Yue Chim Richard Wong 王于漸
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Divorce, Remarriage, and Long-Term Housing Strategy

By admin On 2013/10/30 · Add Comment · 92,252 views
(This essay was published in Hong Kong Economic Journal on 30 October 2013)A housing strategy is not merely about how many housing units to build. It is also about what kind of society we will be encouraging through policies that influence household allocation choices. . . . . Errors in forecasting demand can be easily remedied. Errors in policy will haunt many future generations.
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Coase on Controlling Light Pollution and Preserving Country Parks

By YueChim Richard On 2013/10/23 · Add Comment · 12,078 views
(This essay was published in Hong Kong Economic Journal on 23 October 2013) Land is the next most valuable resource in Hong Kong after its people. The idea of rigidly designating some 40% of the land in Hong Kong for conservation that disallows any other form of development . . . . is a totalitarian act of heinous proportions. . . . . Individuals cannot compete against the tyrannies of organized political groups when political processes determine the use of public land.
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Education, Divorce, and Household Income Inequality in Hong Kong

By admin On 2013/10/16 · Add Comment · 11,057 views
(This essay was published in Hong Kong Economic Journal on 16 October 2013) Education is the most important determinant of income dispersion among individuals and indirectly among households. Government policy should place human capital investment at the center of its policy strategy to reduce poverty and enhance intergenerational mobility. . . . . Investing in the children of poor and broken families is the best policy to reduce long-term income inequality.
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Education and Income Inequality in Hong Kong

By YueChim Richard On 2013/10/09 · Add Comment · 17,872 views
(This essay was published in Hong Kong Economic Journal on 9 October 2013) Increase in individual income dispersion is foremost affected by education. Other factors contribute, too, but none as significantly as education. Education policy therefore must be at the centre of efforts to tackle the rising inequality in individual incomes.
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Understanding Differential Growth Rates in Singapore and Hong Kong: Role of Policy and Human Capital

By YueChim Richard On 2013/10/02 · Add Comment · 8,440 views
(This essay was published in Hong Kong Economic Journal on 2 October 2013) The crucial driver of differential growth rates between Hong Kong and Singapore – two of the freest market economies in the world – is differential growth rates in human capital. . . . . you cannot achieve growth and productivity increases if you do not invest in capital. . . . . . . . . Hong Kong must not lose any more time in getting its act together on human capital.
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Reflections on School Subventions – St. Stephen’s Girls’ College and the English Schools Foundation

By YueChim Richard On 2013/09/25 · Add Comment · 15,948 views
(This essay was published in Hong Kong Economic Journal on 25 September 2013) The introduction of the Direct Subsidy Scheme is like “one country two systems.” Schools in that scheme operates under a market regulated system, while those not in the scheme operate under a government regulated system. The two systems will unavoidably interfere with each other. Some critics of the Direct Subsidy Scheme claim the schools essentially serve those clients who want and can afford an expensive education and that for this reason the schools should become fully private and not receive government subsidies. . . . . They only appear to be a subsidy to the schools because they are granted to them in the first instance, but the true ultimate beneficiaries are the students. Under a “schooling voucher scheme” the illusion that the schools are the recipients of the subsidies disappears.
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Poverty, Intergenerational Social Mobility and Human Capital Investment

By YueChim Richard On 2013/09/18 · Add Comment · 12,307 views
(This essay was published in Hong Kong Economic Journal on 18 September 2013) Policy interventions that are focused on keeping families together and supporting them appear to be crucial for helping children develop cognitive skills in early childhood. Programs targeted at enhancing learning opportunities for more deprived children are important for keeping them on the human capital investment trajectory. . . . . policy interventions to mitigate against the adverse effects of lesser “opportunity” on human capital investments must start at an early age.
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Poverty, Inequality, Intergenerational Mobility, and Capital Market Imperfections

By YueChim Richard On 2013/09/11 · Add Comment · 9,486 views
(This essay was published in Hong Kong Economic Journal on 11 September 2013) First, learn the lesson that market driven economic growth and globalization are the primary policy tools for alleviating poverty. One has to open up the economy and embrace the market. Growth will lift a lot of poor people out of poverty as has been demonstrated by the Chinese economic miracle in the past 30 years. . . . .enhance broad based public investment in human capital, which will be beneficial for economic growth and reduce poverty.
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Why Do White Form HOS Secondary Market Units Sell at Market Prices?

