European economic integration and industrial policy ∗

This article argues that the theoretical framework that can be used to inform us of the industrial policy implications of European economic integration is very different from the neoliberalist perspective that has proved so popular in recent years. Here I argue the importance of adopting a proactive and selective industrial policy aimed at strategically important areas of the economy.     

Marketed tax avoidance: an economic analysis∗

Recent years have witnessed the growth of mass-marketed tax avoidance schemes aimed at the middle (not top) of the income distribution, with significant implications for tax revenue. We examine the consequences for the structure of income tax, and for tax authority anti-avoidance efforts, of tax avoidance of this type. In a model that allows for both demand- and supply-side considerations, we find that: there is an endogenous threshold income below which taxpayers do not avoid, and above which they avoid maximally; the per-dollar price of tax avoidance is decreasing in income under progressive taxation; endogenous adjustments in the price of avoidance make supply less responsive to anti-avoidance activity than thought previously; and avoidance may drive a non-monotone relationship between tax rates and tax revenue. These findings suggest that new approaches to anti-avoidance, beyond legal enforcement, might be needed.     

Strategic planning of optimal resource allocation in response to global financial crisis – a study of international tourist hotels

This study is principally designed to examine the changes in the efficiency, effective resource allocation and future operation strategies of Taiwan's international tourist hotel in global economic downturn. At first, we set up critical input and output factors and construct an assessment model using Data Envelopment Analysis (DEA) for analysis of relative efficiency. Further, we apply an allocative efficiency model for additional considerations of each input cost and analyse proper and effective resource allocation. Finally, there are significant changes in overall efficiency of international tourist hotels under global financial crisis. We can also reach an effective allocation of the overall resources. In such cases, lowering cost has become a key issue for sustainable operation of international tourist hotel. Finally, the greatest contribution of this study is to further classify the competitiveness and optimal cost allocation of Taiwan's international tourist hotels into seven categories based on the study results and propose strategic planning of future operations for hotel administrators’ reference in making improvements in the future.     

Strategic Analysis of High-tech Auctions

This paper deals with the security voting structure in an auction mechanism used to sell an item Of high-tech. The design of security voting structure allows the seller to choose between two objectives that are not mutually consistent. However, if the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. In addition, if he wants to sell his high-tech to the most efficient candidate, he should sell all the shares.     

The interdependence between economic analysis and methodology in the work of Joseph A. Schumpeter ∗

Abstract

This paper offers an overview of Schumpeter's entire economic work from a methodological perspective. Only from this ‘birds-eye’ view do all the well-known parts of his work become part of a mosaic which – from a distance – forms a picture of logical succession: It tells the story of an intensive search for an appropriate analytical understanding of the phenomenon of economic change. As a result, this paper argues that, from a methodological perspective, Schumpeter's work appears to be anything but a monolithic unit.     

Whose property is it anyway? The social nature of economic actors and egalitarian remuneration ∗

This article formulates an egalitarian theory of property based on an ethic of remuneration for economic contributions. The principle of egalitarian remuneration is developed by revising basic notions of economic contributions. Economic contributions are found to be those activities that contribute to the value of commodities not just those that produce a product. Consumers, and not only producers, contribute to the creation of value, and these economic contributions make consumers eligible for remuneration. However, the concept of consumer contributions needs to be recast, for consumer contributions do not consist of neoclassical, individualistic actors maximizing subjective preferences. Rather, consumers economic contributions flow from their socially self-determined attributes as formed through relation to the system of economic actors. Indirect social contributions spread responsibility throughout the members of the system, affecting calculations of dueness. Other members indirect contributions are relatively equal in degree of responsibility for the social formation of the consumer's economic contributions. The dispersion and equalization of responsibility for the creation of economic contributions entails a correlative equalization of claims to remuneration, on a principle of dueness for economic contributions. This implies a property right to egalitarian remuneration.     

