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Should Singapore set up the equivalents of Nobel Prizes to encourage innovations and inventions?
http://www.sverigetu rism.se/smorgasbord/ smorgasbord/industry /inventions/ Given the huge incentives and prestige of the Nobel Prizes which greatly enhanced the incentives to risk , innovates and invent. It will generate massive ideas and later leads to success? At the present moment, Singapore is facing yet another recesssion. In the earlier days, Singapore succeed due to low cost in manufacturing. Now China and India have a huge, cheap and well educated workforce. It is difficult for Singapore to compete with them in regards to cheap manufacturing costs and labour. As of the present moment, Singapore is heavily dependent on cheap foreign labour. This will further may create more social unrest, widen income gap and give Singapore a cheap image. Scandinavia countries have some of the highest standard of living in the world. Should our country learn from them? Their population is small but developed many innovations and inventions; have world class companies like Ikea, Lego , Nokis & Volvo etc. Th
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