【关键词】价值 劳动 企业价值构成 马克思企业理论
【关键词】面板数据; 单位根检验；协整检验; 购买力平价; 内生收敛
1.Title: Determination Mechanisms of Public Expenditure, Distortions of Decentralized Equilibrium, and Economic Growth
Abstract:This paper studies the two kinds of distortions of the decentralized equilibrium under the two kinds of determination mechanisms of public expenditure, which are respectively endogenous and exogenous, and gives different policy suggestions to eliminate the distortions in Barro’s (1990) framework. Different from Barro’s conclusion, we find that the distortion results from income tax under the exogenous determination mechanism and it can be eliminated by a lump-sum tax instead of income tax; while the distortion results from the private decision but not income tax under the endogenous determination mechanism and it can be eliminated by a subsidy to private sector and it can not be eliminated by a lump-sum tax in general.
Key Words:Public Expenditure; Determination Mechanism; Distortion
JEL Classifications:E620, H500, O410
2.Title:Institutional Network: Notion Defined and Modality Constructed
Author(s): Yushan Ji Shuanping Dai
[Abstract]Institutional Network describes a stable connected structure that formed by the relative institution over a long period of time in the procedure of interrelation and interaction. The external of institutional network can reduce the transaction cost largely, and the connection of institutional network provides the mechanism to reduce the cost of setup and maintain the institution, and further speaking, the external economy of cognitive scope will come true in the institutional network. At the certain condition of technology and market, institutional network formed by the connection of the multiplicity of institution one another, and it contains three modes: longitudinal diachronic institutional network, landscape orientation contemporaneous institutional network, and vertically and horizontally institutional network. Path-dependence is due to the diversion of various independent institutions. To back through path-dependence is equal to beyond the institutional network. This theory is important for socialistic construction in our country, in order to maximize the policy effects，we must sufficiently notice the being of institutional network.
[Key words]institutional Network Transaction Cost Path-dependence
JEL Classification: B520 D230 D020
3. Title: Farm-Land Scale and Agricultural Production Efficiency: Peasant’s Select and Agricultural Bound by Land-Ownership and Transaction Cost
Abstract: The core of selections on the structure of production elements is cost restraint, and the influence from economies of scale incentive these selections. Land-Ownership restraint reduces the scope of agricultural production elements, yet, it is that can get the economies of scale easily, which is the result of the equilibrium between production cost and management expenses. The parper established a dominate model on the structure of agricultural production in view of the theory of economies of scale, analysed the Farm-Land scale and agricultural production efficiency, pesant’s job select and agricultural production, and made a experience research with lierature.
Key Words: economies of scale; the combination of elements; combined occupations
JEL Classification: Q190, R110
4.Title: Entrepreneurial Innovation Activity: Essences and Implications
Abstract:The mainstream neo-classical framework hasn’t embodied entrepreneurial innovation activity because such activity is in essence related with decision making under uncertainty, which is relevant to the “non-rational” judgments such as “intuition”, “consciousness” and “prediction”. However, the most of really important economic issues in actual economy are concerned with such entrepreneurial activity. This paper studies its essence and related issues about innovation profit. We argue that the entrepreneurial activity is always related to the incompleteness of market and results in economic evolution, the innovation profit is the intrinsic driving force of entrepreneurial activity as well as its consequence. The entrepreneurial activity resulted from individual motive toward profit improves social welfare in the macro level.
Keywords:Incomplete Market, Uncertainty, Entrepreneurial Activity, Innovation Profit
JEL Classification:D210, D800, L10
5.Title: The Theoretical Construction and Anatomy to Enterprise's Value-composition
[Abstract] The study focuses in the question that enterprise's value-composition provides a suit ofways and means in cognition and institutional structure for the unification between value production and value distribution.The Theoretical proposition can be summed up by the broad specificity question of value-compositionthat the category of enterprise's value-composition should be from thecommodity's value-composition based on the logical deduction to the valuecategory as a central clue. The deep-seatedlogic structureof enterprise's value-composition lies in illustrating the scientific unification ofMarxistlabor theory of value between broad sense and narrow sense, which establishes the excellentmathematical character to deduct the theoreticallogic from labor theory of valueto enterprise theory. The farther study on the enterprise's value-composition willattach importance to the microeconomics basic for the modern analysis of economic theory. At the present time, the keeping pace with the times and modernizationofMarxist political economy depends on the well development of modern paradigm research of Marxist enterprise theoryto a certain extent.