By YueChim Richard On 2013/09/04 · Add Comment · 78,709 views
(This essay was published in Hong Kong Economic Journal on 4 September 2013) the government can do better to consider more deregulation. First it can remove the cap of 5000 White Form applicants. Second, it can devise a new method for setting the unpaid land premium on HOS and TPS units with a view to lowering it significantly. Third, it can revive the TPS program that was halted in the year 2000 and increase the available supply of units in the HOS secondary market.
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My Romance with the University of Chicago

By YueChim Richard On 2013/07/31 · 2 Comments · 86,181 views
(This essay was published in Hong Kong Economic Journal on 31 July 2013) Chicago has been an amazing place for me. John D. Rockefeller once said the best investment he ever made was in the University of Chicago. I have to say so was mine. Like so many things in life it was a chance investment and my life was transformed.
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China’s Path to Modernization: Barrington Moore and Beyond

By YueChim Richard On 2013/06/25 · 1 Comment · 90,539 views
(This essay was published in Hong Kong Economic Journal on 25 June 2013) The Chinese Communist Party succeeded in ending the old rural order that had been a drag on modernization. The first phase was the “destruction” phase. . . . . The economic miracle created by the partial deregulation initiated by the ruling party made it possible for China to continue the second phase of its modernization. . . . . The path forward may still be challenging, but it cannot be more painful than what the nation endured in the century before Deng opened China. Reading Moore again last year has made me feel more optimistic about China’s long, tortuous and difficult march towards economic prosperity and political inclusiveness.
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Barrington Moore on Why Communism Triumphed in China

By YueChim Richard On 2013/06/19 · 1 Comment · 18,565 views
(This essay was published in Hong Kong Economic Journal on 19 June 2013) When the Communists captured power in 1949, . . . . the old order that had held back economic modernity was finally exploded. Mao Zedong made history by bringing the social revolution to the Chinese peasant. He turned China on its head, reversed Shang Yang’s changes, reconstituted traditional Chinese society, and swept away the obstacles holding back Chinese modernization. The peasants in turn became the main driving force behind the victory of the Communist Party.
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Lord and Peasant in the Making of the Chinese Revolution

By YueChim Richard On 2013/06/12 · Add Comment · 10,576 views
(This essay was published in Hong Kong Economic Journal on 12 June 2013) The Chinese Revolution, which had started in 1911 as a nationalist revolution to overthrow imperial rule and to install a republic ended in a social revolution to eliminate the landlord class. It had ended not only imperial rule, but overthrew more than 2000 years of partnership between private landlords and central bureaucracy. The strong resistance put up by the landlord class required an even stronger power to overcome that resistance. Dictatorship is thus born. The private ownership of agricultural land was replaced with the commune system, which is of course similar to the “well-field” system Shang Yang had abolished 2300 years earlier.
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Barrington Moore on Dictatorship and Democracy

By YueChim Richard On 2013/06/05 · Add Comment · 17,841 views
(This essay was published in Hong Kong Economic Journal on 5 June 2013) The process of becoming a democratic society cannot be “dictated” by one democratic government to a non-democratic government. A number of favorable conditions are necessary for a democracy to occur and, most importantly, to sustain.
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Economic Thoughts on Poverty Alleviation (Part 2)

By YueChim Richard On 2013/05/29 · Add Comment · 6,148 views
(This essay was published in Hong Kong Economic Journal on 29 May 2013) The negative income tax scheme is intended to tackle this problem head on as the first line of attack. Its effects are immediate and it makes a clear political statement on behalf of government. . . . . Organizations that perform well in the “third sector” are those that are able to help their clients. These are likely to be specialized and possess the requisite expertise. Passion counts, but being professional matters, too. System and organizational attributes like transparency, open competition and good corporate governance would create a thriving “third sector” upon which social goals like long-term poverty alleviation will have a better chance of success.
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