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"Hong Kong is probably at the bottom of the scale at 17 per cent," he said, adding that "Japan is around 25 per cent. The US is nearer to the middle at 34 per cent. The United Kingdom falls the other side of that marker at 40 per cent, but is still below the European Union's average of 52 per cent... while Sweden is probably at the top with over 66 per cent."
Mr Miller pointed out that all were market economies, but each took a different view of the proper limit to government involvement in people's affairs.
"Here in Hong Kong, we have traditionally taken the view that the man in the street knows best what he wants to do with his money and, barring essential social and security services, he should be free to spend his money as he wishes," he said.
"The man in the street in Sweden apparently takes a different view and prefers to entrust government with the power to spend the bulk of what he earns as it sees fit on his behalf,
"Now, I think that free-market, free-trade Hong Kong has a right to ask whether an economy in which government collects and then disburses more than half of the community's resources really qualifies for the description 'market economy'."
Mr Miller noted the clear correlation between the willingness of governments to intervene in the economy and persistent high unemployment, contrasting the rigid labour market and high unemployment in Europe with the greater flexibility and lower unemployment in the US.
He urged all to avoid treating only symptoms and to enter discussion with open minds.
"We have always argued that bureaucrats make bad businessmen, that the private sector uses resources more efficiently than the public sector and that lower government spending leads to higher overall growth," he said.
"We believe with a singular passion that, as far as is prudently possible, government should both stay out of business and keep out of the pockets of its people.
"Our faith in the market has been rewarded by social standards rising naturally with increasing prosperity.