[-AI-3.5]What are Singaporean economists thinking? They believe that the decline in productivity is the cause of Japan’s economic issues

Abstract

生産性は経済発展に不可欠であると、多くの場合言及されています。しかし、生産性だけでなく、創造性も同様に重要です。新しい製品やサービスが開発され、市場が開拓されるのは、創造力によってのみ可能です。新しいアイデアを受け入れる社会的環境を整えることは、必要不可欠です。シンガポールの成功例も参考にしながら、日本も創造性に投資し、失われた２０年の期間を乗り切り、経済成長を促進する必要があります。

Table of contents

• Introduction
• Is productivity essential for economic development?
• Things necessary to enhance creativity
• The current situation in Japan
• Singapore’s model that emphasizes creativity
• Conclusion

-- CAUTION

[Text]This blog is purely generated by Cohesive.ai

Introduction

I would like to explore productivity, which is important for economic development. With ’productivity’ as the keyword, I will delve into the relationship between productivity and creativity, the differences between Japan and Singapore, and what is necessary to enhance creativity. The theme of this blog is that prioritising productivity is key to economic development.

Is productivity essential for economic development?

As an essential element of economic development, productivity is often cited. Indeed, countries and companies with high productivity tend to have high competitiveness and success. However, productivity alone is not necessary for economic development.

Limits to economic growth due to productivity

Growth through productivity is only possible to a certain extent, as productivity is based on productivity per unit time, which cannot be extended beyond a certain point. Moreover, growth through productivity often relies on mass production, which can lead to stagnation when limits are reached.

The role of creativity

On the other hand, creativity holds infinite potential compared to productivity. It is through creativity that new products and services can be developed and markets can be opened. For instance, smartphones and SNS were not just results of improved existing technology but were born from innovative ideas.

Singapore’s economic development and creativity

Singapore’s rapid economic growth is the result of emphasis not only on productivity but also on creativity. Singapore has actively introduced policies to stimulate creativity and promote the development of the region’s creative industries by promoting art and culture. Through such policies and measures, Singapore has opened up new markets and encouraged the creativity of human resources.

In conclusion, while productivity is an important element for economic development, it alone cannot achieve economic growth. Creativity holds the key to future economic development. Based on the example of Singapore, countries and companies that value creativity are expected to become more competitive in the world to come.

What is necessary for enhancing creativity?

Japan also needs to enhance creativity. Educational reforms are essential. It is important to cultivate creative thinking among children in education. Additionally, an environment that fosters new ideas and social acceptance of those ideas is necessary.

Japan’s current situation

In Japan, which is facing a current situation of declining productivity, there are many discussions being held. The Japanese government has introduced various policies for improving productivity over the years, but these efforts have not yielded any results. There is now the infamous lost 20 years period in Japan. In such circumstances, the Japanese government needs to seek new methods for economic growth that do not rely on productivity. The failure of productivity improvement policies is caused by the government’s excessive injection of financial subsidies. Large companies are expected to employ more workers, and the government provides financial subsidies for this achievement. However, many of these subsidies ultimately end up being returned to large companies, and as a result, small and medium-sized enterprises continue to hire and dismiss employees, productivity declines, and the Japanese economy stagnates. I believe that the best option for Japan is to invest heavily in creativity. Many of Japan’s young people are moving to other countries where there are attractive jobs and more opportunities to utilise their creativity. The Japanese government needs to invest more to bring out the creativity of young people. This will revitalise existing industries, create new ones, and revive the Japanese economy.

Singapore’s model that emphasizes creativity

Singapore has achieved economic growth not only through efficiency, but also by placing a strong emphasis on creativity. We focus on investing in innovation, cultivating creativity in our workforce, and actively attracting talent from overseas.

The Singaporean government is actively investing in innovation, as well as education and vocational training to develop our workforce. We also have an active approach to attracting foreign talent, utilising their specialised knowledge and skills to contribute to the development of better innovation and business.

By integrating all of these elements, Singapore has developed a practical approach that has gained global recognition as a successful economic nation. The emphasis on creativity, as well as economic growth, is the key to Singapore’s success.

While Japan approaches these issues differently, with a focus on productivity, there are concerns about the lack of investment in creativity. Like Singapore, Japan needs to invest more in innovation and workforce development.

Singapore’s model, which places a strong emphasis on creativity, can promote economic growth and bring prosperity to society as a whole. Japan should take note of Singapore’s success model and aim for economic growth through creativity.

Conclusion

It has been found that the relationship between creativity and the economy is more important than productivity. Singapore’s economic development model includes investment in innovation to enhance creativity, reform of the education system, and attraction of talent focused on fostering creativity. Japan also needs to focus on creativity.