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I argue in my book Mass Flourishing that the right model is the good economy, which is an economy that offers the good life. Optimal resource allocation (of which efficiency is a part) is a necessary but not sufficient feature of a good economy. Indeed, the single-minded focus on raising domestic consumption is likely to distract China's leaders from other policies needed for a good economy.What sort of economy would offer this good life?Of course, in a time of hardship, a country may not immediately be able to afford a good economy; its people will first want clean air and safe food. The risk is that fully satisfying all the myriad demands for public services would require a public sector so big that it might well crowd out innovative activities in the private sector.China must keep in mind that the private sector can match – or surpass – the public sector in supplying many services now provided by the public sector.
Will China eventually
out-innovate the West?
Beware of the corporatist threat to the Arab Spring
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