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As a book on public policy, this book is unique in addressing explicitly the role of human nature. Only with a good understanding of human nature can policy makers address their foremost needs and anticipate how people may respond to specific designs in policy. This way policy makers can avoid "unintended consequences." The book also provides a new perspective on the meaning of public interest, which is based on intellectual roots dating back to J.S.Mill and more recently Harsanyi and Rawls. Traditionally, economists have referred to either the Hicksian criterion or the Kaldorian criterion as the yardstick to whether a policy is welfare enhancing, not realizing that both of these criteria fa...
Much attention has been given to the economics of everyday life, which typically applies economic principles to the analysis of the different choices that people face under different situations. Yet there are hardly any books on the economics of life—an economics that takes the finite lifespan as the starting point and that looks at how one can maximize the subjective value from life given the constraint of the limited lifespan. In this volume, Lok Sang Ho suggests that the lack of progress in happiness among developed countries despite significant economic growth is due to a deficit of "mental goods", rather than a lack of material goods. The author stresses the role of culture and mental...
This book documents the search for a workable model of democracy in Asia. It explores the various forms of Asian democracy practiced to date, and throws light on where these models may have failed and where they may have succeeded. The case studies developed provide valuable insights into governance and democracy in Asia (North-east, South-east and South) a region that remains fascinating and dynamic despite the impact of the recent global crisis. The book concludes that whilst there may not be a model that works best in all regions, a key ingredient to a workable model must include sound gove.
Principles of Public Policy Practice was written with policy makers, concerned citizens, and students of public policy in mind. Striving to avoid technical language, the author introduces a new paradigm that starts from the commonality of human nature and the assumption that public policy should be impartial. Rather than playing the interests of one group versus those of another, he argues convincingly that public policy should aim at enhancing the ex ante welfare for everyone if everyone did not know the position or the identity one would assume. Using this conceptual device of the representative individual, the analysis readily leads to policy implications that are both reasonable and conc...
The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
This book is a study of the administration of Hong Kong's government under the leadership of Tung Chee-hwa during a time when Hong Kong was changing politically and economically. The contributors address the following questions: To what extent are government policies consistent with those of colonial rule? What does "one country two systems" mean, and to what extent has the Tung regime been successful in safeguarding this principle? How responsible are external economic forces for the apparent deterioration of the Hong Kong economy? Who are affected most by the restructuring of the economy, and what are some of the long-term implications for Hong Kong as an important world financial center? How do people in general perceive these changes? What are some of the most effective economic and social policy measures that the Tung government has initiated? Finally, how successful has the Chief Executive been during his five years in office?
This book provides an intensive review of the economic competitiveness of the Singapore economy and identifies the strategies which will allow the economy to retain its competitive advantage in an increasingly globalised economic environment in future years. It is a timely exercise in view of the fact that the international trading and investment climate has liberalised considerably, and the regional economies are achieving remarkable economic growth and development which begin to challenge Singapore's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education.
As a book on public policy, this book is unique in addressing explicitly the role of human nature. Only with a good understanding of human nature can policy makers address their foremost needs and anticipate how people may respond to specific designs in policy. This way policy makers can avoid "unintended consequences." The book also provides a new perspective on the meaning of public interest, which is based on intellectual roots dating back to J.S.Mill and more recently Harsanyi and Rawls. Traditionally, economists have referred to either the Hicksian criterion or the Kaldorian criterion as the yardstick to whether a policy is welfare enhancing, not realizing that both of these criteria fa...
This book with 24 essays will appeal to local and international readers interested in Hong Kong. The latter include the international financial and business community, researchers in Asian Studies, journalists and educated tourists. Published by City University of Hong Kong Press. 香港城市大學出版社出版。
Hong Kong is ageing fast and the pressure to improve health care is mounting. Should taxes be raised or social services be cut? Should the public buy more health insurance? Using unofficial statistics and his survey data of households, the author analyzes the economics of these questions.