Yue Chim Richard Wong

Yue Chim Richard Wong Blog on Political Economy of Hong Kong and China with Weekly Commentaries and Daily Posts

Why have property prices continue to rise?// Why have property prices continue to rise even when the government appears ...
29/08/2023

Why have property prices continue to rise?

// Why have property prices continue to rise even when the government appears to be totally committed fight against it? First, the scale of the supply shortage is sufficiently large that it cannot be eliminated quickly through more construction. Second, at present the market is still chasing after yields as a result of a protracted, low interest rate environment. //

“Mispricing Risk from Chasing After Yields and Curbing Speculation”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8214&lang=en

為何樓價仍繼續上升？// 政府看來已全力應付樓價上升，為何樓價仍繼續上升？背後有二。首先，房屋供應嚴重短缺，短期內根本不可能單靠加快興建速度解決。其次，低息環境令市場至今仍相信有利可圖。//節錄：信報 –《追求收益與遏止炒風引致低估風險》全...
29/08/2023

為何樓價仍繼續上升？

// 政府看來已全力應付樓價上升，為何樓價仍繼續上升？背後有二。首先，房屋供應嚴重短缺，短期內根本不可能單靠加快興建速度解決。其次，低息環境令市場至今仍相信有利可圖。//

節錄：信報 –《追求收益與遏止炒風引致低估風險》
全文：http://wangyujian.hku.hk/?p=8221&lang=zh-hant

Purchase and hoard removes of housing units// Speculators are detested because most people simply reason that every hous...
25/07/2023

Purchase and hoard removes of housing units

// Speculators are detested because most people simply reason that every housing unit they purchase and hoard removes its immediate availability to those who are in need of a place to live. They point to landlords keeping units vacant in order to sell them later rather than renting them out immediately. But such populist narratives fail to recognize that speculation is the outcome of housing shortages and not its cause. //

“Mispricing Risk from Chasing After Yields and Curbing Speculation”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8214&lang=en

房屋炒賣// 一般人以為房屋單位因為炒賣，用作居住的單位自會相應減少，而且普遍相信業主為求日後轉售單位圖利，不會隨即把物業租出；這種想法未免墮入民粹主義窠臼，繆誤在於漠視炒賣活動其實是房屋短缺的後果，而非導致短缺的原因。//節錄：信報 –《...
25/07/2023

房屋炒賣

// 一般人以為房屋單位因為炒賣，用作居住的單位自會相應減少，而且普遍相信業主為求日後轉售單位圖利，不會隨即把物業租出；這種想法未免墮入民粹主義窠臼，繆誤在於漠視炒賣活動其實是房屋短缺的後果，而非導致短缺的原因。//

節錄：信報 –《追求收益與遏止炒風引致低估風險》
全文：http://wangyujian.hku.hk/?p=8221&lang=zh-hant

Influence the supply// It is unlikely that we can control technological advances to become biased towards either skilled...
21/07/2023

Influence the supply

// It is unlikely that we can control technological advances to become biased towards either skilled or unskilled workers. So the best policy is to influence the supply of skilled versus unskilled workers to support productivity growth and mitigate the effects of wage inequality. Wrong policies will not get us to the right solutions. //

“Global Integration, Technological Advance, and Economic Performance”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8188&lang=en

從供應量入手// 科技發展並非可加以控制，使其傾向對高技術或非技術工人有利，最佳政策莫過於從平衡兩者的供應量入手，以達至維持生產力增長，改善工資不均。說到底，錯判形勢的策略又怎能對症下藥呢！ //節錄：信報 –《全球經濟融合、科技發展與經濟...
21/07/2023

從供應量入手

// 科技發展並非可加以控制，使其傾向對高技術或非技術工人有利，最佳政策莫過於從平衡兩者的供應量入手，以達至維持生產力增長，改善工資不均。說到底，錯判形勢的策略又怎能對症下藥呢！ //

