Negishi's contributions to the development of economic analysis: Research programs and outcomes

This paper surveys Negishi's significant contributions to economics and the research programs they have generated. In a series of papers and books, Negishi developed a number of models and methods of analysis that changed the course of modern economics and catalyzed research in areas that range from welfare and theoretical to applied and computable general equilibrium analysis, and the extension of imperfect competition to general equilibrium. trade theory and international economics. This paper shows that the Negishian research programs that emanated from his works are progressive, and still have an ongoing impact on mainstream economic analysis decades after their publication.     

Unnoticed predecessors of the early Negishi theorems

From the studies of the history of economic thought, we can learn that many theorems of the modern general equilibrium theory were well anticipated in the classical economics and the economics of the marginal revolution. For example, first, what Johann Heinrich von Thünen (1783–1850) did, in his strange theory of natural wage, can be interpreted as an early, pioneering attempt to use the so-called Negishi method (1960), which is now intensively used for the proof of the existence theorem and the numerical calculation of a general equilibrium. Second, as is well known, no exchanged transactions are permitted out of equilibria in the famous Walrasian tatonnement adjustment process towards market equilibria. Against this, the importance of transactions carried out at disequilibria is emphasized in the studies of the so-called Hahn–Negishi non-tatonnement process (1962). As a matter of fact, in the classical economics, this is exactly what William Thomas Thornton (1813–1380) insisted against the authority of John Stuart Mill (1800–1873). Finally, subjectively perceived (often kinked) demand curves are considered in my proof of the existence of a general equilibrium in the case of monopolistic competition (1961). To my surprise, however, I found later that such demand curves were already hidden in Adam Smith's (1723–1790) consideration of markets and the division of labor, and that the increase of demand never fails to lower the price of goods.     

经济学中演化分析和均衡分析的历史争论与现实反思

在经济现象的产生和发展上,经济学界长期存在两种解释思路：一是基于异质性个体互动的基础之上的动态演化分析,这是以有机的、动态的和开放的世界观为基础的结构主义思路,它把行为主体看成是异质的;二是基于同质性个体假设基础上的静态（或比较静态）均衡分析,这是以机械的、静态的和封闭的世界观为基础的新古典主义传统,它强调行为主体的同质化。显然,现代经济学的基石就是一般均衡理论,因而静态均衡分析也就是现代经济学的基本方法;在均衡框架下,现代经济学研究理性经济人如何按照效用最大化原则实现资源最优配置。但是,这种均衡分析用于分析现实时却遇到非常严峻的问题：一者,它所依赖的假设条件是非现实;二者,无法考察人类行为和经济现象的动态演化。因此,现代主流经济学也正面临着严峻的挑战。     

邓小平经济理论对我国区域经济发展的启示

我国社会主义建设的总设计师邓小平同志虽然不是区域经济学家,但是他的许多经济思想具有相当的超前性,在很多方面与现代区域经济学理论出现竞合。我国各个区域都应该深入领会邓小平经济理论并以其为指导加快发展。     

Iteration in Walras's theory of tatonnement

Summary It has been argued that Léon Walras did not have a theory of economic tatonnement but was instead concerned with a technique of mathematical iteration for the purpose of finding the solutions to the equations of a model of general equilibrium, that his work lacks an account of a means whereby prices are changed, and that he was uninterested in real economic adjustment processes. It is concluded that those judgments are incorrect. It is shown that Walras wanted to develop a realistic theory of time-consuming economic tatonnement in a freely competitive economy, and that he based it on his theories of how prices are changed, of iterative pricing, of entrepreneurial iterative behavior, and of a presumed convergence of the variables to equilibrium.I am grateful to Indiana University of Pennsylvania for a grant that made possible the preparation of this article.     

Valuing Tullock's Rejects: The Reception of His Work in Rent Seeking

Gordon Tullock's work in economics spans nearly 50 years and is known for the breadth, originality, and quantity of his contributions in public choice, constitutional political economy, law and economics, bioeconomics, and monetary history. Despite his lack of formal training in economics, Tullock published in major economic journals early in his career. A number of his papers, which proved to be seminal to the theory of rent seeking, were rejected by top economic journals. This paper explores possible reasons for the editor's reception to Tullock's work and uses citation counts to value Tullock's rejected papers. My paper shows that Tullock's work continues to be cited, often far more frequently than the papers which journals chose to publish when they rejected Tullock's submissions.     

