26 research outputs found
Viability, Economic Transition and Reflection on Neoclassical Economics -super-*
No full textMany transition policies, based on the existing neoclassical economic theories, failed in Eastern Europe, the former Soviet Union, and China. This paper argues that the failure is due to the implicit viability assumption of neoclassical economics. The existing neoclassical economics implicitly assumes that a firm is expected to earn a socially acceptable profit in an open, competitive market as long as the firm has normal management. However, many firms in socialist as well as transitional economies are not viable, that is, they will not be able to earn a socially acceptable profit in an open, competitive market even if they are under normal management because they are in sectors that are inconsistent with their economies' comparative advantages. Under the viability assumption, neoclassical-based reform policies focus on issues related to property rights, corporate governance, government interventions and other issues that may obstruct a firm's normal management. However, many of these issues are in fact endogenous to the firms' viability problem. Therefore, without resolving the firms' viability problem, such reforms fail to achieve their intended goals. Not only in socialist and transition economies but also in many developing economies there exist many nonviable firms. This paper suggests that the viability assumption in neoclassical economics should be relaxed when analyzing socialist, transition and developing economies. Copyright 2005 Blackwell Publishing Ltd..
Technological change and agricultural household income distribution: Theory and evidence from China
No full textThis article applies a general equilibrium model to analyse the impact of new rice technology on household income and uses agricultural household survey data from China to test the implications of this model. It is shown that, when a new rice technology becomes available, the adopting household will reallocate resources to increase rice production and reduce the production of other goods. Meanwhile, the non-adopting households will do the opposite. Thus, the income from rice becomes increasingly concentrated in the adopting households and income from non-rice becomes increasingly concentrated in the non-adopting households. If only one source of income is examined, the introduction of new rice technology increases the inequality of income distribution in rural areas. But, if the total household income is examined, the distributional inequality is mitigated.Agricultural Economics & PolicyEconomicsSCI(E)SSCI3ARTICLE2179-1944
Fiscal decentralization and economic growth in China
No full textArea StudiesEconomicsPlanning & DevelopmentCPCI-SSH(ISSHP)SSCI9
Prospect for China-Korea Economic Relations
No full textThis paper briefly reviews the economic performance of China's economic reform starting in 1978, and which it presents personal views on the experiences of Korea's economic development and lessons for China's economic reform. The paper reviews the China-Korea economic relationship, and explores both the opportunities of China's economic development for Korea and the prospects for Bilateral Economic cooperation. It is estimated that the Chinese economy will maintain dynamic growth for the coming decade. The 2008 Olympic Games and the 2010 World Expo in China will provide further impetuses for Chinese economic development. China's huge market and its rapid economic growth can help the further recovery and development of the Korean economy. At the same time, the further development of the Chinese economy can benefit from financial, technical and managerial support from Korea. The complementarities between the industrial structures of China and Korea will surely push their future economic cooperation into a broader and deeper stage. Bilateral trade will enhance the competitiveness of both nations in the global market and help them achieve mutual prosperity and development. Copyright Institute of World Economics and Politics, Chinese Academy of Social Sciences 2006.
Competition, policy burdens, and state-owned enterprise reform
No full textEconomicsCPCI-SSH(ISSHP)SSCI8
Policy burdens, accountability, and the soft budget constraint
No full textEconomicsCPCI-SSH(ISSHP)SSCI3
Institutional reforms and dynamics of agricultural growth in China
No full textThe collective farming system, the state-monopolized procurement and marketing system, and the grain self-sufficient policy, formed in the early 1950s, made the rapid development of heavy industries possible in China, However, they were detrimental to farmers' incentives and resulted in a serious misallocation of resources, Consequently, despite sharp improvements in technology and increases in the use of modern inputs, grain production in China barely kept up with population growth before the 1979 reform, The shift from the collective farming system to the household-based farming system in 1979 greatly improved farmers' incentive and resulted in a sharp increase of grain output in the early 1980s, In the late 1980s, grain production stagnated again because the incompleteness of procurement system reform made the production of grain unprofitable, For producing enough grain to feed China's ever-increasing population, it is imperative for the Chinese government to liberalize the grain procurement and marketing system and to invest in yield-improvement research, It is also desirable for China to adjust her trade policy and to import more grain for meeting domestic grain demands. (C) 1997 Elsevier Science Ltd
Technological change and agricultural household income distribution: Theory and evidence from China
No full textThis article applies a general equilibrium model to analyse the impact of new rice technology on household income and uses agricultural household survey data from China to test the implications of this model. It is shown that, when a new rice technology becomes available, the adopting household will reallocate resources to increase rice production and reduce the production of other goods. Meanwhile, the non-adopting households will do the opposite. Thus, the income from rice becomes increasingly concentrated in the adopting households and income from non-rice becomes increasingly concentrated in the non-adopting households. If only one source of income is examined, the introduction of new rice technology increases the inequality of income distribution in rural areas. But, if the total household income is examined, the distributional inequality is mitigated
