For nearly four decades, leaders in government and business have relied on the concept of VUCA — Volatility, Uncertainty, Complexity, and Ambiguity — to navigate a turbulent world. VUCA 1.0 captured the disruptive forces of globalisation, financial crises, geopolitical realignments, and technological change. Its prescription for leadership was fundamentally pragmatic and grounded in the physical world. Resilience required disciplined resource allocation, diversified supply chains, institutional credibility, and prudent risk management.

Amid global uncertainty, experts question if Singapore's "status quo" budget does enough to tackle inequality, AI disruption, and the pressures families feel. In what has become an annual event, the Social Inclusion Project (SIP) at the Lee Kuan Yew School of Public Policy (LKYSPP), held a panel discussion on February 13 to dissect Singapore’s 2026 budget from the perspective of building a stronger and more inclusive society.

Recognised as a leading international financial hub, Singapore boasts deep capital markets, a dense banking network, and one of the world’s most developed defined-contribution pension systems. Yet sophistication at the national level does not always translate into optimal decisions at the household level.

Professor William Michael Hanemann is one the world’s preeminent scholars on water economics, climate change impacts, and the policy implications of both. He designed the water rates for Los Angeles California that have been used successfully for 25 years and has consulted state and federal water agencies. His lecture, “The Limits to (Conventional) Economics as a Guide to Managing Water,” part of the Lim Tiam Seng Lecture Series, was well attended by an alert and engaged audience.