The Impact of Inequality and Redistribution on Growth

In this paper, we reassess the impact of inequality on growth. The majority of previous papers have employed (system) GMM estimation. However, recent simulation studies indicate that the problems of GMM when using non‐stationary data such as GDP have been grossly underestimated in applied research. Concerning predetermined regressors such as inequality, GMM is outperformed by a simple least‐squares dummy variable estimator. Additionally, new data have recently become available that not only double the sample size compared to most previous studies, but also address the substantial measurement issues that have plagued past research. Using these new data and an LSDV estimator, we provide an analysis that both accounts for the conditions where inequality is beneficial or detrimental to growth and distinguishes between market‐driven inequality and redistribution. We show that there are situations where market inequality affects growth positively while redistribution is simultaneously beneficial.     

信贷约束、再分配及不平等对增长的影响

当信贷对那些禀赋较少的当事人是完全可获取时,再分配对长期增长无影响.当信贷不可得时,再分配可以促进经济增长.富人与穷人之间的不平等程度越高,越容易刺激穷人掠夺富人的财富,并牺牲了总的投资与增长.恰当的再分配政策设计可以有利于禀赋少者并促进总的产出,并使社会朝着增长与和谐的方向努力.     

Inequality, Redistribution, and Economic Growth

This paper provides a critical review of the recent literature on inequality and growth. After discussing historical and more recent distributional trends as well as empirical evidence on the relationship between inequality and growth, I focus on recent explanations of the inequality-growth puzzle. I consider both the impact of the functional and the personal distribution on long-run growth rates. A final section discusses a rather neglected issue in the recent literature: the impact of expected demand for innovation decisions.     

Entrepreneurial Skills,Technological Progress,and Firm Growth*

Using cross-country establishment-level data, I show that employment profiles over a firm's life cycle are flatter in fast-growing economies than in slow-growing economies. The difference in average employment over the firm's life cycle increases with plant age. I propose a frictionless overlapping-generations model with exogenous technological progress. Firm productivity also depends on entrepreneurs’ skills. Entrepreneurs can increase their skills over their life cycle, but the growth of the vintage component of younger cohorts’ skills is higher in fast-growing economies than in slow-growing economies. This model is able to explain most of the differences observed in the sample between fast-growing and slow-growing economies.     

Industry and the Family: Two Engines of Growth

We generalize the class of endogenous growth models in which the scale of the economy has level rather than growth effects, and study the implications of different demographic and technological factors when both fertility choice and research effort are endogenous. The model incorporates two dimensions of technological progress: vertical (quality of goods) and horizontal (variety of goods). Both dimensions contribute to productivity growth but are driven by different processes and hence respond differently to changes in fundamentals. Specifically, while unbounded vertical progress is feasible, the scale of the economy limits the variety of goods. Incorporating a linearity in reproduction generates steady-state population growth and variety expansion. We thus have two engines of growth generating dynamics that we compare with observed changes in demographics, market structure, and patterns of growth. Numerical solutions yield the important insight that, while endogenous, fertility responds very little to industrial policies. Demographic shocks, in contrast, have substantial effects on growth.     

Redistribution and growth: Pareto improvements

This paper analyzes the relationship between income distribution and economic growth. It introduces heterogeneous households who have preferences for leisure into Grossman and Helpman's model of endogenous growth (in which income distribution has no effect on economic growth). Wealth distribution affects the endogenous rate of growth as the labor supply of each individual responds inversely to his permanent income. When the labor Engel curve is concave (convex), unequal wealth distribution decreases (increases) the rate of growth. Pareto-improving-growth-enhancing wealth redistributions are characterized.     

养老金投资对经济增长的影响研究--一种新的理论视角

养老金投资对经济增长的影响一直是社会保障研究关注的焦点。文章建立了一个内生增长模型,证明了在一定条件下养老金投资对经济增长具有正效应,并由此提出相应的政策建议。     

Schumpeterian Growth Without Scale Effects

We incorporate population growth into the model of trustified capitalism, with vertical and horizontal product differentiation, developed by Thompson and Waldo (1994) and generate endogenous long-run Schumpeterian growth without scale effects. Our model extends the analysis of Young (1998) and overturns some key policy and welfare implications of his model. The transitional dynamics of the model can account for the presence of scale effects in preindustrial and early industrial eras.     

同群效应对创业路径选择的影响

通过分析典型案例探究了同群效应对创业路径选择的影响机理。研究发现:同群者的流动经历和创业经历对创业者的创业认知和创业资源的整合能力具有积极作用;同群者中的家庭成员即强连带关系促使创业者选择创新型创业路径,而同群者中的组织成员即弱连带关系促使创业者选择模仿型创业路径。     

The Origins of Entrepreneurial Opportunities

Kirzner's (1973) theory of entrepreneurship emphasizes the equilibrating role of entrepreneurship. When the market is not in equilibrium, profit opportunities exist, and entrepreneurs discover and act on these profit opportunities to equilibrate the market. Because Kirzner focuses on entrepreneurial actions when profit opportunities exist, and does not describe where they come from, one could imagine a fixed stock of profit opportunities that get used up as entrepreneurs discover them. But new profit opportunities are being created constantly. A taxonomy of the origins of entrepreneurial opportunities includes factors that disequilibrate the market, factors that enhance production possibilities, and most notably, opportunities created from previous acts of entrepreneurship. Entrepreneurial actions do not use up profit opportunities, but create them, and the critical role of entrepreneurship in the creation of new profit opportunities is emphasized. This line of reasoning leads directly to policy implications regarding the economic environment conducive to entrepreneurial discovery and the role of government in research and development. This paper enhances Kirzner's theory of entrepreneurship by illustrating how entrepreneurship enlarges the stock of future entrepreneurial opportunities, and points to entrepreneurship as the engine of economic progress.     

