CHRISTIANITY, THE MARKET ECONOMY AND THE LIMITS TO HUMAN KNOWLEDGE

At one time, the prevailing view amongst Christian clergy in Britain would have been sympathetic towards the spontaneous order of the market economy and not sympathetic towards socialism. The spontaneous order, would, of course, have included the rich tapestry of philanthropic organisations and mutual societies that used to provide welfare for the poor. The clergy today are not generally sympathetic towards the market order. An understanding of Austrian ideas takes us to the view that, at the very least, socialist rationalism is the common enemy of Christians and those who support a free market order.     

ETHICS AND THE MARKET ECONOMY: INSIGHTS FROM CATHOLIC MORAL THEOLOGY

The ethical dimension of market solutions to problems is often neglected by their proponents. This article examines the market from the standpoint of orthodox Roman Catholic moral theology. It illustrates how Catholic theologians have contributed to thinking about the market, draws attention to Catholicism's positive assessment of entrepreneurship, and outlines paths for future Catholic reflection on the market.     

THE CZECH REPUBLIC: PROGRESS TOWARDS FREEDOM AND A MARKET ECONOMY

The Czech Republic has made good progress towards a market economy, though its experience shows that it is easier to change the political system than the economic system. It shows also that public expectations tend to be too high: economic transformation cannot be costless and rapid as is often assumed. The Czech Republic wishes to participate in European integration though it has reservations about the degree of regulation, harmonisation and bureaucratisation in the EU.     

THE ECONOMICS OF COMMUTING AND THE URBAN LABOUR MARKET

ABSTRACT. The spatial distribution of households and firms, or urban spatial structure, is a core element of the study of urban economics and the crucial determinant of commuting patterns. This paper examines developments in the analysis of urban spatial structure and commuting are related to the urban labour market—that is the analysis of labour supply and labour demand in a spatial context. These developments have been overlooked in the traditional approach to urban structure and commuting where most attention has been devoted to the markets for land and housing rather than the market for labour. Yet a little reflection suggests that the labour market might have a great deal to do with the location decisions of households and firms, and hence with commuting patterns. We argue that much criticism of the economic analysis of urban structure and commuting can be addressed by explicit incorporation of the labour market into the conventional model of urban location. This criticism includes findings that the theory cannot explain the tendency for richer households to live farther from the central business district and commute farther to work (Wheaton, 1977) and findings of substantial unexplained or 'wasteful' commuting according to conventional theory (Hamilton, 1982). The paper begins by outlining the basic model of residential location and commuting (Section 2). We then consider extensions that involve the introduction of labour supply decisions and which determine the value of commuting time (Section 3). More recent extensions involve the introduction of decentralized workplaces (Section 4) and, logically, the issues of job search and migration (Section 5). We conclude with a summary of the progress in incorporating labour market behaviour into the analysis of urban structure and commuting and our suggestions for further research in this area.     

CHINESE EXPERIENCE IN THE INTRODUCTION OF A MARKET MECHANISM INTO A PLANNED ECONOMY: THE ROLE OF PRICING

Abstract. A brief review is first presented of the changes in pricing institutions in China since 1949, with particular emphasis on the shift from an equilibrium price system to a distorted price system. The authors argue that distorted prices are harmful to economic growth even in a planned economy, since even an experienced economic planner can never escape from the full implications of a distorted price system. Examples are given showing the detrimental results of such a system. The central point of China's economic reform is the extension of decision-making power to enterprises and the introduction of a market mechanism so as to improve microeconomic efficiency. But such a goal cannot easily be achieved due to the false information provided by the distorted price system. So price adjustment becomes an issue of primary importance, and the authors discuss the difficulties for price adjustment posed by various interest groups.     

HOUSE PRICES AND THE ECONOMY

UK house prices more than doubled from 1985 until 1989, with house price inflation over the previous year peaking at 34 per cent in the fourth quarter of 1988. The ratio of house prices to average incomes reached levels which surpassed even those experienced during the 1972-73 house price boom. This sharp increase in housing wealth has been a major factor in the fall in the savings ratio over the past three years. This forecast release examines the prospects for future house price movements, discusses the sources of the recent house price boom and finally considers the possible impact on consumer expenditure.     

THE HOUSING MARKET AND THE RECOVERY

In the run up to the key Christmas period the talk is again of renewed weakness in consumer spending. Last month saw the volume of retail sales rise by only 0.1 per cent, and the annual rate of growth has now slowed to a shade over 3 per cent, down from its peak of 4.4 per cent back in July this summer. This weakness in consumer demand is also clearly being reflected in retail prices; with retailers discounting their prices to boost sales, headline inflation fell to 1.4per cent in October, while the underlying rate dropped to its lowest level for 25 years. This forecast release looks at the wider determinants of consumer spending, especially developments in the housing market. We argue that the slowdown in high street sales is a forbear of sluggish growth to come and that lower interest rates, if they materialise, are unlikely to have much of an impact. While consumer spending has been the driving force out of recession, for the recovery to be sustained, requires that exports and investment spending now take up the running.     