威廉姆森与交易成本经济学

文章介绍了威廉姆森在交易成本经济学方面的主要贡献。在简要回顾交易成本经济学发展的基础上,重点介绍了威廉姆森对于交易成本经济学的基本思路和三大主要贡献。文章还讨论了交易成本经济学对于正处在变革时代中国经济的启示。文章认为,由威廉姆森开创的交易成本经济学对于我国市场体制改革等方面具有重要的理论指导意义。     

The Great Depression: Mises vs. Fisher

Ludwig von Mises established the foundations of modern Austrian economics while Irving Fisher established the foundations of modern mainstream macroeconomics and central bank policy. Fisher helped create and was a proponent of mathematical economics, statistics and index numbers, and a monetary policy that “stabilized” the value of the dollar. Fisher claimed that his scientific approach established a new era of prosperity during the 1920s. Mises published a book in 1928 that critiqued Fisher’s approach and predicted that it would lead to an economic crisis and collapse. Before the stock market crash in 1929 Fisher proclaimed a perpetual prosperity for the economy and continued to recommend investing in stocks long after the market had collapsed. In this important case study, Mises passed the “market test” while Fisher lost his personal fortune during an economic crisis that his economics help create.     

Mining improbable postulates and the theory of diverting toys(Advances in General Equilibrium Theory) Donald A. Walker Edward Elgar, 1997, 165 pp.

Walker'sAdvances in General Equilibrium Theory summarizes his position on the usefulness and appropriateness of much of modern general equilibrium modeling. He argues that much of modern general equilibrium modeling does not have the objective of explaining the real economy. His comments concerning general equilibrium theory are easily seen to be related to his study of Walras. In his text, Walker is critical of the general equilibrium theorizing of a number of well-known economists. He spends the majority of the book tearing down general equilibrium theory and models as they are presented in literature. He concludes his book by summarizing his opinion about how realistic models of the economy should be structured.     

Shifting the mainstream: Lawson's impetusEconomics and Reality tony lawson routledge, 1997, 364 pp.

Lawson'sEconomics and Reality is a deeply informed attempt to liberate economics from its usually tacit, metaphysical presuppositions inherited from Newtonian physics and enlightenment epistemology. Lawson fears that the economics profession faces declining prosperity due to its decreasing public credibility and the increasing annexation of its traditional ground of inquiry by other disciplines. Lawson's book attempts to revamp economic methodology in order to reverse these trends. This article examines the recent philosophical ideas informing Lawson's project, considers his critique of contemporary economics, and relates his ideas for reform to those of other economists.     

Economy and history — A dissiden journal

Abstract

Before the 1940s, research in economic history in Sweden was conducted in the history departments, which usually meant studies using traditional historical methods applied to economic source material. Furthermore, historically interested economists studied economic history using economics methods. However, there was one outstanding character who specialised in economic history proper, Eli F. Heckscher. After completing his doctoral thesis on an economic history topic in 1907, he held a chair in economics at the Stockholm School of Economics but was then appointed to a personal chair in economic history in the 1930s.     

Jelle Zilstra: A versatile economist

Summary In 1983 Dr. Jelle Zijlstra was a member of the board of editors ofDe Economist for 35 years. At the request of his co-editors, this article has been written to put in a clear light the person and work of Dr. Zijlstra. Zijlstra has been a professor of economics, a minister of economic affairs and of finance in several Dutch cabinets, and, from 1967–1981, President of the Netherlands Bank. During these activities he has made important contributions to economic theory and economic policy, both in legislative work and in various publications. In this article his valuable contributions in such different fields as economic competition, economic order, public finance, monetary theory and central banking policy are analyzed. The author comes to the conclusion that Dr. Zijlstra is an original thinker, who has been a stimulating and inspiring contributor to the different fields of economic theory and economic policy in which he has been active. The author thanks Professor P. Hennipman and Professor S. K. Kuipers for their valuable suggestions.     

Transatlantic Trade and Investment Partnership and Trans‐Pacific Partnership: Policy Options of China

As a result of deadlocked multilateral trade negotiations, many countries have embarked on the establishment of bilateral and regional trade agreements. Using the Global Trade Analysis Project database and a computable general equilibrium model, our paper focuses on the impacts of the Transatlantic Trade and Investment Partnership (TTIP) and the Trans‐Pacific Partnership (TPP) on the Chinese economy under three scenarios. The results suggest that when only the TTIP is realized, Chinese economic variables are negatively affected. When both the TTIP and the TPP are realized and China is excluded, the combined damage to the Chinese economy is higher than the damage with the TTIP alone. However, the inclusion of China in the TPP has a positively effect on economic variables in China. This indicates that the impacts of China's participation in the TPP compensate for the negative impacts of the TTIP. Therefore, China should consider being part of the TPP to offset the negative impacts of the TTIP.     

哈耶克经济伦理观的局限

沿袭哈耶克的思想传统,运用现代博弈论分析制度的形成与自发的演化过程而产生的演化制度分析,形成了当代制度经济学中的一条理论主线.但他的经济伦理思想有局限的一面,哈耶克的自由理论、自发秩序理论、制度理论和平等思想中也存在着内在冲突和紧张,有其历史局限性.正确认识哈耶克的经济伦理思想对于完善我国市场经济秩序有着重要的借鉴意义...     

