In the aftermath of the failure of political reform, Hong Kong needs to try to mitigate the negative long-term economic consequences of the failure and launch new initiatives that will ensure its long-term economic prosperity. Hong Kong was at one time indispensable to the Mainland economy, but...

Significant differences exist between official Chinese and U.S. trade statistics on the magnitudes of the China-U.S. trade balance in goods as well as in goods and services. These differences arise from a number of factors. First, the convention that exports of goods are measured on an FOB (free...

The existence of economic slack or inefficiency is a common phenomenon of economies that operate under mandatory central planning. It implies that the economy operates in the interior of its set of production possibilities and not on its frontier. It also implies that output can be increased...

China has made tremendous progress in its economic development since it began its economic reform and opened to the World in 1978. It is currently the fastest growing economy in the World — averaging 9.72% per annum over the past 36 years. What are the sources of this Chinese economic growth?...

One important indicator of national economic strength, in addition to real GDP, is its innovative capacity. Sustained investment in research and development (R&D) is essential for the occurrence of innovation in an economy. The stock of real R&D capital, defined as the cumulative past real...

This paper examines the evolution of income inequality over the past half a century and considers whether economic globalisation has been responsible for the rising degree of income inequality. It is argued that the minimisation of the degree of income inequality cannot and should not be the...

In this paper, various new ideas for the enhancement of the world trade and investment systems are proposed. The first idea is a proposal for feasible transitional compensatory taxes which can enable the compensation of losers by the winners caused by the expansion of trade in a given country in...