Financial repression and economic development: towards a post-Keynesian alternative ∗

The Shaw–McKinnon framework, the foundation of mainstream thinking on the role of financial markets and institutions in economic development and the basis for policy-making in many LDCs for the last 18 years, is shown to be flawed when viewed in a post-Keynesian perspective. Three interrelated aspects of post-Keynesian theory are used to challenge the financial liberalization models and to posit an alternative post-Keynesian perspective on the role of financial institutions and markets in economic development. These aspects are: (1) the finance-investment-saving-funding circuit; (2) the financial fragility hypothesis; and (3) the evolution of institutions and conventions in an uncertain world.     

A study of economic development in Tibet of China based on the ecological economic mode

The purpose of this paper is to study the issues on keeping the continuous development of Tibetan economy and the relative stability of its ecosystem. Hence, in order to achieve the object, the study analyzes the status quo of economic development in Tibet and the problems of resource exploitation. It especially discusses frailty of Tibetan eco-environment, and evaluates the contradictions between the traditional economic developing mode and the safety of plateau＇s ecosystem. It concludes that there is an inevitable clash between the development of Tibetan economy and the safety of plateau＇s eco-system; this problem cannot be avoided by any decision maker, Therefore, the character of Tibetan econvironment and the requirement of its economic development strategy determine that ecological economy developing mode is the only choice for Tibet. This paper suggests that it should be compensated by the national government to assure that Tibetan economy can keep a higher developing speed. In accordance with the feature of plateau eco-economy system and demand of Tibetan economic development, this paper also suggests several methods to apply the ecoeconomy developing strategy of Tibet.     

Real Option and Strategic Decision Making of Duopoly

Other than traditional valuation methods, the real option approach captures the flexibility inherent in investment decisions to make the optimal decision of a finn in isolation from its competitors. In reality, however, the actions or decisions of competing fn-ms （practical or potential） often affect each other＇s investment opportunity. The value of the project for the firms is assumed to follow a Geometric Brownian motion, and the model combines game theory and the theory of irreversible investment under uncertainty. This paper characterizes the resulting Nash equilibrium under different assumptions on the information that the firms have each other＇s valuation for the project.     

The socioeconomic view of redevelopment ∗

In recent years the USA economy has exhibited signs of becoming a member of a category of economy best termed underdeveloping. In this article an explicitly socioeconomic framework is adopted which suggests ways in which such economies can redevelop. This model stresses the need to prepare the infrastructure and capital goods sectors before mass consumption of goods and services is undertaken. The model indicates that any specific societal system must attend to a specific set of needs. In the context at hand, this leads to the hypothesis that if a fair level of economic growth is to be sustained, there are seven needs which must be answered adequately and in some rough co-ordination with each other. If one or more are neglected, development will be strained, and the nature of the strain can be ‘derived’ from the neglected needs. If several elements are weak or have deterorated, economic development may cease if not be reversed.     

The political economy of nature ∗

Suggestions are made for the development of a specific theory of mining by addressing the role of landed property, cartelization and monopolization. Each of these is seen as having a historically contigent relationship to the others and to the growth of mining capital. The spatial expansion of mining is examined as potentially leading to restructuring of, and conflict over, property relations, and cartelization of markets as tending to precede monopolization of production. The argument is illustrated by reference to the UK coal industry, the South African diamond industry and the US oil industry.     

Some economic effects of standards—Comment

The bulk of the literature on the empirical validation of the purchasing power parity (PPP) has been based on cointegration, although on rare occasions band-spectrum analysis has also been used. The former is tied down to the use of ‘notional’ time in the analysis of systems away from equilibrium, and the latter is circumscribed by the Slutzky-Yule effect. Both these drawbacks are sought to be remedied in the present paper, which seeks to bring to bear upon the PPP a new approach derived from the concept of a time-varying spectrum. Both absolute and relative versions of the doctrine are tested for ten advanced economies over the post-1973 period. Uniform rejection of the PPP occurs with the US $ as base, but with centring on the DM, the evidence seems to be supportive of the PPP (in its relative version) for three European countries.     