Recollections of My Careerlections of My Career

Suhadi Mangkusuwondo, Professor Emeritus of the Faculty of Economics at the University of Indonesia (FEUI), was born in Solo, Central Java, in December 1927. After participating in the war of independence, he resumed his secondary education in Malang, completing it in 1949. He then studied economics at the University of Indonesia (UI) and later became a teaching assistant there. Suhadi spent two years doing postgraduate study at the Massachusetts Institute of Technology and later obtained a PhD in economics at the University of California at Berkeley. Returning to Indonesia and his teaching post at FEUI, he became editor of the journal Economics and Finance in Indonesia (EKI). He was Head of the R&D Agency in the Department of Trade from 1973 to 1975 and again in 1983-88, and Director General of Foreign Trade from 1975 to 1983. Professor Suhadi served as the Representative of the Government of Indonesia in the Uruguay Round when it was launched in 1986, and since 1992 has been a member of the Eminent Persons Group of the APEC (Asia–Pacific Economic Cooperation) forum. His other activities include membership of Indonesia's National Research Council (DRN), and of organisations such as the Regional Advisory Board of the ASEAN Economic Bulletin, the journal of the ASEAN Economic Research Unit of the Institute of Southeast Asian Studies in Singapore. He is now also Vice Chairman of the Jakarta-based Trade and Development Institute. On 8 July 1994, Professor Suhadi talked with H.W. Arndt, Hal Hill and Thee Kian Wie about his views on Indonesia's economic development under the New Order, and particularly about trade policy. On 19 September 1995, in a second interview with H.W. Arndt, Mari Pangestu and Thee Kian Wie, he elaborated further on his work at the Ministry of Trade and his participation in the Uruguay Round and the APEC Eminent Persons Group (EPG).     

Comments on “interpreting Chinese contributions to development policy from aspects of Chang'e 4”

This article is a comment on The Fallacy of Washington Consensus and the Role of the Government: Interpreting Some Chinese Contributions to Development Policy from Aspects of Chang'e 4 by Jinghai Zheng.The comparison between how equilibrium concepts are used in economics and natural sciences is extended to areas such as biology, chemistry and convex optimization in mathematics and is discussed on the basis of the state's role in economics and general equilibrium theory.     

A Model of Aid Impact in Some South Pacific Microstates

This paper investigates the impact of foreign aid on the economic structure of the recipient economy using a two-sector general equilibrium model. Underlying assumptions are designed to mirror a number of stylized facts about a group of South Pacific microstates known as MIRAB countries. Two variants of the model are constructed to reflect these countries' unequal access to overseas labor markets. Qualitative results reveal the likelihood of a structural transformation of the economy akin to that known as Dutch Disease, namely the relative contraction of the tradables sector. Quantitative results confirm the plausibility of this outcome.     

威廉姆森经济组织理论述评

2009年威廉姆森因其在企业边界方面的分析而获得诺贝尔经济学奖。文章梳理了他在经济组织方面的理论,先阐述其分析的基础,包括对个人行为的假定、分析的基本单位及契约作用的渠道,再进行离散经济结构替代方案的分析。通过刻画不同经济组织的特质,找出与不同交易类型匹配的组织形式,从而决定经济组织的边界。文章认为,威廉姆森的理论有其独创性与实践意义,但是分析过程中没有始终贯彻有限理性的假定,也不能解决横向一体化及多元化经营的现象,其分析思路也是单向的,不能完全确定经济组织的边界。     

Recollections of My Career

Editorial Note:Professor Sumitro Djojohadilcusomo is one of the principal architects of Indonesia's post-independence economic policy. He has held key economic portfolios in both the immediate post-independence era and in the New Order. In addition, as Professor of Economics at the University of Indonesia, and as a tireless lecturer and writer on economic issues, he has been instrumental in shaping the education of several generations of economics students in Indonesia, many of whom are now in key government positions. At the end of August, Professor Sumitro generously agreed to be interviewed on his long career by two members of the BIES editorial board, Anne Booth and Thee Kian Wie. In preparing this interview for publication, the editors have tried to preserve Professor Sumilro's own words to the greatest extent possible; his lucid and entertaining remarks are thus reproduced with a minimum of editing. The interview began with a question to Professor Sumitro about his early training in economies.     

Is System Dynamics Modelling of Relevance to Neoclassical Economists?

System dynamics modelling is a technique that is widely used in business, environmental and ecological applications. In the field of economics, however, it is less frequently used, and those that do use it are usually not professionally trained economists. One of the reasons for this is the perceived ideological differences between system dynamics modelling and neoclassical economics. System dynamics is classified in the literature as a heterodox approach. This article utilises a reputable framework from social theory to compare system dynamics modelling and neoclassical economics on ontological and epistemological grounds. This is the first known study to find congruency between these two approaches on this basis. System dynamics modelling has the potential to increase the range of modelling tools at the disposal of neoclassical economics, so long dominated by econometric and general equilibrium modelling approaches.