This paper aims to evaluate the economic impact after Macao decided to liberalize its gaming industry. By analysing both objective data of official statistics and subjective data of the perceptions of quality of life, we painted a picture of mixed blessings. Although objective indicators showed strong economic growth in terms of a rise in per capita GDP and public revenue as well as a decline in unemployment rate, subjective indicators revealed that local residents were less than optimistic about their own employment outlook and did not perceive any improvement in their overall economic situation. While casino liberalization brought forth tremendous economic gain, the general population did not subjectively feel the benefits. An integrative analysis of both objective and subjective indicators would therefore allow us to look closer how residents' lives in the micro-level could have been adversely affected by the prosperous economic outlook at the macro-level.
For this study, a comprehensive test was conducted on the net effects of age and cohort on political satisfaction in Hong Kong. We use a newly developed methodology of Age-Period-Cohort analysis known as the Cross-Classified Random Effects Model and a pooled dataset of repeated cross-sectional surveys from 1997 to 2014. The findings reveal a U-shaped relationship between age and political satisfaction, in which the level of satisfaction of the youth is between that of the middle-aged and elderly, while the middleaged express the least satisfaction and the elderly have the highest level of satisfaction. However, cohort effects are relatively weak. There is no evidence that later cohorts are less satisfied than earlier cohorts. These results indicate that the new generation is more politically dissatisfied due to their age rather than their cohort. We also find that period effects interact with age and cohort effects. The recent decline in the political satisfaction of 20-year-olds and of the cohort born in 1986 or later is more pronounced than that of older people and earlier birth cohorts. Under the rule of the current Chief Executive, young people were found to be much more dissatisfied than older people. The rise in the price of housing in recent years has also sharpened the differences in political satisfaction between those of different ages and cohorts.
This paper focuses on the study of inheritance, Chinese family business and economic development in Hong Kong. In this study, it is found that equal inheritance can assist economic development by generating competition and capital. Equal division is a criterion for sibling comparison. Comparison generates stress and anxiety with each son trying to outdo the other. Competition is therefore galvanized. Furthermore, initial capital that is released from partition can motivate sons, who want to be free from subjugation, to start their own business. This is the origin of the self-employment mentality. Both competition and capital are crucial factors for economic development to take place. The strong desire of self-employment mentality also drives Chinese family business to develop its own type of structure: jia-zu ji-tuan [family-based consortium]. Different family members can be diversified into different businesses or professions. These businesses or professions may or may not relate to each other. However, they maintain a certain level of interconnection under the banner of the family [jia-zu] and can support each other during time of crises and difficulties. They can maintain their domination in the community from generation to generation.
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