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Thursday, December 17, 2009

Laissez-Faire and Inequality

I wonder if this has anything to do with Hong Kong's laissez-faire attitude toward regulation and government intervention? (The Heritage Foundation has named Hong Kong the freest economy in the world, but as noted below, it also has the "widest income gap of all the world's most advanced economies"):

HK cage homes capture stark inequality, by Justine, Financial Times: Tang Man-wai ... lives on one level of a bunk bed sectioned off by metal mesh, occupying a so-called “cage home” [picture] in a small, shabby flat subdivided between 10 men. ...
In a city of office towers and shopping malls, cage homes are a reminder that while Hong Kong has the highest number of billionaires in Asia..., almost 1.24m people, 18 per cent of the population, live below the poverty line.
According to the United Nations, Hong Kong has the widest income gap of all the world’s most advanced economies. The wealthiest 10 per cent of people share more than a third of the city’s total income while the bottom 10 per cent account for just 2 per cent. The gap has been widening. ...

    Posted by on Thursday, December 17, 2009 at 12:33 AM in Economics, Income Distribution, Regulation | Permalink  TrackBack (0)  Comments (13)

          

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