival in productivity growth in the coming years. It will be relevant to students and researchers interested in global economic trends and the political economy. Edmund Phelps, the 2006 Nobel Laureate in Economics, is McVickar Professor Emeritus of Political Economy and founding Director of the Center on Capitalism and Society at Columbia University. He is author of Rewarding Work, Mass Flourishing, and My Journeys in Economic Theory. Hian Teck Hoon is Professor of Economics at the Singapore Management University. He specialises in macroeconomics, international trade, and economic growth. Gylfi Zoega is Professor of Economics at the University of Iceland and (part-time) at Birkbeck College, London. His research is focused on saving, financial stability, and economic growth. .

International economic relations. --- Economics. --- International economic integration. --- Globalization. --- International Economics. --- Political Economy and Economic Systems. --- Economic Aspects of Globalization. --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- Economic sanctions

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The past three and a half decades witnessed a distinctly declining trend in Singapore's unemployment rate, which dropped from an average annual rate of 7.85 percent in 1966-70 to 2.74 percent in 1991-2000. Kee and Hoon seek to identify and empirically examine the factors that have influenced Singapore's unemployment rate in an environment of low and stable inflation. They incorporate a union bargaining framework into a standard-factors trade model, in which an increase in the relative price or capital stock in the export sector raises the demand wage that firms can afford to pay relative to workers' fall-back income, and consequently lowers equilibrium unemployment. The magnitude of the effects depends on the fall-back income, the weight unions attach to employment, and the elasticity of labor demand, which the authors estimate using data on Singapore. The results show that labor unions in Singapore care more about employment than wages. Together with a small fall-back income and elastic labor demand, the authors show that given the same percentage change in relative export prices and capital accumulation in the export sector, the effect on unemployment is larger for the former. However, the empirical importance of capital accumulation in the export sector dominates increases in relative export prices in reducing unemployment since the manufacturing sector experienced a tremendous increase in capital inputs throughout the sample period, whereas the relative price of exports experienced a far smaller increase and only in the early part of the sample period. The authors conclude that through a very open trading regime, the tremendous increase in capital stock of the exporting sector has been the main reason behind Singapore's declining unemployment rate. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to study the effect of trade on growth.

Economic history.

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Economic utility --- Methodology of economics --- Argent (monnaie) --- Business cycles --- Chômage --- Commercial crises --- Conjoncture économique --- Conjunctuur --- Crises (commercial) --- Crises économiques --- Crisissen (Economie) --- Cycles économiques --- Depressies (Economie) --- Depressions --- Economic cycles --- Economic depressions --- Economic fluctuations --- Economisch evenwicht --- Economische crisissen --- Equilibre (Economie) --- Equilibre économique --- Equilibrium (Economics) --- Evenwicht (Economie) --- Geld --- Interest rates --- Joblessness --- Money --- Rate of interest --- Rentevoeten --- Taux d'intérêt --- Unemployment --- Werkloosheid --- Interest --- Equilibre (Economie politique) --- Intérêt (Economie) --- Monnaie --- Business cycles. --- Depressions. --- Money. --- 331.56 --- 338.12 --- #ECO:01.02:economie theorie geschiedenis denken --- 330.362 --- conjoncture --- theories economiques --- chomage --- taux d'interet --- monnaie --- AA / International- internationaal --- 331.030 --- 331.00 --- 305.96 --- 330.3 --- 330.01 --- 338.542 --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Interest and usury --- Finance charges --- Income --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economics --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Crises, Commercial --- Recessions --- Cycles --- Financial crises --- Werkloosheid. Arbeidsreserve --- Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- conjunctuur --- economische theorieen --- werkloosheid --- rentevoeten --- geld --- Conjunctuurschommelingen: algemeenheden. --- Economische bewegingen: algemeenheden. --- Macro-economisch model van een of verschillende landen. --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Theorie van het economisch evenwicht. --- Interest. --- Unemployment. --- Equilibrium (Economics). --- 338.12 Conjunctuurbewegingen. Economische fluctuatie. Investeringscycli. Conjunctuuranalyse. Conjunctuuronderzoek. Conjunctuurprognoses --- 331.56 Werkloosheid. Arbeidsreserve --- Cycles économiques --- Crises économiques --- Intérêt (Economie) --- Chômage --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Macro-economisch model van een of verschillende landen --- Theorie van het economisch evenwicht --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Economische bewegingen: algemeenheden --- Conjunctuurschommelingen: algemeenheden --- Cycles économiques. --- Crises économiques. --- Équilibre (économie politique) --- Chômage. --- Intérêt (économie politique) --- Cycles économiques. --- Crises économiques. --- Équilibre (économie politique) --- Chômage. --- Intérêt (économie politique)

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Nobel Laureate Edmund Phelps argues that the high level of innovation in the West was not a result of scientific discoveries plus entrepreneurship. Rather, modern values--particularly the individualism and self-expression prevailing among the people--fueled the dynamism needed for widespread innovation.

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