Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.001.0001
- Subject:
- Society and Culture, Asian Studies
The world economic landscape has experienced seismic changes in the fifteen years after restoration of Chinese sovereignty over Hong Kong in 1997. Fortunately, the Hong Kong economy has remained ...
More
The world economic landscape has experienced seismic changes in the fifteen years after restoration of Chinese sovereignty over Hong Kong in 1997. Fortunately, the Hong Kong economy has remained steadfast and is still making progress, but public confidence in the governance of the SAR government has declined, and economic and social dissatisfaction have flared. Where should Hong Kong go from here in the face of all kinds of contradictions? This collection of essays provides an analysis of the origins of these contradictions and insights on these issues.Less
The world economic landscape has experienced seismic changes in the fifteen years after restoration of Chinese sovereignty over Hong Kong in 1997. Fortunately, the Hong Kong economy has remained steadfast and is still making progress, but public confidence in the governance of the SAR government has declined, and economic and social dissatisfaction have flared. Where should Hong Kong go from here in the face of all kinds of contradictions? This collection of essays provides an analysis of the origins of these contradictions and insights on these issues.
Carmen Amado Mendes
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139002
- eISBN:
- 9789888180127
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139002.001.0001
- Subject:
- History, Asian History
On 20 December 1999 the city of Macau became a Special Administrative Region of China after nearly 450 years of Portuguese administration. Drawing extensively on Portuguese and other sources, and on ...
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On 20 December 1999 the city of Macau became a Special Administrative Region of China after nearly 450 years of Portuguese administration. Drawing extensively on Portuguese and other sources, and on interviews with key participants, this book examines the strategies and policies adopted by the Portuguese government during the negotiations. The study sets these events in the larger context of Portugal's retreat from empire, the British experience with Hong Kong, and changing social and political conditions within Macau. A weak player on the international stage, Portugal was still able to obtain concessions during the negotiations, notably in the timing of the retrocession and continuing Portuguese nationality arrangements for some Macau citizens. Yet the tendency of Portuguese leaders to use the Macau question as a tool in their domestic political agendas hampered their ability to develop an effective strategy and left China with the freedom to control the process of negotiation.Less
On 20 December 1999 the city of Macau became a Special Administrative Region of China after nearly 450 years of Portuguese administration. Drawing extensively on Portuguese and other sources, and on interviews with key participants, this book examines the strategies and policies adopted by the Portuguese government during the negotiations. The study sets these events in the larger context of Portugal's retreat from empire, the British experience with Hong Kong, and changing social and political conditions within Macau. A weak player on the international stage, Portugal was still able to obtain concessions during the negotiations, notably in the timing of the retrocession and continuing Portuguese nationality arrangements for some Macau citizens. Yet the tendency of Portuguese leaders to use the Macau question as a tool in their domestic political agendas hampered their ability to develop an effective strategy and left China with the freedom to control the process of negotiation.
Sudhir Thomas Vadaketh
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9789888139316
- eISBN:
- 9789888180189
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139316.001.0001
- Subject:
- Society and Culture, Asian Studies
What happens after a country splits apart? After the separation of Singapore from Malaysia forty-seven years ago, the two countries have developed along their own paths since then. Malaysia has given ...
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What happens after a country splits apart? After the separation of Singapore from Malaysia forty-seven years ago, the two countries have developed along their own paths since then. Malaysia has given preference to the majority Malay Muslims—the bumiputera, or sons of the soil. Singapore, meanwhile, has tried to build a meritocracy—ostensibly colour-blind, yet more encouraging perhaps to some Singaporeans than to others. How have these policies affected ordinary people? How do these two divergent nations now see each other and the world around them? Seeking answers to these questions, two Singaporeans set off to cycle around Peninsular Malaysia, armed with a tent, two pairs of clothes and a daily budget of three US dollars each. They spent 30 days on the road, cycling through every Malaysian state, and chatting with hundreds of Malaysians. Not satisfied, they then went on to interview many more people in Malaysia and Singapore. What they found are two countries that have developed economically but are still struggling to find their souls.Less
What happens after a country splits apart? After the separation of Singapore from Malaysia forty-seven years ago, the two countries have developed along their own paths since then. Malaysia has given preference to the majority Malay Muslims—the bumiputera, or sons of the soil. Singapore, meanwhile, has tried to build a meritocracy—ostensibly colour-blind, yet more encouraging perhaps to some Singaporeans than to others. How have these policies affected ordinary people? How do these two divergent nations now see each other and the world around them? Seeking answers to these questions, two Singaporeans set off to cycle around Peninsular Malaysia, armed with a tent, two pairs of clothes and a daily budget of three US dollars each. They spent 30 days on the road, cycling through every Malaysian state, and chatting with hundreds of Malaysians. Not satisfied, they then went on to interview many more people in Malaysia and Singapore. What they found are two countries that have developed economically but are still struggling to find their souls.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0004
- Subject:
- Society and Culture, Asian Studies
The Hong Kong dollar was fixed against the pound sterling until June 1972. Since 1983, it has been fixed against the US dollar. The linked exchange rate connects Hong Kong with the international ...
