How Hong Kong can capitalise on Chinese creative destruction

The Nobel Prize may not seem very relevant to many, but we can certainly draw lessons from its winners. Earlier this year, Peter Howitt – an honorary professor and fellow alumnus of Canada’s Western University – was awarded the Nobel Prize in Economic Sciences with two other professors for work on innovation-driven economic growth. Howitt’s work helped formalise the concept of creative destruction, which explains how economies evolve through cycles of renewal, where new companies and...