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Fixing Inequality in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2017

Print ISBN-13: 9789888390625

Published to Hong Kong Scholarship Online: January 2018

DOI: 10.5790/hongkong/9789888390625.001.0001

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Differential Growth Rates in Singapore and Hong Kong

Differential Growth Rates in Singapore and Hong Kong

Policy versus Human Capital

Chapter:
(p.42) 5 Differential Growth Rates in Singapore and Hong Kong
Source:
Fixing Inequality in Hong Kong
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888390625.003.0005

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

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