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The Hong Kong dollar was fixed against the pound sterling until June 1972. Since 1983, it has been fixed against the US dollar. The linked exchange rate connects Hong Kong with the international economy, and provides an anchor which maintains the community's faith in the currency and people's confidence in the government's management of monetary policy. However, the linked exchange rate also narrows the policy options available to the authorities to withstand external shocks. The opening of China, the Asian financial crisis and the global financial tsunami placed conflicting requirements on the direction of price adjustments. The public and quasi-public sector have not adjusted well in response to these events, and the property wealth has become more unevenly distributed. The domestic economy and its numerous sectors therefore have to possess a higher degree of flexibility and agility in an attempt to accommodate and absorb the external impacts.Less
The Hong Kong dollar was fixed against the pound sterling until June 1972. Since 1983, it has been fixed against the US dollar. The linked exchange rate connects Hong Kong with the international economy, and provides an anchor which maintains the community's faith in the currency and people's confidence in the government's management of monetary policy. However, the linked exchange rate also narrows the policy options available to the authorities to withstand external shocks. The opening of China, the Asian financial crisis and the global financial tsunami placed conflicting requirements on the direction of price adjustments. The public and quasi-public sector have not adjusted well in response to these events, and the property wealth has become more unevenly distributed. The domestic economy and its numerous sectors therefore have to possess a higher degree of flexibility and agility in an attempt to accommodate and absorb the external impacts.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0005
- Subject:
- Society and Culture, Asian Studies
Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized ...
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Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized decisions of a government. The chapter examines the ways in which the Hong Kong government becomes less limited, and analyzes the extent to which it might evolve into a deep contradiction. In additiion, the consequences in terms of economic vitality and economic growth brought by a limited government are also examined.Less
Sir John Cowperthwaite, Financial Secretary from 1961 to 1971, said that the aggregate of decisions of individual businessmen in a free economy is more likely to do good than the centralized decisions of a government. The chapter examines the ways in which the Hong Kong government becomes less limited, and analyzes the extent to which it might evolve into a deep contradiction. In additiion, the consequences in terms of economic vitality and economic growth brought by a limited government are also examined.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0006
- Subject:
- Society and Culture, Asian Studies
It is said that Hong Kong has inherited conflicting legacies from Sir John Cowperthwaite and Sir Philip Haddon-Cave's economic policy and Governor Sir Murray Maclehose's socio-political policy ...
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It is said that Hong Kong has inherited conflicting legacies from Sir John Cowperthwaite and Sir Philip Haddon-Cave's economic policy and Governor Sir Murray Maclehose's socio-political policy framework. The former puts emphasis on a limited government and a competitive free market while the latter underscores an interventionist government and a social welfare state. One of the main realms where the clash between these two legacies manifests itself is in population issues. The housing, education, health care, retirement protection and demographic policies should squarely focus on Hong Kong's population challenges. Nevertheless, the government's response thus far has merely been a slow one, and the patch-up measures have not managed to deal with the deep-rooted conflict between the twin legacies.Less
It is said that Hong Kong has inherited conflicting legacies from Sir John Cowperthwaite and Sir Philip Haddon-Cave's economic policy and Governor Sir Murray Maclehose's socio-political policy framework. The former puts emphasis on a limited government and a competitive free market while the latter underscores an interventionist government and a social welfare state. One of the main realms where the clash between these two legacies manifests itself is in population issues. The housing, education, health care, retirement protection and demographic policies should squarely focus on Hong Kong's population challenges. Nevertheless, the government's response thus far has merely been a slow one, and the patch-up measures have not managed to deal with the deep-rooted conflict between the twin legacies.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0007
- Subject:
- Society and Culture, Asian Studies
Hong Kong's economy has experienced rapid structural changes over the past three decades. The service sector grew speedily in terms of its share in employment, nominal GDP and real GDP, while the ...
