Enlightenment of Cultural Innovation in the Park of China from the Park Development of U.S.A. and Singapore

This text combines authors＇ visits and examinations on the spot of Silicon Valley of U.S.A. and Park of Singapore, after analyzing the Park development experience of U.S.A. and Singapore, elucidates ＂three culture effects＂ of Park development in terms of cultural system emphatically, then proposes some suggestions of cultural innovation in the Park of China.     

Do immigrants affect the profile of U.S. exporters?

We highlight that an increase in the stock of immigrants corresponds with greater numbers of U.S. firms that engage in exporting to foreign markets. Our results are obtained from the estimation of a multi-level mixed effects model. Overall, the effect of immigrants is relatively larger among small- and medium-sized enterprises and is smaller among large-sized enterprises. There are, however, considerable differences, both in the magnitude and in nature of the observed effects of immigrants on manufactured and non-manufactured goods exporters of comparable size categories. Similarly, heterogeneity is found in the effects of immigrants on the numbers of small-, medium-, and large-sized exporters across home country cohorts that are grouped by World Bank income classifications and by broad regional classifications of destination markets. These findings imply that immigration has the potential to alter the profile of domestic firms involved in exporting.     

Contributions of the Galbraith “Technostructure” to the Growing Crisis of the U.S. Economy

This paper lays the methodological foundations of an analytical framework that may help shed some new light on the issue of territorial inequalities in the digital economy. It opposes the recent tendency to build up an evolutionary economic geography as an alternative not only to the so-called "New Economic Geography" (namely "geographical mainstream economics") but also to the institutional economic geography. The paper advocates the development of an evolutionary and institutional approach in economic geography, which would be meso-focused. Finally, it presents some insights that highlight the heuristic potential of this approach in reappraising the territorial features of the digital economy.     

The Essence of Communal Autonomy Exemplified by the Town of St. Gallen

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The Analysis of U.S. Deposit Insurance System and the Enlightenment to China

U.S. deposit insurance system has important and deep influence on the building and operating of the deposit insurance system for many countries in the world. Based on the analysis of the development stage and status quo of the U.S. deposit insurance system, this paper suggests that China should learn from the experience of U.S. deposit insurance system, to build and perfect the laws of deposit insurance system, and the mandatory, the scope, the insurance premium, and the top insurance amount of the deposit insurance system should be stated, and the deposit insurance agencies should maintain their independence and restrain the moral hazard. Only in that way can the deposit insurance system of China be built and perfected.     

International stock return predictability: Is the role of U.S. time-varying?

This study investigates the predictability of 11 industrialized stock returns with emphasis on the role of U.S. returns. Using monthly data spanning 1980:2–2014:12, we show that there exist multiple structural breaks and nonlinearities in the data. Therefore, we employ methods that are capable of accounting for these and at the same time date stamping the periods of causal relationship between the U.S. returns and those of the other countries. First we implement a subsample analysis which relies on the set of models, data set and sample range as in Rapach et al. (J Finance LXVIII(4):1633–1662, 2013). Our results show that while the U.S. returns played a strong predictive role based on the OLS pairwise Granger causality predictive regression and news-diffusion models, its role based on the adaptive elastic net model is weak. Second, we implement our preferred model: a bootstrap rolling window approach using our newly updated data on stock returns for each countries, and find that U.S. stock return has significant predictive ability for all the countries at certain sub-periods. Given these results, it would be misleading to rely on results based on constant-parameter linear models that assume that the relationship between the U.S. returns and those of other industrialized countries are permanent, since the relationship is, in fact, time-varying, and holds only at specific periods.     

Can U.S. Cities afford living wage programs? An examination of alternatives

Since 1994. so-called “living wage” ordinances have passed in 20 cities in the United States, and activists are advancing similar proposals throughout the country. These proposals are a response to the declining real wages of low-wage workers in the United States—what David Gordon termed “the wage squeeze” in Fat and Mean—and, in particular, to the 30 percent fall in the real value of the minimum wage from its peak in 1968. We consider here the main arguments advanced by opponents of living wage proposals: 1) they will place a heavy burden on municipal government budgets, forcing, among other things, cuts in vital city services that benefit low-income people; 2) they will encourage local businesses to relocate and discourage new businesses from investing within cities that have such ordinances; and 3) they will cause unemployment among low-wage workers. Examining these issues in the context of proposals that were either passed or considered in different cities, we find that none of the criticisms of living wage proposals stand up to careful scrutiny or evidence. Rather, living wage proposals are affordable and workable. They represent a small but significant step toward reversing the “wage squeeze” so carefully documented and analyzed in Fat and Mean.     

Figures of mockery. The cultural disqualification of physiocracy (1760–1790)

Abstract

By studying seriously a literature generally dismissed by the historians of economics – satires, tales, theatrical works, pamphlets, poems, and songs that mock with humour the physiocrats, their fellow-travellers, and their doctrines – this paper reveals what was made of them and their ideas, who did this, and the underlying whys and wherefores. Three major forms of critiques are considered. The first, that of a Church (the Encyclopédistes) fighting a rising heresy (the physiocrats), concludes that the fanaticism of the latter is incompatible with the virtues of tolerance that must characterise the true philosophes. In the second form, the Encyclopédistes and the Économistes are assimilated. Both led to the destruction of the old taxonomy of society and even to death, to famine and to a chaos of transgression. The third form concerns the dubious parallel between the y-king of ancient China and the Tableau économique. These three types of cultural writings capture and explain something new – physiocratic political economy – thanks to well-known mental constructs. It stages characters and facts in order to give meaning to events the causes of which are difficult to explain. It is, beyond all the irony and mockery, an attempt to understand and to defuse new fears resulting from this incredible endeavour to change reality.