Economic Growth and Social Equity in Singapore: A Managerial Perspective

Abstract

This paper provides a managerial perspective to economic growth and social equity in Singapore, and attempts to demonstrate the workings of two managerial principles. Economic growth is necessary if the welfare of society as a whole and of individuals within it, is to improve. Social equity is necessary, not only to gain the co-operation of every one within society, but also to ensure that everyone benefits from eco nomic growth. These statements remind us of Frederick Taylor's ideas of Scientific Management.1 Indeed, Singapore's current preoccu pation with its so-called Second Industrial Revolution, which emphasizes higher productivity through higher technology as well as the co-operation of management and workers in a team, is effectively an enunciation of Taylor's ideas. Implied in the twin goals of economic growth and social equity is the managerial principle of satisficing, to borrow H.A. Simon's2 term. Economic growth is necessary to pay for the better welfare needed to satisfy the people with social equity. In other words, economic growth provides society with the means for increasing social equity.