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Hong Kong's economy has experienced rapid structural changes over the past three decades. The service sector grew speedily in terms of its share in employment, nominal GDP and real GDP, while the manufacturing sector shrank significantly. Such a rapid structural change can be attributed to the relocation of manufacturing industries to the Pearl River Delta. Ostensibly, the expansion of manufacturing production in mainland China gives rise to an enormous demand for all sorts of supporting services in Hong Kong. This chapter examines the growing service sector in the territory. It explores the changes in labour productivity over time, the rise of intermediate production services and the government's role in a service economy.Less
Hong Kong's economy has experienced rapid structural changes over the past three decades. The service sector grew speedily in terms of its share in employment, nominal GDP and real GDP, while the manufacturing sector shrank significantly. Such a rapid structural change can be attributed to the relocation of manufacturing industries to the Pearl River Delta. Ostensibly, the expansion of manufacturing production in mainland China gives rise to an enormous demand for all sorts of supporting services in Hong Kong. This chapter examines the growing service sector in the territory. It explores the changes in labour productivity over time, the rise of intermediate production services and the government's role in a service economy.
Gordon Boyce and Richard Gorski (eds)
- Published in print:
- 2002
- Published Online:
- January 2019
- ISBN:
- 9780973007329
- eISBN:
- 9781786944726
- Item type:
- book
- Publisher:
- Liverpool University Press
- DOI:
- 10.5949/liverpool/9780973007329.001.0001
- Subject:
- History, Maritime History
This book provides a study of both the physical and intangible frameworks that enabled maritime resources to flow and infrastructures to operate. The aim is to demonstrate the complexity and ...
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This book provides a study of both the physical and intangible frameworks that enabled maritime resources to flow and infrastructures to operate. The aim is to demonstrate the complexity and diversity of the legal, social, cultural, and institutional forces at work within maritime economics. Port development, planning, and policy-making constitute the physical frameworks, while agency structures and consular networks make up the non-physical factors under discussion. Both land and sea commodities are examined, including capital mobilised from other sectors, and a particularly pertinent maritime commodity, fish. Through case studies, theory-driven analysis, evidence from statistical data, and regional and national comparisons, it successfully illustrates the structure of resource flow and the shape of maritime economic activity on an international scale spanning the eighteenth, nineteenth, and twentieth centuries. Nations examined include Scotland, England, New Zealand, Italy, Denmark, plus several Nordic and Mediterranean states. The book consists of three sections: the first exploring intangible infrastructures and their components; the second, resource flow and economic development; and, finally, the physical infrastructures of the ports themselves.Less
This book provides a study of both the physical and intangible frameworks that enabled maritime resources to flow and infrastructures to operate. The aim is to demonstrate the complexity and diversity of the legal, social, cultural, and institutional forces at work within maritime economics. Port development, planning, and policy-making constitute the physical frameworks, while agency structures and consular networks make up the non-physical factors under discussion. Both land and sea commodities are examined, including capital mobilised from other sectors, and a particularly pertinent maritime commodity, fish. Through case studies, theory-driven analysis, evidence from statistical data, and regional and national comparisons, it successfully illustrates the structure of resource flow and the shape of maritime economic activity on an international scale spanning the eighteenth, nineteenth, and twentieth centuries. Nations examined include Scotland, England, New Zealand, Italy, Denmark, plus several Nordic and Mediterranean states. The book consists of three sections: the first exploring intangible infrastructures and their components; the second, resource flow and economic development; and, finally, the physical infrastructures of the ports themselves.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0001
- Subject:
- Society and Culture, Asian Studies
In a 2010 press conference, Premier Wen Jiabao said that Hong Kong has a number of deep contradictions that had to be tackled. He spoke of five principal issues that Hong Kong had to face in the ...