THE POLITICAL ECONOMY OF OVERLAPPING JURISDICTIONS AND THE FRENCH/DUTCH REJECTION OF THE EU CONSTITUTION

In seeking to protect their failed social model by rejecting the EU constitution, French and Dutch voters ironically contributed to promoting the very 'liberal' order they misunderstand and despise. When, as in federalist politics, functions overlap, two levels of government compete for the same votes in the same territory in the supply of similar services. Not unlike the tragedy of the commons in oil extraction, it is in the interest of both political authorities to seek to gain votes in implementing the programme first. The overall equilibrium supply of public services is excessive and both levels of government have a tendency to invade every field. Short of effective constitutional limits on the powers of the central government, a more decentralised EU offers an opportunity to overcome the common-pool problem of multi-level government.     

MORALITY, ECONOMICS AND THE MARKET IN THE THOUGHT OF BENEDICT XVI

While not uncritical of aspects of modern capitalism, John Paul II's 1991 social encyclical, Centesimus Annus , directed official Catholic teaching towards more explicit affirmation of the moral potential of free markets, exchange and enterprise. Analysis of the pre-pontifical writings of Pope John Paul's successor, Benedict XVI, suggests that an equally nuanced approach to economics and the market from the most authoritative Catholic teaching authority is likely to continue.     

A REVIEW OF THE KOREAN HOUSING MARKET AND RELATED POLICIES

Essentially an update of Renaud (1989). K.Y. Kim (1991), and K.H. Kim (1993), this paper introduces the Korean housing market and policies, but from a distinct perspective. Housing conditions in Korea have dramatically improved both in terms of quantity and quality over the past 35 years. The market has mainly accommodated buyers of new houses, while ignoring or even sacrificing needs of low income households. This is the result of government control of the market mostly by regulations on new for-sale houses rather than by budgetary or financial resources. Both the weakness and strength of this housing supply system were clearly revealed by the price hikes in the late 1980s and by the mass production of houses, which finally stabilized the market As for major current policy problems, the suggestions put forth in this paper emphasize fewer regulations and more involvement of the private sector.     

THE FUTURE OF MARKET CAPITALISM

Although market capitalism is currently the dominant type of modern economic system worldwide, it is neither universal, nor uniform, nor unchallenged. Moreover, it could be intentionally or unintentionally undermined .     

巴曙松：2011年宏观金融政策与市场展望

2011年宏观政策力度将会参照经济增长的波动趋势、CPI水平、海内外低利率金融市场条件以及成熟国家的经济复苏程度等相机抉择,动态调整。一种较为普遍的观点是强调目前市场对可能的通胀压力估计不足,包括劳动力成本上升带来的物价压力、     

LOWER OIL PRICES AND THE UK ECONOMY

Demand for oil remains weak, and OPEC production is running ahead of quota in most member countries, so the possibility that oil prices could fall in the near future has increased. In this Forecast Release we examine the medium-term impact on the UK economy of lower oil prices. We find that, if the government does not intervene to protect the exchange rate, there is an immediate stimulus to output growth. The inflation rate, though, is 1–2 percentage points higher after three years.     

THE FAILURE OF THE POLL TAX AND CLASSICAL LIBERAL POLITICAL ECONOMY: LESSONS FOR THE FUTURE

The failure of the Poll Tax has been claimed to be an indictment of the principles of classical liberal political economy that it was intended to apply to local government finance. This article argues that, on the contrary, the failure of the Poll Tax was entirely predictable from the perspective of classical liberal political economy, and, in particular, public choice economics, because it involved a politically impossible reassignment of the local tax burden, presented local electors with an insurmountable collective action problem and ignored the 'vote motive' underlying the actions of national politicians held accountable for the new tax. Finally, the article proposes some lessons for the future of local government reform from the experience of the Poll Tax.     

POWER AGAINST PEOPLE: A CHRISTIAN CRITIQUE OF THE STATE

This article, based on the author's IEA web publication of the same name, challenges the widespread view that government is the best vehicle for achieving positive social change. Rather it argues that the over-mighty state has always been the chief cause of oppression, poverty and war throughout the world.     

千万套保障房会否冲击楼市？

保障房建设将显著减少商品房销售量,短期内降低房价,但是长期内对房价的影响取决于总的住宅供应量。     

THE THEORY OF ENDOGENOUS MARKET STRUCTURES

Most market structures are neither perfectly or monopolistically competitive: they are characterized by a few large firms that are engaged in strategic interactions in their production and investment decisions and whose number is endogenous. The theory of endogenous market structures analyzes markets in partial and general equilibrium where strategies affect entry and entry affects strategies, and exogenous primitive conditions on technology and preferences affect the equilibrium. We discuss applications to industrial organization, international trade, business cycle theory, international finance, growth and implications for welfare and for competition, trade, fiscal and monetary policy.