The essay attempts to clarify the concept of flexibility, which is usually attributed to the HK economic miracle. Flexibility has to be examined at the individual, organizational and institutional level. The flexibility of a decision is determined by its irreversibility. The irreversibility of a decision, in turn, depends upon the complexity of the decision making process, the number of participants, the changes in the allocation of resources resulted from the decision, and the cognitive balance of the decision makers. The international competitiveness of an economy is dtermined by its degree of responsive and innovative flexibility. However, flexibility does not come from a vacuum. Competitiveness can be enhanced only if the structural conditions, i.e. institutions and socio-political environment, allow entrepreneurs and enterprises to respond flexibly towards the fluctuation of international markets. Consequently, there is a trade-off between stability and flexibility at the level of organizations and institutions. Against this theoretical background, three recent books on the Kong Kong economic future are reviewed. Their views on whether the current Hong Kong institutions enable flexibility at the individual level are examined. Their policy suggestions on how to strengthen the Hong Kong competitive advantages are also discussed.