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In a 2010 press conference, Premier Wen Jiabao said that Hong Kong has a number of deep contradictions that had to be tackled. He spoke of five principal issues that Hong Kong had to face in the process of dual integration (the integration with both mainland China and the world economy). Hong Kong's deep contradictions spring from the broader phenomenon of the mushrooming of emerging economies around the globe, and this brings forth opportunities and challenges.Less
In a 2010 press conference, Premier Wen Jiabao said that Hong Kong has a number of deep contradictions that had to be tackled. He spoke of five principal issues that Hong Kong had to face in the process of dual integration (the integration with both mainland China and the world economy). Hong Kong's deep contradictions spring from the broader phenomenon of the mushrooming of emerging economies around the globe, and this brings forth opportunities and challenges.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0002
- Subject:
- Society and Culture, Asian Studies
All activities require decisions. Resources are finite but there is an array of demands that must be satisfied. Every decision incurs opportunity costs, and they comprise the options associated with ...
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All activities require decisions. Resources are finite but there is an array of demands that must be satisfied. Every decision incurs opportunity costs, and they comprise the options associated with social, health, education and environmental issues. They are entirely economic in nature as they are subject to the law of scarcity in economics. Thereby, myriads of non-business activities can be provided and allocated through the marketplace, yet many of them are arranged beyond the “small government, big market” framework in Hong Kong.Less
All activities require decisions. Resources are finite but there is an array of demands that must be satisfied. Every decision incurs opportunity costs, and they comprise the options associated with social, health, education and environmental issues. They are entirely economic in nature as they are subject to the law of scarcity in economics. Thereby, myriads of non-business activities can be provided and allocated through the marketplace, yet many of them are arranged beyond the “small government, big market” framework in Hong Kong.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0003
- Subject:
- Society and Culture, Asian Studies
The historical developments in Hong Kong have always been defined by its relationship with mainland China. The changing permeability of the “border” between Hong Kong and China largely embodies the ...
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The historical developments in Hong Kong have always been defined by its relationship with mainland China. The changing permeability of the “border” between Hong Kong and China largely embodies the changing dynamics of their relationship. This historical context is crucial for putting in perspective the nature of the British contribution to Hong Kong, as well as the many economic and social policy debates that are surfacing at the moment and will be faced in the coming years.Less
The historical developments in Hong Kong have always been defined by its relationship with mainland China. The changing permeability of the “border” between Hong Kong and China largely embodies the changing dynamics of their relationship. This historical context is crucial for putting in perspective the nature of the British contribution to Hong Kong, as well as the many economic and social policy debates that are surfacing at the moment and will be faced in the coming years.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0008
- Subject:
- Society and Culture, Asian Studies
Dani Rodrik, a professor at Harvard University, has long presented his argument on the political trilemma of the world economy. He called it an “impossibility theorem”. Global economic integration, ...
More
Dani Rodrik, a professor at Harvard University, has long presented his argument on the political trilemma of the world economy. He called it an “impossibility theorem”. Global economic integration, national sovereignty and democracy, according to him, are mutually incompatible choices in ordering the world economy. Combining the three choices is therefore out of the question. In addition to analyzing the political trilemma, this chapter also examines different aspects or events related to the housing market in Hong Kong, such as property price fluctuations, appropriate housing policies and property ownership.Less
Dani Rodrik, a professor at Harvard University, has long presented his argument on the political trilemma of the world economy. He called it an “impossibility theorem”. Global economic integration, national sovereignty and democracy, according to him, are mutually incompatible choices in ordering the world economy. Combining the three choices is therefore out of the question. In addition to analyzing the political trilemma, this chapter also examines different aspects or events related to the housing market in Hong Kong, such as property price fluctuations, appropriate housing policies and property ownership.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0009
- Subject:
- Society and Culture, Asian Studies
Jane Jacobs’ (1916-2006) observations of economic life in big cities challenged and modified the way the world sees cities. This chapter explores what we can learn from her work for Hong Kong and ...
