Singapore and India

Atanu Dey was in Singapore recently and compares it with India:

Comparing Singapore to India from an Indians perspective is depressing: how did we – given all the advantages we had in 1950 compared to Singapore – squander it all and end up being a poor misgoverned over-populated country? That is the depressing bit.

There are lessons by the score that one can learn from the Singapore experiment; lessons that could be arrived at through simple logical reasoning in the abstract but made all the more compelling to see it actually work out in practice. The fundamental lesson to my mind is this: policies well thought out, rigorously implemented, and single-mindedly enforced have the power to transform.

Information Value

David Wessel writes in the WSJ:

Most of the time, speedier, cheaper information allows the economy to produce more from less, often by eliminating mistakes, cutting wasted effort and shrinking doubt. Uncertainty is costly. Information is the antidote to uncertainty, as Harvard psychologist Donald Cox put it 40 years ago.

Thirty years ago, Mr. Arrow said the fundamental problem for companies trying to get and use information for profit was “the limitation on the ability of any individual to process information.” Computers remove that limit, and force society to wrestle with practical issues that seemed only theoretical a generation ago.