Jin Liqun, the supervising chairman of the China Investment Corporation, China's sovereign wealth fund. says Europe's problem is that its incentives are making people lazy. Listen here!
"If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system is totally out of whack.
Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach?
This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard."
What do you reckon he'd say about Australia's welfare society?
P.S. Another Confucius say:
If you are in a book store and cannot find the book for which you search, you are obviously in the ...
