PAP: The problem with technocrats

In Political governance on 19/07/2015 at 4:39 am

No, the problem with technocrats is not that they are only good for sticking leech-like onto to their jobs despite being incompetent: Think Lim Hng Khiang, Desmond Kwek and the fatty at NOL*.

The problem with technocrats, especially when it comes to economics, is that there is no “right” answer on which all experts agree. There are also political consequences to technocratic decisions. QE, for example, by boosting asset prices has helped the very wealthiest, who own most of the assets. Bailout programmes are perceived to help banks, a deeply unpopular result, even though the Greek crisis has shown what happens to the economy when the banks are too weak to open.

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*The performance of NOL’s CEO (scholar, SAF general, Temasek MD) tells the truth about “intelligence” PAP style: it doesn’t work in the real world, only in S’pore.

However, if Temasek succeeds in selling NOL, the new owners are likely bring in their own management team, resulting in the loss of jobs for current NOL CEO LG (NS) Ng Yat Chung and his team at NOL. Temasek may then need to find new GLCs for LG (NS) Ng and his team to helm.

  1. All economic decisions have trade-offs – there is no win-win situations as the PAP would have it. Some trade-offs are small, some very big. Many decisions have very long tails, i.e. consequences are not apparent until much later.

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