Differential Growth Rates in Singapore and Hong Kong
Differential Growth Rates in Singapore and Hong Kong
Policy versus Human Capital
The crucial driver of the difference in growth rates between Hong Kong and Singapore – two of the freest market economies in the world – is their different rates of growth in human capital. Free markets in labor, capital, and land allow these resources to be allocated more efficiently, but you cannot achieve growth and productivity increases if you do not invest in capital. In a modern economy, the most important form of capital is human capital. Human capital markets are imperfect, so there is an important role for government and nongovernment charities and voluntary organizations to play in fostering and financing investment in human capital.Hong Kong must not lose any more time getting its act together on human capital.
Keywords: Economic growth, Singapore, Human capital, Free market, Workforce, Population
Hong Kong Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