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Jane Jacobs’ (1916-2006) observations of economic life in big cities challenged and modified the way the world sees cities. This chapter explores what we can learn from her work for Hong Kong and other East Asian cities. Her observations offer new insights into why a diverse combination of land uses might not necessarily lead to chaos or confusion. In this chapter, the author expresses his opinions and criticisms regarding the recent development of urban areas in Hong Kong and some East Asian cities.Less
Jane Jacobs’ (1916-2006) observations of economic life in big cities challenged and modified the way the world sees cities. This chapter explores what we can learn from her work for Hong Kong and other East Asian cities. Her observations offer new insights into why a diverse combination of land uses might not necessarily lead to chaos or confusion. In this chapter, the author expresses his opinions and criticisms regarding the recent development of urban areas in Hong Kong and some East Asian cities.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0010
- Subject:
- Society and Culture, Asian Studies
This chapter emphasizes the common elements in the works of Jane Jacobs and Professor Robert Lucas on economic development. Both shed light on significant failures of the standard neoclassical model ...
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This chapter emphasizes the common elements in the works of Jane Jacobs and Professor Robert Lucas on economic development. Both shed light on significant failures of the standard neoclassical model of economic growth and demonstrate how the standard model of economic growth can be extended and modified to expound the observed patterns of growth among economies. Drawing on their ideas, the author puts forward some policy implications for Hong Kong.Less
This chapter emphasizes the common elements in the works of Jane Jacobs and Professor Robert Lucas on economic development. Both shed light on significant failures of the standard neoclassical model of economic growth and demonstrate how the standard model of economic growth can be extended and modified to expound the observed patterns of growth among economies. Drawing on their ideas, the author puts forward some policy implications for Hong Kong.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0011
- Subject:
- Society and Culture, Asian Studies
The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the ...
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The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the guiding principle in managing local economic affairs, and therefore, conspicuously there is merely limited room for positive intervention to prevail in society. This chapter puts forward an argument selective intervention for promoting policies and building institutions to foster creativity and innovation.Less
The author entertains the notion that in the long run, Hong Kong's economic growth counts critically on the creativity and innovation of the citizens. Positive non-interventionism has long been the guiding principle in managing local economic affairs, and therefore, conspicuously there is merely limited room for positive intervention to prevail in society. This chapter puts forward an argument selective intervention for promoting policies and building institutions to foster creativity and innovation.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0012
- Subject:
- Society and Culture, Asian Studies
Geographic constituencies refer to a natural institutional arrangement in an agrarian society where economic self-sufficiency is the norm. Yet, geographic constituencies have self-preservation powers ...
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Geographic constituencies refer to a natural institutional arrangement in an agrarian society where economic self-sufficiency is the norm. Yet, geographic constituencies have self-preservation powers which prevent further changes once they are constituted. The divisiveness and occasional paralysis in policy making found in contemporary industrial democracies are to some extent the outcomes of geographically constituted elections. The debate over political freedom in Hong Kong is largely reduced to whether and how the chief executive and the legislature should be elected through universal suffrage. This, to the author, is a limited and distorted perspective of how political freedoms should be constituted in Hong Kong. The author also suggests an approach which grants every qualified resident in Hong Kong two votes, with one vote being cast through geographic constituencies and the other through functional constituencies.Less
Geographic constituencies refer to a natural institutional arrangement in an agrarian society where economic self-sufficiency is the norm. Yet, geographic constituencies have self-preservation powers which prevent further changes once they are constituted. The divisiveness and occasional paralysis in policy making found in contemporary industrial democracies are to some extent the outcomes of geographically constituted elections. The debate over political freedom in Hong Kong is largely reduced to whether and how the chief executive and the legislature should be elected through universal suffrage. This, to the author, is a limited and distorted perspective of how political freedoms should be constituted in Hong Kong. The author also suggests an approach which grants every qualified resident in Hong Kong two votes, with one vote being cast through geographic constituencies and the other through functional constituencies.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0013
- Subject:
- Society and Culture, Asian Studies
This chapter offers a prism through which readers can compare a subsidy-in-cash with a subsidy-in-kind. A subsidy-in-kind not only provides people with no choice or lower flexibility, but also ...
