The word "talent" has been mis-used in Singapore. Through the influence of our leaders, many people believe that "talent" is needed to create wealth and jobs. It has also been mis-used to justify attracting "foreign talents" to work and be citizens in Singapore on more attractive terms than those given to locals, e.g. exemption from national service.
"Talent" is not a magic wand. Most wealth and jobs are actually created by honest and diligent work and not be "talent". We need well trained and competent people in all types of occupations; they do not need to be described as "talent".
During the past two decades, the highest earnings are taken by "talents" in the financial sector, i.e. the people who were supposed to create wealth through wealth management and innovation in financial products.
We now learn that this is false wealth that was created through taking high risks, excessive leverage and building asset bubbles. It caused the collapse of the global financial system and had to be bailed out by trillions of public funds. Can "talent" be equated to the ability to take big gambles at somebody else's expense?
There are truly some good examples of talented people who build big businesses around the world, e.g. the founders of Microsoft, Google, Apple, AliBaba, Virgin, Nokia. However, most of them build their success through hard work and access to large markets in America, Europe or China. It will be difficult for these businesses to be built from a small market base, like Singapore.
We should not have "talents" to create asset bubbles and cream off the profit, leaving the high cost to be borne by our future generations. Let us avoid using the word "talent" to describe the creators of false wealth.
Tan Kin Lian
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