[Key words]Value Labor Enterprise's value-composition Marxist enterprise theory
JEL Classification: B510 D460 M200
6.Title: Trade Surplus, Crowding In and Consumption Rate Raising
Abstract:Trade surplus is the spillover of Chinese national saving, it means China lent its foreign currency saving to foreigner. Crowding-in is the economic phenomenon of Chinese trade surplus expansion, is the economic theory of explaining “capital flowing to rich country from poor country”, is the analysis framework of some American economists explaining trade relation between China and America, it means Chinese sacrifice their consumption. Chinese old models of export increasing made trade conflict and political conflict between China and America, and it crowd out Chinese consumption. Consumption rate raising will help Chinese economic growth. Consumption rate raising is the demand of Chinese enjoying their large wealth, the demand of china transferring its models of economic development, the demand of trade balance.
Key words:trade surplus, crowding in, consumption rate
7.Tiltle: Long Run Purchasing Power Parity: Evidence from East Asia
Abstract:Single time series unit root tests reveal that almost none of the real exchange rates between the currencies of East and Southeast Asian countries and the U.S. dollar is stationary during the 1970-2003 period, while single time series cointegration tests report that there is no long run cointegrating relationship between almost any of the nominal exchange rates between the currencies of East and Southeast Asian countries and the U.S. dollar and any of the relevant relative price levels during the period considered. On the other hand, panel unit root tests reveal that as to East Asian countries as a group and even East and Southeast Asian countries as a group are concerned, the real exchange rate between their currencies and the U.S. dollar is not stationary during the period under consideration, while panel cointegration tests accounting for the underlying sample variable correlation report consistent results, i.e, as to East Asian countries as a group and even East and Southeast Asian countries as a group are concerned, the nominal exchange rate between their currencies and the U.S. dollar is not cointegrated with the relevant relative price level in the long run. Accordingly, the span of time series data does not seem to be the crucial factor in testing purchasing power parity theory, and long run purchasing power parity can be fundamentally viewed as a result of endogenous economic convergence. Furthermore, empirical analyses reveal that time trend is not a key factor in the long run relationship between relevant nominal economic variables. Hence, if time trend constitutes a significant component in the long run movement of a specific economic variable, the variable must embody something real.
Keywords: Panel Data; Unit Root Test; Cointegration Test; Purchasing Power Parity; Endogenous Convergence
JEL Classifications:F310; C150; C230
8.Title:Institutions, Institutional Supplying and Government Governance
Abstract: This paper outlines an inherent, comprehensive and dynamic model of institutions supply and government governance. The main viewpoint is that government contract is a productive team which is produced in the process of economic development. Political rules stipulate common principles. Constitutionalism principles of the team running and selling. Institutions is a product that the government contract provides. the structure, frequency and character of the transaction decides the quantity, Quality and price of the institutions supply ,Which forms a dynamic contract structure and governance character. Statesmen are the owner of the government contract and the core of the modern government governance are the party and multiparty competition. Statesmen achieve the goal of the institutions supply and government contract by baying the cost of the production, violence, supervision and substitution and form the process and the range of government governance.
Key Words: Transaction costs; Contract; Institutions; government
9.Title: Social Ambience and Development: the Basic Reason for the Great Divergence
Author(s): Kunting Chen Yan Zhou
Abstract:Recently published research on the Great Divergence mainly focuses on geography, human capital, and international trade. However, we do not believe these are the most basic reasons, instead, we recommend that the ‘cultural/social ambience’ of a country or a region is the most fundamental reason. This paper describes a model to analyze and compare these factors. This model is able to prove our guess/inference that the most basic reason for the Great Divergence lies in this cultural ambience. This paper mainly based on a two-sector benchmark model to simulate economic characteristics of England and Yangzi Delta of China during 1750-1850, explores aspects of this period transition.
Keywords:the Industrial Revolution, the Great Divergence, difference of culture and systems.JEL Classifications：O10 O40
10.Title: The Theory of Incomplete Contract and its Application in Finance
Abstract：After analyzing the core and the basic analysis paradigm of the theory of Incomplete Contract, this paper reviews the literature on the appliance of the Incomplete Contract theory in financial field, especially in the fields of financial contract , financial intermediaries and the whole financial system. Based on the preceding analysis, the paper put forward some suggestions on the development of the Incomplete Contract theory.
Keywords:Incomplete Contract; Analysis Paradigm; the Design of Financial institution
JEL Classifications：B520 D820 G200
11.Title: Social Value of Public Information
Author(s): Stephen Morris and Hyun Song Shin
Translator(s): Zenggang Li and Qian Li
Abstract:What are the Welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of public information in a setting where agents take actions appropriate to the underlying fundamentals, but they also have a coordination motive arising from a strategic complementarity in their actions. When the agents have no socially valuable private information, greater provision of public information always increases welfare. However, when agents also have access to independent sources of information, the welfare affect of increased public disclosures is ambiguous.
Key Words: Social Value Public Information