More
This chapter offers a prism through which readers can compare a subsidy-in-cash with a subsidy-in-kind. A subsidy-in-kind not only provides people with no choice or lower flexibility, but also results in misallocation of resources which in turn gives rise to economic inefficiency. Nonetheless, the majority of public policies take the form of subsidies-in-kind rather than in-cash, and the adoption of such a less efficient option has something to do with the stimulation of market demand for the providers’ services. This chapter also illustrates how the adoption of subsidy-in-kind schemes is closely intertwined with politics. Economists have long warned about the adverse effects of these schemes, and they prefer directly giving cash to those in need of help in society. Yet, ironically, this method is simply not the way of politics.Less
This chapter offers a prism through which readers can compare a subsidy-in-cash with a subsidy-in-kind. A subsidy-in-kind not only provides people with no choice or lower flexibility, but also results in misallocation of resources which in turn gives rise to economic inefficiency. Nonetheless, the majority of public policies take the form of subsidies-in-kind rather than in-cash, and the adoption of such a less efficient option has something to do with the stimulation of market demand for the providers’ services. This chapter also illustrates how the adoption of subsidy-in-kind schemes is closely intertwined with politics. Economists have long warned about the adverse effects of these schemes, and they prefer directly giving cash to those in need of help in society. Yet, ironically, this method is simply not the way of politics.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0014
- Subject:
- Society and Culture, Asian Studies
Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations ...
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Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations adopted by governments are implemented out of public interest. It shows why it can be misleading to regard “cross-subsidies” as acts of pure corporate social responsibility. It also explains why the regulations advocated by green groups to reduce pollution can be inefficient. It examines regulations in foreign countries and shows that they are not flawless.Less
Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations adopted by governments are implemented out of public interest. It shows why it can be misleading to regard “cross-subsidies” as acts of pure corporate social responsibility. It also explains why the regulations advocated by green groups to reduce pollution can be inefficient. It examines regulations in foreign countries and shows that they are not flawless.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0015
- Subject:
- Society and Culture, Asian Studies
According to the traditional point of view, demand for residential flats outstrips land supply because of high housing prices. Another viewpoint claims that housing prices soar because of an array of ...
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According to the traditional point of view, demand for residential flats outstrips land supply because of high housing prices. Another viewpoint claims that housing prices soar because of an array of government regulations on zoning, planning, as well as other restrictions on buildings. Professor Edward Glaeser of Harvard University discovered that the housing crisis in the States was chiefly triggered by the high cost imposed by zoning and other land use controls. This chapter glances at two factors that modify the housing supply environment and the consequences posed to society by high property prices.Less
According to the traditional point of view, demand for residential flats outstrips land supply because of high housing prices. Another viewpoint claims that housing prices soar because of an array of government regulations on zoning, planning, as well as other restrictions on buildings. Professor Edward Glaeser of Harvard University discovered that the housing crisis in the States was chiefly triggered by the high cost imposed by zoning and other land use controls. This chapter glances at two factors that modify the housing supply environment and the consequences posed to society by high property prices.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0016
- Subject:
- Society and Culture, Asian Studies
Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This ...
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Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This chapter centres on the economic aspects of income inequality, and examines this phenomenon through the revenue perspective and the concept of positive economics. Inequality is considered the result of a race between technology and education, and in general, inequality occurs when educational changes lag far behind technological advances. Increasing the supply of skilled manpower can be achieved in four distinct ways, and they are instrumental in reducing income inequality in the long run. Education is construed by the author as an indispensable vehicle for arresting the trend of growing income inequality and promoting economic growth.Less
Understanding the factors and implications of income inequality in our society is of paramount importance. It tells us what has to be done to reduce inequality and alleviate the poverty problem. This chapter centres on the economic aspects of income inequality, and examines this phenomenon through the revenue perspective and the concept of positive economics. Inequality is considered the result of a race between technology and education, and in general, inequality occurs when educational changes lag far behind technological advances. Increasing the supply of skilled manpower can be achieved in four distinct ways, and they are instrumental in reducing income inequality in the long run. Education is construed by the author as an indispensable vehicle for arresting the trend of growing income inequality and promoting economic growth.
