A critique of mises’s theory of monopoly prices

Conclusion Built on Rothbardian insights, our attempt to show the peculiarities of Misesian monopoly theory results in a few conclusions. First of all, in Mises’s theory of monopoly two of the three conditions for the emergence of monopoly prices belong to different realms of scientific inquiry. On the one hand, Mises points out the idea of a counterfactual comparison between competitive price and monopoly price; on the other hand, he stresses the importance of an empirical method to discover monopoly prices. The latter, even if it describes a true statement about market conditions, i.e., the entrepreneurs do not know (beforehand) the market demand curve, does not help us to identify the monopoly price on market. Second, Mises erroneously founds his welfare arguments on value theory. His utilitarian endeavor to show that “consumers’ sovereignty” is infringed by monopolistic restriction of production does not succeed. He based his arguments on nonscientific interpersonal and intertemporal comparisons of utility. Third, Mises is not consistent in the use of a standard of comparison for “monopoly prices”: on the one hand, the market prices are not distinguishable from “monopoly prices”; on the other hand, the transfer of the discussion to the equilibrium framework does not help us either, as we try to explain real market phenomena. Thus, Mises’s attempts to incorporate the neoclassical concept of monopoly price into the framework of the market process, as depicted by Austrians, do not succeed. Our inquiry supports the largely shared opinion among Austrian economists that monopoly price (at least in its present definition) does not exist on the free market; it appears only, and is logically identifiable, as a result of a privilege given by the State.     

加息：破解“劫贫济富”的负利率

10月19日晚7点,中国人民银行宣布,自2010年10月20日起上调金融机构人民币存贷款基准利率。一年期存款基准利率上调0.25个百分点,由现行的2.25%提高到2.50%;一年期贷款基准利率则由现行的5.31%提高到5.56%。     

The political economy of defense procurement and acquisition: The case of South Korean ministry of defense

South Korea faces growing problems in the area of productivity and competitiveness throughout its economy. These problems are also present in the economies of the armed forces. The purpose of this paper is to present methods of improving the productivity of the South Korean Ministry of Defense's acquisition and procurement processes. It also attempts to mention the South Korean defense environment including defense industry after the Second World War, to point out the problems of Korean Fighter Program (KFP) as a case study, to explain concepts and principles of Total Quality Management, which is a management philosophy and methods, and to provide with the possible solutions of its defense acquisition and procurement represented as KFP.     

拉德芳斯

修建于上世纪50年代、世界上首个城市综合体——法国拉德芳斯(LaDefense),至今它仍然充满着旺盛的生命力,在当地人们的生活中发挥着巨大作用.拉德芳斯原本是巴黎西北部的一片僻静地方,普法战争后人们在高地上树立起一组雕像,提名“拉德芳斯”,意为“保卫”.而新建成的拉德芳斯给巴黎这座古城带来了浓烈的现代气息,也是现代巴黎的象征.     

利益集团理论视野下的公共利益

在社会世俗化、理性化不断推进,社会利益结构的分化日趋复杂的情况下,从多元主义、法团主义的利益集团理论出发来诠释公共利益是理解现代民主政治的一个可行视角。面对我国利益团体发展的独特状况,需要学界发展出新的理论来予以解释。     

实际利率、自然利率和名义利率关系研究

本文研究了实际利率、自然利率和名义利率的关系，揭示了传统利率关系式所蕴含的矛盾性，并指出利率调控的必要性及其实现条件。     

我国房地产资产升值和资产通胀的外部性--汇率、利率偏低是资产通胀的根源

由于人民币汇率问题,我国的货物和资产都显得相对廉价。外部世界不仅从我国大量进口可移动的贸易品,还通过直接投资等方式大量“进口”中国的土地和房地产商品,这在一定程度上拉动了房地产商品的价格上涨。所以,研究我国的房地产问题,必须从对外贸易角度来分析。实际上我国这几年来所有的经济问题都可以归纳到货币政策和汇率问题。房价上涨的部分原因在于外部输入的货币量过多,人民币汇率和利率偏低,大量资金涌入房地产市场保值升值,使这一稀缺资源充满了投机性。     

制造业：抗击全球性衰退的最后防线

正当人们在为全球经济会否出现二次衰退而忧心忡忡时,全球制造业采购经理人指数（PMI）在8月集体陷入停滞,沉重打击了投资者对全球经济复苏的希望,经济二次探底的猜测瞬间散播全球。     

利率市场化与商业银行利率风险管理

中国的利率市场化改革正稳步推进，利率市场化改革给商业银行带来了包括重新定价风险、基本点风险、收益曲线风险和内合选择权风险等类型的利率风险。商业银行可以选择表内管理方法和表外管理方法以及资产征券化技术对不同的利率风险进行规避。我国商业银行利率风险管理的关键在于加强内径机制的建设，还需要金融市场的发展和法律环境的完善。     

Changing faces of Japanese defense policy: Past and future 1

During the Cold War, Japan played a strategic role by contributing to the global containment against the Soviet Union. After the Cold War, Japan became more active operationally and better prepared legally. However, it did not play significant strategic roles in shaping the post‐Cold War international order. The question now is whether Japan will play strategic roles in the future. Given the changes in the domestic political outlook, political capital necessary for redefining Japanese defense policy seems to be forthcoming. Japan could play strategic roles particularly in ballistic missile defense and U.S.‐Japan defense cooperation.     

Dependence of the Russian defense industry on oil prices: Conversion

The article analyzes the impact of the collapse of world oil prices on the reduction of defense budget, production of weapons, innovative and personnel potential of the defense industry, and on country’s defense capability. Some proposals for the concept of structural changes in the defense industry have been formulated based on experience converting the defense industries in the Soviet Union, the United States, China, and France.