(a) By applying the New Economics Geography, explain the Hong Kong's economic miracle in the 20th century.
(b) Does any economy in the world today completely fit any of ideal economic models? Discuss with empirical evidence.
(c) i. According to Charles Wolf Jr, when there is market failure, should the government intervene? Why or why not? Explain.
ii. Discuss any TWO sources of government failure mentioned by Charles Wolf Jr. Use examples to substantiate your discussion.
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