Are we Austrian economists?

The Review of Austrian Economics - This paper is based on the Presidential Address given at the 2019 Society for the Development of Austrian Economics Annual Meeting. In these remarks, I explore...     

Reviews

Book reviewed in this article:
Australian Capitalism: Towards a Socialist Critique. Edited by J ohn P layford and D ouglas K irsner
Vunamami: Economic Transformation in a Traditional Society. By R. F. S alisbury
The Role of Investment in the Development of Fiji. By M ichael W ard
Transport in Thailand: The Railway Decision. By P. J. R immer
Office Dispersal and Regional Policy. By J ohn R hodes and A rnold K an
British Monetary Policy 1924–1931. The Norman Conquest of $4.86. By D. E. M oggridge
Surveys of African Economies
Agricultural Development: An International Perspective. By Y ujiro H ayami and V ernon W. R uttan     

湖南“两型社会”建设中的法制问题与出路

法制是＂两型社会＂建设的制度安排和保障,是所有制度中最为重要、稳定且权威的制度。法制创新是实现可持续发展法制化的重要路径,也是＂两型社会＂建设过程中的应有之义。针对湖南当前所面临的立法供应不足、行政执法乏力、司法保护软弱以及法制文化落后等主要法制问题,文章明确了法制创新的基本路径,即：以现代法治理念为思想武装,发挥地方党委、人大和政府的主观能动性,强化和完善政府行政执法职能,加大司法改革力度,以期有效应对和解决这些问题,最终实现法制创新对＂两型社会＂的切实保障和积极促进。     

以新促质，蓄势赋能——新质生产力内涵特征、形成机理及实现进路

2023年9月,习近平总书记在黑龙江考察时首次提到“新质生产力”。2023年12月,中央经济工作会议指出“要以科技创新推动产业创新,特别是以颠覆性技术和前沿技术催生新产业、新模式、新动能,发展新质生产力。”2024年1月19日,习近平总书记在“国家工程师奖”首次评选表彰之际作出重要指示,强调要推动发展新质生产力,加快实现高水平科技自立自强,服务高质量发展。2024年1月31日,习近平总书记在中共中央政治局第十一次集体学习时强调“发展新质生产力是推动高质量发展的内在要求和重要着力点,必须继续做好创新这篇大文章,推动新质生产力加快发展。”2024年2月29日,习近平总书记在中共中央政治局第十二次集体学习时强调要发挥新型举国体制优势,加强关键核心技术联合攻关,强化科研成果转化运用,促进新质生产力发展。2024年3月5日,习近平总书记在两会期间参加江苏代表团审议时强调,要牢牢把握高质量发展这个首要任务,因地制宜发展新质生产力。2024年3月20日,习近平总书记主持召开新时代推动中部地区崛起座谈会时强调,要以科技创新引领产业创新,积极培育和发展新质生产力。2024年3月21日,习近平总书记在湖南...     

Reviews

Book reviewed in this article:
Advanced Macroeconomics, by David Romer
The Methodology of Macroeconomic Thought, by Sheila C. Dow
The Dynamic Society: Exploring the Sources of Global Change, by Graeme Donald Snooks
Economics and the Environment: A Signalling und Incentives Approach, by Ian Wills
The Economics of the Labour Murket. by D. Bos-worth, P. Dawkins and T. Stromback
The Rules of the Game: International Money and Erchunge Rates, by R. I. McKinnon
The Role of Government in East Asian Economic Development: Comparative Institutional Analysis, edited by Masahiko Aoki, Hyung-Ki Kim and Masahiro Okuno-Fujiwara     

