Two economists are walking down the street when they pass two piles of dogshit.

The first economist tells the other, "I'll pay you $20,000 to eat one of those piles." The second one gladly complies and collects his $20,000. He then said, "I'll pay you $20,000 to eat the other pile." The first one then gets his $20,000 back. The second economist says, "You know, I don't feel very good. We both have the same amount of money as when we started. The only difference is we've both eaten shit." The first snaps back, "But you forgot that we have created $40,000 worth of GDP."

Not all growth in economic activities is good. While most economic activities contribute to the advancement of human being's standard of living and quality of life, some are obviously bad, such as prostitution, drug trafficking, and illegal gambling. But some belong to the sort of grey area that may warrant a detailed cost and benefit analysis.

The spectacular firework explosion over the last few days in Beijing is a case in point.

Midnight at Chinese lunar new year was like being in Baghdad in 2003. Sporadic shots started at around 10:30 pm, and quickened as we got closer to the New Year. By 11:30, the skyline in Beijing was already awash with a sea of fire. At midnight, the firing thunder was so intense that I could only recite part of the US national anthem:

"… the rocket's red glare, the bombs bursting in air, gave proof through the night that our flag was still there."

I remember when I was a little boy, my family used to huddle in a small south-facing room at grandma's home in Shanghai where we could have a distant view of the firework show in People's Square in Shanghai once every few years on Chinese lunar new year eve. That was the only show in town, at a time when lighting a few crackers was considered quite a luxury for kids.