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List of Illustrations ix Foreword by Tung Chee Hwa xiii Foreword by Gary S. Becker xv Foreword by Liu Pak-wai xvii Preface xix Part 1 Introduction 1 1. The Panama Syndrome and the Origins of Deep Contradictions 3 2. Contradictions in the Policy Environment 25 3. Growing as a Part of China: A Historical Perspective 33 Part II Starting Points: Monetary Policy, Population Policy, 49 and Economic Change 4. External Shocks and Price Stability under the Linked Rate 51 5. Why the Present Budget Policy Is Still the Most Sensible 59 6. Looming Population Challenges 67 7. Economic Competition and Structural Change 77 Part III Conditions Affecting Growth and Innovation 85 8. Global Economic Integration and the Distribution of 87 Housing Wealth Contents 9. Diversity and Occasional Anarchy: The Key to a Great City 95 10. Cities, Human Capital, and Economic Development 103 11. On the Creative and Innovative Economy 113 Part IV Politics and Regulation 121 12. Core Values, Functional Constituencies, and the Democratic 123 Principle 13. Simple Ideas in Political Economy 131 14. Taxation, Regulation, and the Rational Politician 139 15. Why Is Housing So Expensive? 147 Part V Contradictions in Quality of Life Issues 155 16. Education for Equality and Growth 157 17. On Public Health Care Finances 167 18. Mandatory Provident Fund Needs Reform 175 19. Can We Afford Old Age Social Security? 181 20. Economic Consequences of Universal Old Age Social Pensions 189 Part VI Resolving a Critical Deep Contradiction 197 21. How Can We Get out of the Housing Quandary? 199 22. Why Reforming Subsidized Housing Makes Sense 209 About the Author 217 viii Contents ...