Yue Chim Richard Wong 王于漸
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On the Origins of Deep Contradictions (Part II)

By YueChim Richard On 2012/05/04 · Add Comment · 76,825 views
The “dual integration” has created deep contradictions in how Hong Kong. Given the enormous size of China’s economy, adjustment in Hong Kong means primarily accommodating China’s market demands and supporting her continued integration into the world economy. This requires an unending process of institutional innovation to manage and regulate market imbalances in all spheres of life. This is a new experience and challenge for Hong Kong.
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On the Origins of Deep Contradictions (Part I)

By YueChim Richard On 2012/04/25 · Add Comment · 3,817 views
The diagnosis that Hong Kong has deep contradictions that need to be addressed was first put forward by Premier Wen Jiabao . . . . These five elaborations are in actuality prescribed solutions for Hong Kong’s deep contradictions. They are things to do. . . . . In my essays this week and next, I attempt to construct a conceptual framework of these deep contradictions based on a broad analysis of their manifestations using specific examples.
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Education for Equality and Growth

By YueChim Richard On 2012/04/18 · Add Comment · 6,215 views
On both normative grounds and to reduce political divisiveness, there is a strong case to be made for arresting growing income inequality and alleviating poverty. But what is sorely missing in policy discussions is the crucial positive analysis to tackle the deep causes of this rising inequality that is best described as a race between technology and education. Investing in education is not only essential for reducing income inequality, it is also crucial for promoting economic growth.
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The ABC Guide to Political Economy

By YueChim Richard On 2012/04/12 · Add Comment · 3,810 views
At the end of the day politics is mostly about narrow interests. Unfortunately economics teaches us that this is not just a petty nuisance to be dismissed. It is the stuff that can bring down civilizations.
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Core Values, Functional Constituencies and the Democratic Principle

By YueChim Richard On 2012/04/04 · Add Comment · 46,819 views
An approach worth exploring is to grant each qualified resident in Hong Kong two votes. One vote would be cast through geographic constituencies and the other through functional constituencies. Voters would choose which functional constituency they wish to belong to for their second vote.
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Economic Competition and Structural Change

By YueChim Richard On 2012/03/28 · Add Comment · 5,795 views
Given the important role of intermediate services in the promoting productivity and international competitiveness, and its diversified and dispersed nature in the economy, the economic role of the government should only be to provide infrastructure for innovation, invest in human capital formation, maintain a stable and transparent business environment, deregulate professions and occupations to lower the barriers of entry, and to open up markets outside Hong Kong.
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On the Creative and Innovative Economy

By YueChim Richard On 2012/03/21 · Add Comment · 3,692 views
Hong Kong’s long-term economic growth depends critically on the creativity and innovation of its people. A deep and difficult economic problem is how to configure our institutions so that we are able to discover better “ideas” by setting a high price to encourage research, and at the same time provide appropriate incentives to transform these “ideas” into “things”, i.e. setting a low price to encourage use of the “ideas”.
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Why is Housing so Expensive?

By YueChim Richard On 2012/03/14 · Add Comment · 12,406 views
. . . . new Town Planning Ordinance increased the regulation tax permanently. Land value at the “intensive margin” continued to rise as supply failed to catch up because of various planning and control rigidities. The concentration of the property development market is also the result of these rigidities rather than its cause. Addressing these issues entail tackling bureaucratic inertia, divided interests, and opposing views in society over development.
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External Shocks and Price Stability under the Linked Rate

By YueChim Richard On 2012/03/08 · Add Comment · 8,053 views
The linked exchange rate regime tied Hong Kong to the international economy and provided an important anchor that keeps the community’s faith in the currency and maintains trust in the government’s management of monetary policy. However, these benefits come at a price. Under the linked exchange rate system, adjusting the value of the exchange rate ceases to be a policy option. Hong Kong must therefore rely entirely on changing its domestic prices to make all the necessary adjustments to accommodate any external shocks. . . . . The impact of China’s opening from 1979 on Hong Kong was inflationary; the Asian Financial Crisis in 1997 was deflationary; and the Global Financial Tsunami in 2008 was also inflationary.
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How Permeable Should Be the Border? – Hong Kong Growing as Part of China: A Historical Perspective (Part II)

By YueChim Richard On 2012/02/29 · Add Comment · 99,689 views
. . . . the major concern is over the protection of generous benefits to local residents . . . . China’s history tells us that its opening should be embraced, not avoided. Hong Kong need not feel under siege if it can manage the permeability of its border more creatively and effectively. This will inevitably entail a reexamination of our social welfare system.
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Hong Kong Growing as a Part of China: A Historical Perspective (Part I)

By YueChim Richard On 2012/02/22 · Add Comment · 7,360 views
From this limited record of Hong Kong’s early history we can appreciate that the area’s fortunes rose and fell with its changing relationship with the Chinese mainland over almost two millennia. . . . . the territory thrived . . . . when the government in China pursued an open-door policy, and it declined . . . . when policies became inward looking.
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Testing Milton Friedman

By YueChim Richard On 2012/02/21 · Add Comment · 8,446 views
A new TV series from PBS will be celebrating Milton Friedman. Have a look at the trailer. I am surely looking forward to this! http://freetochoose.net/media/broadcast/testing_milton_friedman/preview.php
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The Chicago Economist’s Road from Social Engineer to Preacher of Science

By YueChim Richard On 2012/02/16 · Add Comment · 4,616 views
Younger Chicago economists are now quite apolitical. . . . . Present day Chicagoans are now a long way from Henry Simons who held that it was "immoral to accept as inevitable what is itself immoral".
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The Chicago School’s Road From Public Policy Advocacy to the Study of Political Economy

By YueChim Richard On 2012/02/08 · Add Comment · 13,927 views
George said, "Milton, you're such a preacher! . . . . . " Milton replied, "But people are misled. I want to teach them."
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Dolce Gabbana, Apple and Nike — the Economics of Discrimination

By YueChim Richard On 2012/02/02 · 1 Comment · 109,722 views
until this gap is bridged the alms receiver will continue to seek a higher moral reason for their existence. And the alms giver will continue to blunder and dismiss the alms receiver as ungrateful victims of colonial legacy stubbornly chanting empty slogans about “core values”.
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