Reviews

Book reviewed in this article:
Risk, Organizations, and Society. Studies in Risk and Uncertainty, edited by M. Shubik
Human Development Reports 1990-92, United Nations Development Program, published for the UNDP by Oxford University Press
Mastering Risk: Environment, Markets & Politics in Australian Economic History, by Colin White
Applied Econometric Techniques, by Keith Cuthbertson, Stephen G. Hall and Mark P. Taylor
Issues in Contemporary Economics, Proceedings of the Ninth World Congress of the International Economic Association, edited by Congress Editor, Amartia Sen. Volume 4: Women s Work in the World Economy, edited by Nancy Folbre, Barbara Bergman, Bina Agrawal, and Maria Floro
A Short History of Socialist Money, G. Peebles
Money in the People's Republic of China: A Comparative Perspective, G. Peebles
Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan, by Hiroyuki Odagiri
Commodities in Crisis, by Alfred Maizcls
Taxation and the Global Economy, edited by A. Razin and J. Slemrod
Conflicts and Cooperation in Managing Environmental Resources, edited by Rudiger Pethig
The Economics of Business Culture Game Theory, Transaction Costs, and Economic Performance, by Mark Casson     

The death of development theory: From Friedrich von Hayek to the Washington consensus

Abstract

Development strategies followed by many countries in the 20th century bestowed a relevant role to the State. During the 1970s, it all reversed, and free markets became paramount to efficiency. F. von Hayek and the Mount Pelerin Society led the way to eliminate the State as a significant economic player, while P.T. Bauer extended such ideas to development economics, which would eventually give way to the Washington Consensus. Beyond actual results of such policies, it is surprising to see the appeal of Bauer’s theoretical approach, considering that it is constructed disregarding both empirical evidence, as well as the abundant discussion on development that was taking place contemporarily. This article explores the theoretical process of such reversal in development economics theory.     

A note on endogenous transfers

In a competitive and Walrasian stable world with two goods transfer paradoxes are very robust to endogenization (relating the size of the transfer to either the donor's or the recipient's GNP). Donor enrichment and/or recipient impoverishment occur in very general formulations of endogenization if and only if they occur in the model in which transfers are exogenous (as is usually assumed). Endogenization in practice will probably cause a dampening effect (smaller price and welfare changes than in the case of pure exogenous transfers).An earlier version of this paper was presented at the Econometric Society European Meeting in Munich, 1989, and EADI (European Association of Development Research and Training Institutes) in Oslo, 1990. We are grateful to an anonymous referee, Willem Buiter, Peter van Bergeijk, Richard Gigengack, Jan Pen, Georg Tillmann, Edward Towrr, and Casper de Vries for helpful comments.     

The taming of Leviathan: Competition among governments

This paper assesses the consequences of a high degree of international capital mobility for the behavior of governments. It is argued that countries can be seen as clubs where the government as club management acts as an entrepreneur attempting to attract internationally mobile resources. Within this stylized model it is shown that competition induces the government of a small democratic country to implement policy reforms that increase the welfare of domestic residents if it wants to be reelected. This result suggests that international openness may be a substitute for more overt attempts to contain a government's Leviathan tendencies such as constitutional amendments. Finally, the case against competition among governments is analyzed from the perspective of the club model developed in the paper. An earlier version of this paper appeared as Kiel Working Paper No. 458. The author would like to thank Hartmut Kliemt, Werner Pommerehne, Helmut Reisen, Pierre Salmon, Horst Siebert, Viktor Vanberg as well as seminar participants at the University of Munich, the Free University of Berlin, the OECD Development Centre in Paris and at the 1991 meeting of the European Public Choice Society in Beaune for helpful comments. All remaining errors are mine.     

基于货币国际化战略视角的ODA效用分析

官方发展援助经过半个多世纪的发展,逐步由扶贫政策演变成一种战略工具,援助国人道主义帮助背后隐藏的政治经济动机逐渐引起各界关注。基于货币国际化战略这一全新视角,从理论与实证两方面对官方发展援助效用进行分析,发现官方发展援助能够有力的推进一国货币的国际化进程。在货币国际化较成熟阶段加大官方发展援助规模是一种明智的策略。     

开发区地价动态评估方法初探

开发区属典型的地价高度发展区.本文根据开发区地价变化规律,建立了开发区地价动态评估模型,讨论了模型的具体应用方法,并将模型应用于金华市江南开发区动态评估,予以实例验证.     

