Yue Chim Richard Wong 王于漸
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From the Causes of Apartheid to the Failures of Minimum Wage

By YueChim Richard On 2011/04/28 · Add Comment · 98,922 views
The origins of institutionalized race prejudice in South Africa, according to Hutt, lie in the so-called “poor-white” problem. It was in order to protect and maintain the economic superiority of poor white workers that racial discrimination was institutionalized.
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Cities, Human Capital and Economic Development

By YueChim Richard On 2011/04/22 · Add Comment · 3,075 views
Lucas …… : “But my own sense is that patents and ‘intellectual property’ more generally play a very modest role in the overall growth of production-related knowledge. I have sought a formulation that emphasizes individual contributions of large numbers of people, in which the role of market power is minimized.”
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Diversity and Occasional Anarchy: The Key to a Great City

By YueChim Richard On 2011/04/15 · Add Comment · 31,893 views
…… Jacobs’ work led to a new appreciation of why a diverse mix of uses does not lead to chaos, but to a more developed form of order. What she advocated was organized complexity, rather than either simplicity or disorganized complexity. ……
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Why Reforming Subsidized Housing Makes Sense

By YueChim Richard On 2011/04/08 · 1 Comment · 4,174 views
Most societies believe that a subsidy for homeownership has positive social benefits. A zero interest rate mortgage loan is not an exorbitant subsidy since the households that are eligible for these schemes are the less well-off. ........ Restoring the homeownership ladder will provide many of the have-nots in our society with an opportunity to hitch onto the rising economic future of Hong Kong and the Mainland. They will not be left behind. Owning their own property would expand their choices in an infinite number of ways.
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How Can We Get Out of the Housing Quandary?

By YueChim Richard On 2011/04/01 · Add Comment · 22,791 views
Operationally this can be done very quickly as the original price of the HOS flats is known and so is the original discount. Would this be considered giving away valuable land resources by the government? I do not believe so . . .
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Population Challenges in Hong Kong – And Related Issues

By YueChim Richard On 2011/03/25 · Add Comment · 75,128 views
Many people in Hong Kong extol the virtues of MacLehose’s socio-political legacy in the territory. Unfortunately this antiquated British-style welfare state is ill-suited to help us meet the challenges of the next few decades. However, the welfare state is already an integral part of Hong Kong’s social and political landscape and the charge of making it fit-for-purpose through reform must be considered a high priority policy initiative and a serious challenge.
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Raising Wages in China – Is This All It Takes?

By YueChim Richard On 2011/03/18 · Add Comment · 3,650 views
I doubt that worker unrest and morale in China’s coastal cities can be addressed through raising wages alone. If pushed to excess firms will leave and economic growth will be negatively impacted. State and local governments must reconstitute their relationship with urban residents, urban villagers, and migrant workers. Housing is the immediate ‘relationship’ the nation will have to address in the next five years. This is only the beginning and there will be other challenges in education, health care, and retirement protection. If these issues are successfully addressed the Chinese population will begin to lower its propensity to save and power the economy through consumption growth.
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Contradictions in Hong Kong’s Policy Environment

By YueChim Richard On 2011/03/11 · Add Comment · 7,110 views
And this may be the problem after all. The community needs to have a more clear articulation and interpretation of the contradictions it is facing. To avoid accusations of cronyism what must be addressed and explained is the need of a limited government to make complex economic decisions that move the economy forward.
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On the Surprise Element of Revolutions : Why Tunisia and Egypt?

By YueChim Richard On 2011/03/04 · Add Comment · 80,983 views
The surprise element is all the more remarkable when one realizes that the participants themselves were often equally amazed.
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HK’s Budget Policy is Still the Most Sensible

By YueChim Richard On 2011/02/25 · Add Comment · 72,485 views
This is the first of ten articles (not consecutive) I intend to write on Hong Kong’s so-called deep structural contradictions – a common term used to describe the perceived public policy malaise that has inflicted Hong Kong. The central government has, on more than a few occasions, called upon the government of the HKSAR to address these so-called contradictions.
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What Innovation Does China Need in the Next Five Year Plan ?

By YueChim Richard On 2011/02/18 · Add Comment · 3,522 views
China’s latest Five-Year Plan calls for an economic shift from export toward domestic consumption as an engine of growth. The key to achieving this is an economy that is conducive to innovation.
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Italian Opera Houses – Exemplary Model for Las Vegas and Macau

By YueChim Richard On 2011/02/11 · Add Comment · 74,074 views
The story I wish to relate here is the transformation of the financing and organization of opera from aristocratic patronage, to entrepreneurial venture capital, and finally public subsidies provided by the bureaucrat. In the process the art form of opera was itself transformed.
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Will China’s Economy Slowdown?

By YueChim Richard On 2011/02/04 · Add Comment · 72,167 views
Looking into the economic future is a popular pastime at the end of the year, but the accurate forecasting of long term economic prospects is notoriously difficult.
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What a Competition Bill Cannot Do (Part Two)

By YueChim Richard On 2011/01/28 · Add Comment · 77,670 views
One of the oldest subjects in economics is the vast and enormously complex field of industrial organization - competition, monopoly and cartel. In my previous article, I introduced two theories on the cause of monopoly power – the “self-sufficiency theory” and the “interventionist theory”. The first believes that markets are monopoly prone, that firms maintain their monopoly with ease, and that it’s therefore necessary for government to pro-actively foster competition through enacting and enforcing a competition law.
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What a Competition Bill Cannot Do (Part One)

By YueChim Richard On 2011/01/21 · Add Comment · 6,814 views
Our government plans to introduce a competition bill this year. The proposition that competition almost always benefits the consumer is well accepted by economists. They instinctively love competition and hate monopolies and cartels. Such sentiments are not ideological, but based on their training, economic reasoning, and scientific evidence accumulated over two centuries. On most counts, economists should be a government’s natural ally in favor of a competition bill. Yet they are not agreed on the need for a competition law.
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