内企业家成长机制研究

企业内部的创业活动是企业成长和发展的关键,内企业家是企业内部创业活动的倡导者、实践者。在相关文献回顾的基础上,本文分析了内企业家的特质及与创业者的异同,并指出企业中内企业家的成长机制。     

大学生创业网络动态演变的实证研究

以浙江省杭州市131家大学生创业企业为调研对象,利用调研数据,实证分析了大学生创业网络主体和创业网络三个维度在企业成长不同阶段的动态演变过程。     

Population and Economic Growth Under Different Growth Engines

Using a growth model with physical capital accumulation, human capital investment and horizontal R&D activity, this paper proposes an alternative channel through which an increase in the population growth rate may yield a non‐uniform (i.e., a positive, negative, or neutral) impact on the long‐run growth rate of per‐capita GDP, as available empirical evidence seems mostly to suggest. The proposed mechanism relies on the nature of the process of economic growth (whether it is fully or semi‐endogenous), and the peculiar engine(s) driving economic growth (human capital investment, R&D activity, or both). The model also explains why in the long term the association between population growth and productivity growth may ultimately be negative when R&D is an engine of economic growth.     

Climate and Scale in Economic Growth

This paper introduces new data on climatic conditions to empirical tests of growth theories. We find that, since 1960, temperate countries have converged towards high levels of income while tropical nations have converged towards various income levels associated with economic scale and the extent of the market. These results hold for a wide range of tests. A plausible explanation is that temperate regions' growth was assisted by their climate, perhaps historically for their transition out of agriculture into sectors whose productivity converges across countries, while tropical countries' growth is relatively more dependent on gains from specialization and trade.     

资源约束条件下长期经济增长的动力机制--基于内生增长理论模型的研究

文章通过将存量有限且不可再生的自然资源引入生产函数,构建了一个产品种类扩张型的四部门内生增长模型。首先,通过对模型的市场均衡分析,给出了平衡增长路径的经济增长率以及均衡解存在的一个充分性条件,系统地探讨了在人口增长、自然资源不断耗竭的约束条件下内生技术进步促进长期经济增长的动力机制;其次,通过对平衡增长路径进行比较静态分析,讨论了各经济变量以及经济环境参数的变化对稳态增长率的影响效应及其作用机制,并给出其经济学解释;最后是综合结论及政策涵义。     

Growth States and Shocks

GDP growth typically vibrates with modest variation around a mean of a few percent per year, but periodically, mean growth undergoes a major shift, vibrating thereafter around a new level. I present a transmission mechanism with nonlinear dynamics that endogenously translates random sectoral shocks into just this sort of behavior, creating what might be thought of as multiple growth states. Small shocks cause vibration within a state. Sufficiently large shocks cause a state change. Behind the nonlinear dynamics lies essentially the same dynamic externality that drives the new-growth theory models. The relative balance of endogenous versus exogenous growth determines whether the economy will have multiple stable growth states. The model can generate data which looks much like the data generated by a Markov process of the sort identified in Hamilton (1989) or a trend-breaking process as in Perron (1989). The model has two output processes. Input factors are drawn into the leading process, where learning-by-doing further increases that process's technological lead. If the leading process is also the inherently high-growth process, then growth is fast for both technologies. Shocks to preferences and technologies cause endogenous switching of the leading sector role between the high-growth and slow-growth processes.     

创业企业网络演化研究——从萌芽到早期发展

针对创业企业网络从萌芽到早期发展的三个维度的网络演化过程进行了分析。根据嵌入社会关系的有凝聚力网络和嵌入丰富结构洞的分散网络的观点,运用动态的研究方法协调两个表面上看起来有矛盾的网络理论观点,进一步启发研究者深入理解创业企业网络的动态机制及形成过程。     

创业动机理论模型的构建与分析

在分析创业动机的基础上，构建了创业动机的简单和复杂的两个理论模型。简单的创业动机模型从创业动机本身去分析了创业动机的性质及其他们之间的内在逻辑关系，复杂的创业动机模型揭示了创业动机变化还受创业者的发展以及创业企业的发展影响和制约。     

内生城市增长理论模型与实证研究述评

城市增长是现代经济增长理论研究和实证研究的重要内容。城市增长理论可划分为内生城市增长理论和外生城市增长理论。本文重点阐述三个城市内生增长模型即外部性城市增长模型、新经济地理城市增长模型和超边际城市增长模型及其主要思想;围绕“人力资本积累”和“产业聚集”对城市增长的影响,综述相关经验研究;简单总结和评述内生城市增长模型,为进一步研究中国城市增长提供理论借鉴和经验参考。     

互联网背景下高校孵化式创业教育及其综合服务平台的构建

提出"孵化式创业教育模式"——该模式在创业教学方式上更加多元化,在创业教育体系上更具开放性和社会互动性。在此基础上,提出构建高校孵化式创业教育综合服务平台的设想,指出该平台通过资源整合帮助创业大学生创造商业价值的运行机制,以及在促进创业大学生嵌入产业网络方面的具体着力点。