Saturday, February 7, 2009

Rogoff on China

Rogoff had an insightful piece about Chinese economy. One interesting sentence caught my eyes in particular:

.... men in China today feel compelled to save in order to find a bride. The same week, a former student of mine who lost his lucrative financial-sector job explained that he had no savings because it was so expensive to date in New York!
An example of cultural difference about savings.