A policy maker technically is an "armchair economist". And the writers are members of the Economic Society of Singapore.
Except the writers have never tried to implement their 'suggestions'. Its like a newly graduated straight-As student try to teach a working professional in the field.
I think everyone already know what the problem is, even the government (I doubt they are THAT stupid). The question is how to solve it and how to implement it well.
Like I said, just put those economists in the government, and we'll see how they fare.
Honestly, you have no bloody idea what you are talking about. The problem with the Singapore policy making establishment is that it is closeted and does not engage in vigorous public debate and is clearly suffering from a lack of imagination when they think "more of the same might work".
How people can hope for a "Swiss standard of living" when the country's economy is not even close to a "Swiss standard" is beyond me. Yet more disconnects in the Singaporean mindset.
GCT was too arrogant to say that. Switzerland have more land than Singapore. And at the height of Swiss francs, even the Swiss buy their groceries from neighboring Germany and France. Buyer and store owners suffer alike.
I think the main problem is property prices, which translates to higher cost for almost everything else. To be honest, given all else being equal, even innovation and productivity will go to wherever price is cheaper.
Moreover, we can't realistically expect everyone to be researcher. Some want to be musicians, or a chef.. etc.. we are not robots.
Now.. if only the government can deflate the property prices without sparking outrage.. or economic catastrophy
And the other thing is, every economy will go through boom and bust... if it hasn't... well.....