Lord Adair Turner, former chairman of the UK Financial Service Authority, opined at an economic policy forum co-organised by SMU and the Economic Society of Singapore that although rapid technological advancements have generated continued economic growth, they have also widened the rich-poor gap. This is because technological developments lead to a “winners take all” situation, where the bulk of economic gains are enjoyed by individuals and companies at the forefront of these advancements. Developed countries should thus focus on maintaining steady growth and tackling the widening income gap, so as to help those left behind.
(Picture: Lord Adair Turner, Senior Fellow, Institute for New Economic Thinking (INET).)