Implementing cooperative solution concepts: a generalized bidding approach

This paper provides a framework for implementing and comparing several solution concepts for transferable utility cooperative games. We construct bidding mechanisms where players bid for the role of the proposer. The mechanisms differ in the power awarded to the proposer. The Shapley, consensus and equal surplus values are implemented in subgame perfect equilibrium outcomes as power shifts away from the proposer to the rest of the players. Moreover, an alternative informational structure where these solution concepts can be implemented without imposing any conditions of the transferable utility game is discussed as well. The authors thank Yukihiko Funaki, Andreu Mas-Colell, David Pérez-Castrillo and Jana Vyrastekova for helpful discussions. We also appreciate the comments from the seminar and conference participants at Keele University, Tilburg University, University of Haifa, University of Warwick, CORE at Louvain-la-Neuve, Catholic University Leuven, Pablo de Olavide University in Seville, University of Vigo, the 2006 Annual Conference of the Israeli Mathematical Union in Neve Ilan, Israel, and the 61st European Meeting of the Econometric Society in Vienna, Austria in 2006. In particular, we are grateful to the associate editor and an anonymous referee. Their valuable comments and constructive suggestions contributed to a significant improvement of the paper. Wettstein acknowledges the financial support of the Pinchas Sapir Center for Development in Tel Aviv University.     

Sources of TFP growth: occupational choice and financial deepening

This paper explains and measures the sources of total factor productivity (TFP) by developing a method of growth accounting based on an integrated use of transitional growth models and micro data. We decompose TFP growth into the occupational-shift effect, financial-deepening effect, capital-heterogeneity effect, and sectoral-Solow-residuals. Applying this method to Thailand, which experienced rapid growth with enormous structural changes between 1976 and 1996, we find that 73% of TFP growth is explained by occupational shifts and financial deepening, without presuming exogenous technical progress. Expansion of credit is a major part. We also show the role of endogenous interaction between factor price dynamics and the wealth distribution for TFP. We thank Richard Rogerson for his clarifying and helpful discussion. The comments from the participants of the Minnesota Workshop in Macroeconomic Theory 2004, Stanford Institute for Theoretical Economics (SITE) Summer Workshop 2004, European Meeting and North American Summer Meeting of the Econometric Society 2004, NEUDC 2004, Iowa Conference of Economic Development, and seminars at USC Marshall School, Penn State University, UCLA, and UCSD are also appreciated. Financial support from NSF (SES-0318340) and NICHD (R01 HD27638) is gratefully acknowledged.     

Regulation of Stock Externalities with Correlated Abatement Costs

We study a dynamic regulation model where firms’ actions contribute to a stock externality. The regulator and firms have asymmetric information about serially correlated abatement costs. With price-based policies such as taxes, or if firms trade quotas efficiently, the regulator learns about the evolution of both the stock and costs. This ability to learn about costs is important in determining the ranking of taxes and quotas, and in determining the value of a feedback rather than an open-loop policy. For a range of parameter values commonly used in global warming studies, taxes dominate quotas, regardless of whether the regulator uses an open-loop or a feedback policy, and regardless of the extent of cost correlation.Early versions of this paper were presented at the Fifth California Workshop on Environmental and Resource Economics, University of California, Santa Barbara, CA, May 5–6, 2000, and at the annual meeting of the Canadian Agricultural Economics Society, University of British Columbia, Vancouver, BC, Canada, June 1–3, 2000. We thank these conference participants, and two anonymous referees of this journal for their comments, without implicating them in any remaining errors. The opinions expressed in this paper do not necessarily reflect the views of the Asian Development Bank.     

