Mass inflation’s headlong “race to the bottom” occurs when – seemingly without warning – the general public realises that the over-issued, poorly backed currency they possess is, ultimately, just coloured paper.
Recent news reports that local associate degree holders earn – after two years of self-funded study – about the same as secondary-school leavers have caused academic soul-searching. A senior official from one leading institutional provider of these courses opined – with unintended irony – that Hong Kong’s employment market has readjusted itself to the large number of sub-degree graduates.