The Analysis of Logistics Strategic Type of Northeastern Equipment Manufacture Industry

Logistics strategy has very important function to the development of old industrial base of equipment manufacture industry in the northeast, logistics strategic type is an important component of logistics strategy. The understanding of it will contributes to enterprise make suitable logistics strategy according to one＇s own actual conditions, to plan long-term development, and then establish an unassailable position during keen competition nowadays.     

Study on the planning principles of urban forest

The urban forest is the main body for the urban forestry management. There are not unified rules and standards for the planning of the urban forest yet in China. This paper discusses the planning principles of the urban forest： the priority of the ecological function, the adaptation to local condilions, the optimization in the whole system, the mutual dependence of forest and city, the culturecontinuance and recreation satisfaction, sustainable development and operability, etc. This paper takes Changsha as an example to elaborate the planning principles of the urban forest. Firstly, Changsba urban forest ecosphere is composed of the eco-garden, the round-the-city forest belt, the ecological isolation belt, the green channel, the landscape of the rivers and streams, the forest park, the biodiversity reserve and the eco-forest in suburb area. It aims to make every kind of ecological essential factors organically merge into the complex city ecosystem to build an eco-city, to strengthen the connection of wide-open space with various habitats spots, to promote resident＇s accessibility, to perfect landscape ecology, and to make full use of the ecological function of urban forest. When we construct the urban forest, we must optimize the comprehensive benefit and make the urban forest structure and the layout in the best condition in order to buiM the harmonious green city for both man and nature to realize the whole optimization of the city system by the complex functions of the urban forest in ecology, environmental protection, landscape, recreation, etc.     

Does the stock market cause economic growth? Portuguese evidence of economic regime change

The relationship between stock market and economic growth is tested for Portugal (1993–2011), which is a small open economy dependent on bank financing. The relationship between economic growth and bank financing is also appraised. Using Vector Autoregressive (VAR) modeling, Granger causality, variance decomposition and impulse response function are discussed. The physical replacement of the currency, as a consequence of the integration in the European Monetary Union, proves to be an economic regime change. The effect of the subprime crisis was also proved. There is evidence of Granger bidirectional causality between the stock market and economic growth. Meanwhile, there was no evidence of causality running from bank financing to economic growth.     

Resource constraint,sustainable economic growth pattern and transformation of economic system in China

Over the past 20 years, China has made spectacular achievements in economic growth as well as in thetransformation of economic growth pattern. Industrial structure is being updated, and technology is playing a more andmore important role in economic development. The energy and resource consumption in many industries and enterprisesare reducing. However, we should realize that there are still many problems in changing the economic growth pattern,such as high input, high consumption, high discharge, inharmony, recycling difficulty, and low efficiency, which havegreatly impaired and restrict Chinese economic development. Therefore, the fundamental change of the economic growthpattern is inevitable. Based on the analysis on the status quo and the exploit of resources, this paper suggests that thetransformation from unsustainable to sustainable growth is the only choice in changing the economic growth pattern. Inaddition, the transformation should not completely rely on the fundamental effects of market mechanism. We should makefull use of the power of governments to speed up the transformation of economic system.     

The Italian theories of progressive taxation∗

In this paper I evaluate the logical consistency of Patinkin's claim that involuntary unemployment can result from slow speed of adjustment. I argue that Patinkin's argument is flawed because of an unjustified breach of continuity in the trade technology assumption between the microeconomic and the macroeconomic parts of Money, Interest, and Prices. Finally, I claim that the issue of flexibility versus rigidity should be linked to the trade technology assumption. As soon as a centralized trade technology is assumed, flexibility automatically comes in.     

What remains of the growth controversy ∗

Nobel laureate R.M. Solow (1992) reflected that, ‘The Kaldor–Kalecki–Robinson–pasinetti line made life harder for itself by being part of a wholesale attack on mainstream economics. Anyway, it was not ever able to muster a body of serious applied work’. This article considers the accuracy of an assessment like Solow's of the sucess of the growth theorys that economists have proposed as alternatives to neoclassical growth theory. The article, which takes an historical perspective, focuses on Kaldor's growth theory.