2. Speeches
Mr Ravi Menon at the Singapore Economic Policy Forum, 22 Oct 2010
22 October 2010
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OPENING ADDRESS “MARKETS AND GOVERNMENT: STRIKING A BALANCE IN SINGAPORE” BY MR RAVI MENON, PERMANENT SECRETARY, MINISTRY OF TRADE & INDUSTRY, AT THE SINGAPORE ECONOMIC POLICY FORUM AT GRAND HYATT, SINGAPORE ON FRIDAY, 22 OCTOBER 2010, 0915 HRS
Economic policy is at an inflexion point. The financial crisis of 2008-2009 has altered the way we perceive the free market.
The idea that competitive markets are sufficient to ensure efficient outcomes and stable economies is under heavy intellectual fire. Barry Eichengreen says the crisis has "cast into doubt much of what we thought we knew about economics"
Paul Krugman says that much of the past 30 years of macroeconomics was “spectacularly useless at best, and positively harmful at worst”
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