Hong Kong

[Milton] Friedman routinely overlooked three key facts about the city in the years of its rapid growth: as much 50 percent of its housing receives a substantial government subsidy; its citizens enjoy almost free medical treatment at government clinics and hospitals; and the cost of its defense has been borne entirely by the United Kingdom and now China.  Mark these services to their market prices, said the Sentinel, and the famously low share of government spending in GDP climbs sharply.

That is David Warsh.  Here is more, including also a discussion of the sale of Paul Romer’s on-line Aplia to Thomson.


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