- Title Pages
- Dedication
- Illustrations
- Foreword
- Foreword
- Foreword
- Preface
-
1 The Panama Syndrome and the Origins of Deep Contradictions -
2 Contradictions in the Policy Environment -
3 Growing as a Part of China: A Historical Perspective -
4 External Shocks and Price Stability under the Linked Rate -
5 Why the Present Budget Policy Is Still the Most Sensible -
6 Looming Population Challenges -
7 Economic Competition and Structural Change -
8 Global Economic Integration and the Distribution of Housing Wealth -
9 Diversity and Occasional Anarchy: The Key to a Great City -
10 Cities, Human Capital, and Economic Development -
11 On the Creative and Innovative Economy -
12 Core Values, Functional Constituencies, and the Democratic Principle -
13 Simple Ideas in Political Economy -
14 Taxation, Regulation, and the Rational Politician -
15 Why Is Housing So Expensive? -
16 Education for Equality and Growth -
17 On Public Health Care Finances -
18 Mandatory Provident Fund Needs Reform -
19 Can We Afford Old Age Social Security? -
20 Economic Consequences of Universal Old Age Social Pensions -
21 How Can We Get Out of the Housing Quandary? -
22 Why Reforming Subsidized Housing Makes Sense - About the Author
Simple Ideas in Political Economy
Simple Ideas in Political Economy
- Chapter:
- (p.131) 13 Simple Ideas in Political Economy
- Source:
- Diversity and Occasional Anarchy
- Author(s):
Yue Chim Richard Wong
- Publisher:
- Hong Kong University Press
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.
Keywords: Subsidy-in-cash, Subsidy-in-kind, Misallocation of resources, Economic inefficiency, Political economy, Policies, Hong Kong, China, Economy
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- Title Pages
- Dedication
- Illustrations
- Foreword
- Foreword
- Foreword
- Preface
-
1 The Panama Syndrome and the Origins of Deep Contradictions -
2 Contradictions in the Policy Environment -
3 Growing as a Part of China: A Historical Perspective -
4 External Shocks and Price Stability under the Linked Rate -
5 Why the Present Budget Policy Is Still the Most Sensible -
6 Looming Population Challenges -
7 Economic Competition and Structural Change -
8 Global Economic Integration and the Distribution of Housing Wealth -
9 Diversity and Occasional Anarchy: The Key to a Great City -
10 Cities, Human Capital, and Economic Development -
11 On the Creative and Innovative Economy -
12 Core Values, Functional Constituencies, and the Democratic Principle -
13 Simple Ideas in Political Economy -
14 Taxation, Regulation, and the Rational Politician -
15 Why Is Housing So Expensive? -
16 Education for Equality and Growth -
17 On Public Health Care Finances -
18 Mandatory Provident Fund Needs Reform -
19 Can We Afford Old Age Social Security? -
20 Economic Consequences of Universal Old Age Social Pensions -
21 How Can We Get Out of the Housing Quandary? -
22 Why Reforming Subsidized Housing Makes Sense - About the Author