易理区域可持续发展模式探讨

太极——八卦理论博大精深，其区域可持续发展模式值得探讨。李自如和何报翔先生的《区域可持续发展评价模型研究——基于太极八卦理论的应用》，对此作了有益的尝试，但文中多处有悖易理，其原委缘于李、何两先生未厘清理论方法体系层次高低和研究对象差异、盲目直接用太极——八卦理论对一个技术性的AHP方法加以改进。李、何两先生把本属阳性的财富福利划归阴性，以及将太极阴阳二极平衡改为三极平衡等，笔者不敢与之苟同。本文解释了八卦可持续发展原理与方法，分析我国区域可持续发展的卦组合，介绍了区域可持续发展初期模式（谦卦）、中期模式（升卦）和后期模式（坤卦）的基本内涵，构建出区域可持续发展评价模型。     

西部大开发税收优惠政策评价及未来取向

西部大开发的税收优惠政策实施以来,对于西部地区经济发展有着积极的作用,但也存在一定的问题。在西部大开发税收优惠政策原定十年到期之际,本文对西部大开发现有税收优惠政策进行梳理,并对西部大开发税收优惠政策的效应进行评价,发现税收优惠政策对于西部地区的发展发挥着重要作用,但是由于优惠政策存在诸多方面的问题,使得政策效果不明显。因此,本文结合前面分析以及对西部地区未来发展的展望,提出了西部大开发税收优惠政策未来调整的建议。     

西部开发与企业家精神

西部开发给新一代的大学生提供了广阔的发展空间，大学生到西部创业体现了我国当代大学生具有了一定的企业家精神，西部开发给我们提供了培养我国具有冒险精神的企业家的沃土，但大学生到西部创业并不是一帆风顺的，他们必须具有一定的素质条件，才有可能在西部开发的大环境中有所作为。     

羊群效应对股指波动率的影响分析

投资者行为对资本市场的稳定性影响是行为金融学关注的热点问题之一。本文以浦发银行股票为研究对象,首先,利用羊群行为的程度作为度量羊群行为的数量标准,通过建立ARCH模型,对浦发银行股票是否存在羊群效应进行统计检验,结果表明浦发银行股票存在显著的羊群效应。其次,通过建立线性回归模型分析了羊群行为对股票波动性的影响。实证研究表明,股票的羊群行为程度与股票指数波动率成正相关关系。     

Unemployment insurance, moral hazard, and economic growth

It is important but difficult to distinguish between desirable and undesirable effects of unemployment insurance (UI) that are observationally equivalent when designing optimal UI schemes. For example, a UI-induced rise in the wage rate caused by workers taking more time to match their skills with job vacancies is desirable. However, another view of the same observation is that UI causes permanently higher involuntary unemployment by raising the reservation wage. This paper avoids this problem by regarding the trade-off between the UI replacement rates and unemployment as an intermediate relationship that matters only as far as it impacts economic growth. An empirical analysis of UI replacement rates, unemployment rates, and growth rates using annual panel data finds UI replacement rates are associated with higher unemployment. However, no significant relationship is found between UI-related unemployment and the real growth rate of gross domestic product.An earlier version of this paper was presented at the Fiftieth International Atlantic Economic Conference, October 15–18, 2000, Charleston, South Carolina. Financial support from the Scottish Economic Society and the University of Stirling is gratefully acknowledged. The Organization for Economic Cooperation and Development generously provided access to their database on benefit entitlements and gross replacement rates. The authors are grateful to an anonymous referee for constructive comments.     

论振兴吉林的金融支持体系构建

目前,东北老工业基地经济发展落后的原因之一,就是缺乏系统的金融支持和健全的内在"造血"功能,而巨额的资 金投入是振兴东北的基本条件,可见,能否建立健全金融支持体系将关系到东北振兴的成败。吉林省作为老工业基地之一,当 然也不例外。振兴吉林不能仅仅依靠某一个金融机构、某一个市场、某一种金融资源,而是要充分发挥不同金融机构和金融工 具的独特作用,形成一个强大的金融支持体系。