PATTERNS OF TRADE AND GROWTH UNDER INCREASING RETURNS: ESCAPE FROM THE POVERTY TRAP*

We consider a two-sector model of intertemporal resource allocation in which the investment good sector exhibits an initial phase of increasing returns in production. The economy maximizes a discounted sum of one period utilities derived from the consumption good. If it is autarkic, it may face a poverty trap from which it cannot escape even if it follows an optimal policy. If it engages in trade with the outside world as a price taker, it may escape from the trap. The optimal patterns of production and trade are analysed for such an economy.     

ALLOCATION UNDER INCREASING AND DECREASING RETURNS

Abstract.  Efficient Allocation of labour among a set of machines (say) operating under initially increasing and then decreasing returns is studied first for identical machines and then for the case when machines can be ranked by their productivity. Essentially it is a question of the number of machines to be operated. At critical input levels this number jumps and the intensity of machine use is reduced discontinuously.     

收益递增、运输成本与贸易模式

本文建立一个两国模型,研究存在运输成本和收益递增场合贸易的模式与利得分配,探讨成本递减作为贸易保护理由的条件,拓广Ethier(1982a)的分析。模型中制成品的生产可选用现代技术或传统技术,前者带来规模收益递增。基本结论是:模型参数及初始条件决定贸易均衡的类型以及贸易利益的得失。若收益递增越强、运输成本越低、制成品支出份额越高或相对经济规模越大则越容易形成专业化的生产与贸易格局,且专业化的格局类似于李嘉图模式(无运输成本、收益不变)的分析,即各国出口其具有比较优势的产品;出口收益递增产品的一方总是从贸易中获利,另一方可能获利也可能受损。建议政府大力扶持收益递增产业,积极推动工艺创新。     

THE PURCHASING POWER PARITY THEORY AND RICARDO'S THEORY OF VALUE

In this paper the Purchasing Power Parity (PPP) theory and itscriticisms are analysed. The majority of studies show that inmost cases, the PPP indicator is not a good predictor for nominalexchange rate changes, nor a good indicator of relative competitivenessbetween countries. Instead, orthodox and non-orthodox economistsuse relative labour costs to represent real exchange rates.This has interesting implications for the currently acceptedprice determination theory. In turn, this also allows us touse a Ricardian model as developed by Pasinetti to calculatethe ratio of real, vertically integrated unit labour costs betweencountries as a real exchange rate determination theory and asa sectoral relative competitiveness indicator as well.     

MANUFACTURER ACCEPTANCE OF RETURNS*

Modelling the retailers' behaviour explicitly, I extend the model of manufacturer returns policy of Flath and Nariu (1989) by introducing general demand conditions under uncertainty. I derive an equivalence theorem between manufacturer acceptance of returns and resale price maintenance (RPM) under conditions of zero marginal cost, risk neutrality and symmetric information. This was first shown by Marvel and Reagan (1986) in a somewhat different context. I also discuss some differences between RPM and return policy under asymmetric information and risk attitudes.     

收益递增与中国工业经济资本积累

中国工业资本生产率和资本利润率数据显示,中国工业资本积累处于收益递增时期,计量研究结果也支撑了这一判断。从中国经济发展进程看,技术进步、人力资本增长、制度变迁、政府服务的外溢效应、二元经济结构转变等因素成为工业部门规模收益递增的源泉。未来一段时期内工业部门投资需求仍会很强烈,直到大规模工业化阶段由技术进步和制度变革等带来递增收益释放完毕。     

A THEORY OF MONEY AND MARKETPLACES*

This article considers an infinitely repeated economy with divisible fiat money. The economy has many marketplaces that agents choose to visit. In each marketplace, agents are randomly matched to trade goods. There exist a variety of stationary equilibria. In some equilibrium, each good is traded at a single price, whereas in another, every good is traded at two different prices. There is a continuum of such equilibria, which differ from each other in price and welfare levels. However, it is shown that only the efficient single‐price equilibrium is evolutionarily stable.     

SEPARATING EFFICIENCY AND EQUALITY,AUTOMATION, AND PIKETTY'S THEORY OF INCREASING CAPITAL SHARE

Despite disincentive effects, it is more efficient to tackle inequality by general equality promotion policies, including tax/transfers, than by trying to pursue equality in specific issues or policies. The latter policy also has the same degree of disincentive effects as the general policy but has additional distortive effects. While Piketty' concern with inequality is well taken and his proposal to reduce inequality has merits, his argument on the inevitability of increasing capital share under capitalism and the condition of rate of returns to capital being larger than the rate of growth in incomes (r > g) is not correct. (JEL D3, D6, H)     

民营企业的崛起与劳动价值论的深化

江泽民同志指出:我们应结合新的实际,深化对社会主义社会劳动和劳动价值理论的研究和认识。这不仅为深化对劳动和劳动价值理论的研究和认识,阐明了重要性和必要性,而且为对深化研究和认识指明了方向。历史证明:在不同的社会形态中,不同的经济体制下,准确界定劳动的性质,恰当估量劳动在价值创造中的作用,是马克思主义政治经济学的一个基本问题,是清醒认识社会经济关系和正确处理分配关系的理论基础。笔者试从民营企业的视角,谈一些粗浅认识。民企业主对马克思劳动价值论的直觉感悟众多民营企业创始人是由多方人士构成的新群体、新阶层。他们…     

DERIVATIVE IDEAS AND THE VALUE OF INTANGIBLE ASSETS*

We build a general equilibrium model where growth is driven by two invention types: fundamental ideas that cause creative destruction, and derivative ideas that enhance the value of existing inventions. The model provides a new mapping from microeconomic, patent data to aggregate total factor productivity growth and the aggregate value of privately owned knowledge. We show how to measure the frequency of derivative ideas and the rate of creative destruction. We estimate that derivative ideas account for 70–80% of all patents and their presence more than doubles the value of knowledge capital relative to what the measured innovation rate might otherwise imply.