Some how or rather, the regime has some of the populace fixated
on the point that "if there is no LKY there will be no Singapore",
Hong Kong with the same deficient resources with no LKY ended up
better than Singapore. 
Seriously, Singapore would have ended up more or less the same
if it had stick with the British system. Singapore's success is the
result of her geographic position and her demographics, the results
would have been the same if any above average government took over
in the 1960s.
I think LKY did much harm to the local economy in the long term
rather than good, especially in the area of housing, where public
housing is provided for the majority of the population. This shifts
the balance of capital towards the government crowding out the
capital for the private sector. No capital in the private hands,
hence where does the multiplier come in. It is a well known fact
that centrally planned economies can't make accurate production
schedules, so how will a centrally planned government make proper
investment decisions.
True, the inhibit of diversity by centrally planned system. Lab
controlled.