Decomposing the Changes in Production Prices into "Capital-Intensity" and "Price" Effects: Theory and Evidence from the Chinese Economy

This paper deals with the changes in prices of production inducedby variations in income distribution on the basis of a linearmodel of production with circulating capital and homogeneouslabour. It is shown that the total effect of income distributionon prices can be decomposed into a "capital-intensity" and a"price" effect and that, in actual economies, the former isexpected to dominate the latter. In order to obtain a concreteidea of the actual trajectories of the price movements and toquantify the relative strength of the two effects, we use input–outputdata of the Chinese economy.     

收入分配与经济增长——基于消费需求视角的研究

收入分配会对经济增长产生何种影响,一直是经济学中相当重要的问题。通过对收入分配——消费需求——经济增长这一传导机制进行理论分析,表明收入分配将会通过消费需求这一渠道影响经济增长。采用1990年～2007年中国经济的相关数据对消费需求与经济增长、收入分配与消费需求的关系进行了实证分析,分析表明收入分配调整将会对经济长期稳定增长产生重要作用。在此基础上提出了收入分配政策的分类和选择范围,并对部分收入政策工具的效果进行了模拟。     

收入分配与异质性消费结构——基于中等收入群体新测度

本文通过构建效用指数模型对中等收入群体进行测度,并据此将城镇家庭划分为低、中、高收入组,通过分析三类家庭储蓄消费动机,得出三类家庭消费结构异质性推论,以中国家庭金融调查数据库CHFS2013-2017年城镇家庭数据为基础,实证检验三类家庭消费结构差异,最后模拟收入分配变动对消费结构的影响.研究发现:(1)低收入家庭生存型和发展型消费倾向更高,生存型边际消费倾向平均约为中等收入家庭的1.8倍、高收入家庭的8.1倍,发展型边际消费倾向平均约为中等收入家庭的1.6倍、高收入家庭的3.1倍,其收入主要用于满足生存和发展所需;(2)中等收入家庭更注重享受型消费,享受型边际消费倾向平均约为低收入家庭的1.5倍、高收入家庭的4.5倍,其有能力追求更高层次的消费;(3)高收入家庭消费需求基本得到满足,各类消费倾向均较低;(4)模拟收入分配变动结果显示,"提低、扩中"均对消费结构升级具有显著促进作用,应充分考虑收入分配调节对消费结构的影响,重视中等收入群体规模扩大对消费结构升级的带动作用.     

Finding "Lost" Profits: An Equilibrium Analysis of Patent Infringement Damages

We examine the impact of patent infringement damages in an equilibriumoligopoly model of process innovation where the choice to infringeis endogenous and affects market choices. Under the lost profitsmeasure of damages normally employed by U.S. courts, we findthat infringement always occurs in equilibrium with the infringingfirm making market choices that manipulate the resulting marketprofit of the patent holder. In equilibrium, infringement takesone of two forms: a "passive" form in which lost profits ofthe patent holder are zero and an "aggressive" form where theyare strictly positive. Even though the patentee's profits areprotected with the lost profits damage measure, innovation incentivesare reduced relative to a regime where infringement is deterred.     

收入分配差距对消费需求和经济增长的制约作用

从长期看，真正决定经济运行方向和速度的是居民消费需求的变动方向和速度，而居民收入差距过大，严重制约了消费需求的增长，从而成为经济增速减缓的一个重要原因。     

国民收入分配对投资消费失衡的影响分析

投资消费失衡严重制约了我国国民经济持续健康发展,国民收入在企业部门、政府部门、住户部门之间的不合理分配是导致我国投资消费失衡的根本原因。国民收入分配对投资消费失衡影响的数理分析和实证分析表明,对投资率、消费率最有影响的是企业部门在国民收入分配中的比重,其次是政府部门在国民收入分配中的比重,影响最小的是住户部门在国民收入分配中的比重。     

Augmenting the Value of Ownership by Protecting It Only Partially: The "Market-Overt" Rule Revisited

This article analyzes alternative rules for settling conflictsbetween right owner and a bona fide purchaser. The optimal rule,so it is argued, is the one which maximizes the expected valueof the ownership right, given the risk of right violation. Inorder to maximize this value, one must seek to both mitigatethe risk of right violation and augment a potential buyer'swillingness to pay for the right. The analysis specifies therelevant parameters that define which rule is optimal in givencircumstances, and proves that there are cases in which thevalue of the ownership right is maximized if the owner's rightis only partially protected against innocent third parties.Two prevailing notions are challenged: first, that the "market-overt"rule necessarily induces buyers to invest fewer resources inprepurchase precautions, and second, that a buyer's willingnessto pay is unaffected by the choice of the legal rule.     

An Economic Analysis of "Riding to Hounds": Pierson v. Post Revisited

Pierson v. Post, an 1805 New York case, concerns the ownershipof a dead fox; Post had organized a fox hunt and was pursuinga fox, when Pierson appeared and killed the animal. The ruleestablished by the court in this case (awarding ownership toPierson) has proven to be highly influential. This article undertakesan economic analysis of the issues raised by the case. The incentivesfor the killing of foxes created by the court's rule and thealternative rule, giving property rights to Post, advocatedin a vigorous dissent by Justice Livingston are analyzed. Theconsequences for social welfare are derived under various circumstances;the formal approach leads to a number of new insights. Finally,the implications of this analysis for contemporary issues inproperty law are explored through an application to the phenomenonof "cybersquatting" (involving the ownership of Internet domainnames).     

农村消费结构的户间差异与农户收入分配

农村居民收入分配差距是农业经济发展与体制改革的产物,它必然反映到各收入层农户的消费结构之中.本文运用ELES模型,利用恰当的数据,描述了分配差异引起的具体消费表现,分析了其产生的现实和理论根源,并在此基础上,提出了优化农村居民的消费结构和提高农户的生活水平的政策建议.     