節錄：信報 –《全球經濟融合、科技發展與經濟表現》
全文：http://wangyujian.hku.hk/?p=8195&lang=zh-hant

The changing pattern of technological advances// The changing pattern of technological advances over the five decades pr...
03/07/2023

The changing pattern of technological advances

// The changing pattern of technological advances over the five decades provides a more convincing explanation for the patterns of wage inequality and productivity growth over this period than blaming it on global economic integration. //

“Global Integration, Technological Advance, and Economic Performance”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8188&lang=en

科技發展模式產生變化// 近半個世紀以來，科技發展模式產生的變化，更能解釋其對工資不均、生產力增長變化的影響，而非關全球經濟融合。//節錄：信報 –《全球經濟融合、科技發展與經濟表現》全文：http://wangyujian.hku.hk/...
03/07/2023

科技發展模式產生變化

// 近半個世紀以來，科技發展模式產生的變化，更能解釋其對工資不均、生產力增長變化的影響，而非關全球經濟融合。//

節錄：信報 –《全球經濟融合、科技發展與經濟表現》
全文：http://wangyujian.hku.hk/?p=8195&lang=zh-hant

Economic slowdown in the US// The economic slowdown in the US preceded the shift to ‘right of center’ pro-market economi...
13/06/2023

Economic slowdown in the US

// The economic slowdown in the US preceded the shift to ‘right of center’ pro-market economic policies by more than a decade. Global economic integration and free market capitalism in all likelihood prevented productivity growth from declining faster. The earnings growth of companies like Apple would have been less spectacular if their products had not been largely manufactured and assembled in China. //

“Global Integration, Technological Advance, and Economic Performance”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8188&lang=en

美國經濟放緩現象// 美國經濟放緩現象，早於傾向中間偏右市場經濟政策的趨勢之前十多年已出現；事實上，若非有賴全球經濟融合與自由市場資本主義，生產力增長放緩必會更迅速。即使蘋果電腦等大集團，若非可轉而在中國內地大量生產和組裝，亦難望有如此可觀...
13/06/2023

美國經濟放緩現象

// 美國經濟放緩現象，早於傾向中間偏右市場經濟政策的趨勢之前十多年已出現；事實上，若非有賴全球經濟融合與自由市場資本主義，生產力增長放緩必會更迅速。即使蘋果電腦等大集團，若非可轉而在中國內地大量生產和組裝，亦難望有如此可觀的盈利增長。//

節錄：信報 –《全球經濟融合、科技發展與經濟表現》
全文：http://wangyujian.hku.hk/?p=8195&lang=zh-hant

Economic growth slowdown// The reason for the economic slowdown in growth in the US is that most technological advances ...
08/06/2023

Economic growth slowdown

// The reason for the economic slowdown in growth in the US is that most technological advances since the 1970s have tended to be channeled into a narrow sphere of human activity involving entertainment, communication, and the collection and processing of information. This narrow focus explains why the new technological advances have not had a big economy-wide impact in lifting productivity. They have benefitted only a small number of industries in the economy and a limited, highly-skilled fraction of the workforce.//

“Global Integration, Technological Advance, and Economic Performance”, Hong Kong Economic Journal
Full article: http://wangyujian.hku.hk/?p=8188&lang=en

經濟增長放緩// 美國經濟增長放緩是由於自1970年以後，大部份科技發展只局限聚焦於娛樂、通訊，以及收集和處理資訊等少數活動層面，未能在整體經濟上產生全面提升生產力的效應，僅令少數行業或掌握高技術的工作人口受惠。//節錄：信報 –《全球經濟...
08/06/2023

經濟增長放緩

// 美國經濟增長放緩是由於自1970年以後，大部份科技發展只局限聚焦於娛樂、通訊，以及收集和處理資訊等少數活動層面，未能在整體經濟上產生全面提升生產力的效應，僅令少數行業或掌握高技術的工作人口受惠。//

節錄：信報 –《全球經濟融合、科技發展與經濟表現》
全文：http://wangyujian.hku.hk/?p=8195&lang=zh-hant

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