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Do free markets still beat central planning?

By Andrew Sheng and Xiao GengHONG KONG In 1944, Friedrich A. Hayek suggested that the spontaneous order of markets was inherently superior to the supposedly dynamism-draining totalitarian order of communist or fascist regimes. The ensuing decades when free-market economies thrived, and the Soviet Union’s centrally planned economy imploded seemed to vindicate him. Then ....

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A one-Earth balance sheet


May 12, 2021
HONG KONG – Last month, the world marked the 51st Earth Day. This year’s theme “Restore Our Earth” was apt. As the COVID-19 pandemic has reminded us, the effects of human activity on the planet do not respect borders. The Earth is a single living, self-regulating system, and it demands a single, shared system of accounting that balances at the global level. We need a one-Earth balance sheet.
In a 1946 telegram, Albert Einstein pleaded for funding to finance the “life-and-death struggle to harness the atom for the benefit of mankind and not for humanity’s destruction,” arguing that a “a new type of thinking is essential if mankind is to survive and move toward higher levels.” The same can be said about the environmental crisis humanity has created. Surviving it, and achieving a better, more sustainable future, requires “a new type of thinking.” ....

Hong Kong , University Of Hong Kong , Hong Kong General , Andrew Sheng , Albert Einstein , Xiao Geng , Business School , United Nations System Of National , Advisory Council On Sustainable , Road At Peking University , Hong Kong Institution For International , Research Institute Of Maritime Silk , Asia Global Institute , United Nations System , National Accounts , Visual Capitalist , Big Data , Hong Kong Institution , International Finance , Research Institute , Maritime Silk Road , Peking University , Project Syndicate , Climate Change , Earth Day , Covid 19 ,

A one-earth balance sheet


A one-earth balance sheet
By Andrew Sheng and Xiao Geng 
HONG KONG Last week, the world marked the 51st Earth Day. This year’s theme “Restore Our Earth” was apt. As the COVID-19 pandemic has reminded us, the effects of human activity on the planet do not respect borders. The Earth is a single living, self-regulating system, and it demands a single, shared system of accounting that balances at the global level. We need a one-Earth balance sheet.
In a 1946 telegram, Albert Einstein pleaded for funding to finance the “life-and-death struggle to harness the atom for the benefit of mankind and not for humanity’s destruction”, arguing that a “a new type of thinking is essential if mankind is to survive and move toward higher levels”. The same can be said about the environmental crisis humanity has created. Surviving it, and achieving a better, more sustainable future, requires “a new type of thinking”. ....

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