More or Less Equal? Australian Income Distribution in 1933 and 1980*

Utilizing information in the 1933 census we estimate several measures of individual and household income inequality for that year. Allowance is made for the effect of the Depression on the 1933 income distribution, revealing a clearly adverse impact. Comparisons with recent years indicate marked declines in aggregate income inequality.     

Bankruptcy "Reform" in Congress: Creditors, Committees, Ideology, and Floor Voting in the Legislative Process

Both ideology and interest group interventions are importantin voting on bankruptcy legislation. Roughly 15 votes in theU.S. House of Representatives appear to have been changed directlythrough interest group pressures proxied by campaign contributions.Many more could have been changed if resources could be fullydevoted to spot purchases, but most contributions appear tohave been aimed at maintaining legislation on the agenda. Inthe U.S. Senate, state interests in homestead exemptions influencedvoting. Although committee markups demonstrate an ideologicallineup that is not distinct from floor voting, committees promotebargaining on destabilizing issues.     

收入分配和不确定性对城镇居民消费的影响——基于动态面板模型的检验

笔者利用1998—2008年30个省(市)的相关数据分析消费习惯、收入、收入分配差距、教育和医疗支出的不确定性以及房价、利率等因素对消费的影响。实证结果表明,消费习惯、收入、房价、利率和不确定性对居民消费都有显著影响;收入、收入分配差距是影响居民消费的主要因素,弹性系数分别达0.83和-0.21;利率和购房支出对居民消费有正向影响,但影响不大;教育和医疗等体制改革导致的居民对未来支出预期的不确定性是影响城镇居民消费的重要因素。     

Consumption,co-integration and varying coefficients: the Australian evidence

An aggregate consumption function incorporating random coefficient approach is estimated to investigate the changing pattern of consumer response in Austrialia using quarterly data from 1959: IV to 1990: IV. The methdology applied is that of Hidreth and Houck (1968), Singh et al. (1976) and Hoque (1991). The largenge multiplier test, as suggested by Breush and Pagan (1979), supports the hypothesis of randomness in the response coefficients. Our Study indicates strong dependence on the first-difference of income and that consumers respond quite slowly to short-run fluctuations. This is because consumption and income have been found to be integrated of order one and co-integrated. Thus, as error correction model has been estimated following Engle and Granger (1987).     

Economics Teaching in Australian Universities: Rewards and Outcomes

This paper presents evidence from two surveys to help explain the poor ratings consistently given to the teaching of economics at Australian universities. The evidence suggests that the poor ratings of economics teaching can be attributed to two related factors: inappropriate pedagogical practices and lack of rewards for allocating additional time to teaching. The survey data on pedagogy in economics consist of 205 responses from graduates from two Queensland universities. The time elapsed since graduation ranges from 1 to 10 years. The survey data on academics' time allocation consist of 290 responses from academic economists across a wide range of Australian universities.     

Trade and Personal Distribution of Wealth and Income: Beyond the Stolper–Samuelson Theorem

The effect of international trade on personal distribution of wealth and income is examined via the Stolper–Samuelson Theorem. It is shown that free trade between North and South increases (decreases) wealth and income inequality in the North (South). A concept of three classes – lower, middle and upper – is developed. It is shown that North–South free trade in goods leads to a middle class squeeze in the North and a middle class expansion in the South.     

The Social Marginal Valuation of Income: Australian Estimates from Government Behaviour*

Alternative public policies frequently incorporate distributional goals. The elasticity of the social marginal valuation of income, ε, can help to derive welfare weights for different individuals in different income groups. Estimates are presented of the elasticity of the social marginal valuation of income implied by the Australian personal income tax, in the period 1968–69 to 1975–76. Both equal absolute (EAS) and equal proportional sacrifice (EPS) models are used to infer the elasticity values. Using taxable income as a proxy for income, the consistent value of ε under EAS was found to range from 2.07 to 2.57; the EPS range was 1.76 to 2.40. A number of considerations suggested a best-guess magnitude of about 2.2. Caution is urged in the interpretation and use of these results.     

Democratic Choice of an Education System: Implications for Growth and Income Distribution

We use an OLG model to examine democratic choice betweentwo modes of government support for education: subsidies forprivately purchased education and free uniform public provision.We find little conflict between democracy and growth: the samefactors that generate popular support for subsidization overfree uniform provision—large external benefits, a largeexcess burden, and little inequality—also favor its relativegrowth performance. Furthermore, restricting the franchise toan upper-income elite may also reduce growth. Two extensionsexamine the effect of intergenerational mobility and indicatethe theoretical possibility of periodic swings in the balancebetween public and private spending.     

Income Distribution and the Demand Constraint

This paper argues thatthe interaction between inequality and the demand patterns forgoods is a potential source of persistent inequality. Incomedistribution, in the presence of non-homothetic preferences,affects the demand for goods and, due to differences in factorintensities across sectors, it alters the return to factors ofproduction and the initial distribution of income. Low inequalityleads to high demand for medium skilled intensive goods, providinga bridge over which low skill dynasties may transition to thehigh-skilled sector in the long run. Under high inequality however,the initial lack of demand for medium skilled labor breachesthis bridge from poverty to prosperity and inequality persists.     

农村居民收入消费关系的协整分析——以河南省为例

根据河南省1978年—2008年的数据,运用Johansen检验对农村居民的人均收入和消费之间的协整关系进行检验,结果表明二者之间存在着协整关系,同时通过估计误差修正模型研究对长期均衡关系的短期动态调整,并通过Granger因果关系检验说明农民收入仍是农民消费的主要原因。