Creative Destruction and the Rise of Inequality

Common wisdom interprets the rise in inequality of the last two decades as the result of a skill-biased labor demand shift. This explanation does not account for two important observations: (i) within-group inequality has also markedly risen, and (ii) the rise of inequality has been accompanied by a rise of the volatility of earnings. This paper argues that a dual labor market structure, where some workers are paid efficiency-wages can account for the empirical regularities, in the absence of skilled biased technological change. The analysis demonstrates that an unbiased innovation, as well as North–South trade, can contribute to the efficiency wage premium, and thus to wage inequality, by increasing labor turnover.     

创造性破坏与收入差距的振荡式扩大

本文试图运用熊彼特的技术创新和“创造性破坏”理论来解释收入差距振荡式扩大的动态特征。研究的结论是在以“创造性破坏”为特征的经济增长过程中,收入差距会扩大,而且创造性破坏的程度越强,经济增长速度越高,收入差距越大。其社会基础和原因是社会分工和阶层差异,这种差异会在经济增长过程中再度拉大。在方法上,本文用物理模型形象地描述了差距扩大过程,揭示了增长模型中定点状态分析方法的缺陷。对具体过程进行分析表明,收入差距扩大的方式为振荡式,这种振荡特征由个体和技术之间的动态竞争性质———“创造性破坏”决定。美国家庭收入的经验分析证实,在动态竞争的经济增长过程中,收入差距确实在振荡中扩大。     

Ramsey Equilibrium in a Two-Sector Model with Heterogeneous Households

We prove an existence theorem for a stationary perfect foresight equilibrium under borrowing constraints in a two-sector model with infinitely lived heterogeneous agents. The most patient agent holds all the capital in this solution. We also show that if the capital goods sector is capital intensive and capital income is increasing in the aggregate capital stock, then the aggregate capital stock eventually is monotonic and converges to the steady state stock. If the consumption goods sector is more capital intensive and capital income is increasing in aggregate capital we prove convergence to the steady state under more restrictive conditions. Periodic equilibria are shown to exist under weaker hypotheses. Journal of Economic Literature Classification Numbers: D52, D90, E13.     

Creative Destruction, Investment Volatility, and the Average Age of Capital

In this article, a new numerical procedure is used to compute the equilibrium of a vintage capital growth model with nonlinear utility, where the scrapping time is nonconstant. We show that equilibrium investment and output converge nonmonotonically to the balanced growth path due to replacement echoes. We find that the average age of capital is inversely related to output, which is consistent with recent micro evidence reinforcing the importance of the embodied question. We also find that an unanticipated permanent increase in the rate of embodied technological progress causes labor productivity to slowdown in the short run.     

基于创造性破坏的产业创新均衡分析

创新作为企业最基本的活动,已经成为产业组织理论中的热点问题。蕴含创造性破坏思想的产业创新带来了产品的更新换代,本文对产业创新模型为的研发投入进行了分析,发现存在三种可能的均衡结果,分别为静态均衡,两期循环和非增长陷阱,产业稳定增长要避免非增长陷阱的情况。在对静态均衡进行了福利分析之后,发现企业在利润最大化目标下决策的经济增长速度可能会高于或低干社会最优水平,潜在的可能就是经济高速增长与高消费者福利不能同时满足。     

The Environmental Supply of Farm Households: A Flexible Willingness to Accept Model

The purpose of the paper is toanalyse farmers' participation inenvironmental schemes, which are gaining agrowing importance within the Europeanagricultural policy. These schemes areimplemented through voluntary contracts thatpay farmers for the provision of environmentalservices. The microeconomic model that isdeveloped is a farm household model thatincorporates the producer and consumerbehaviour of the farmer to optimise hisenvironmental supply considering that theenvironmental service that he is supplying alsohas the characteristics of a public good. Defined as the difference between the profitloss in providing the environmental service andthe willingness to pay to consume this service,the household's willingness to accept (WTA)is compared with two flexible WTA measures thataccount for the technological flexibility ofthe environmental supply. Data come from asurvey of an agri-environmental schemeimplemented in the Walloon region of Belgiumsince 1995 and intended to protect the nestingof some endangered bird species. Econometricresults show that contingent valuation is areliable method to reveal the behaviours offarmers facing the invitation to participate inthis scheme. They also confirm that farmerbehaviour is also influenced by environmental preference.     

创新、创造性破坏与内生经济变迁——熊彼特主义经济理论的发展

熊彼特曾试图建立一个以创新为动力的内生经济变迁理论。在沉寂多年以后,熊彼特的这一经济理论在20世纪90年代以后复活。演化新熊彼特主义借用生物学隐喻构建了企业的行为模式,使创新得以内生化,并类比生物学中的自然选择过程描述了经济动态过程。新古典熊彼特主义增长理论则将熊彼特"创造性破坏"思想模型化,通过引入研发生产函数和对创新组织的探讨将技术创新内生化,深入地研究了与经济增长相关的市场结构问题。三支理论在方法论和学术传统上的差别导致了它们对创新机制以及经济变迁的不同理解。文章系统地梳理了熊彼特主义经济理论的主要发展并对之进行了比较、评价和展望。     

浅谈金融创新与金融风险管理

中国金融业已全面对外开放,中资银行要与外资银行展开全面的合作与竞争,金融业必须加大金融创新的力度.当前金融创新呈现出新的趋势和特点:金融监管的自由化与国际化、金融业务多元化、金融交易电子化、金融产品复杂化、金融服务个性化及金融机构同质化.在金融创新同时,也产生了新的金融风险,要加强对金融风险的管理,保证金融稳定,促进金融创新,提高中国金融业的国际竞争力.     

Creative Destruction or Regressive Stagnation? Comments on articles by Paul Davidson and James Galbraith

In considering the relevance of Keynesian economics in the late twentieth century, there are two questions to be asked: first, to what extent do ‘Keynes's insights’ help in analysing the world today; and secondly, to what extent does the ‘globalisation’ of the world economy, affect the implementation and efficacy of Keynesian economic policies. The articles by Galbraith and Davidson tackle these two questions: James Galbraith considers the relevance of Keynesian concepts in analysing the global economy of today, and Paul Davidson discusses Keynesian policies given the changes in the world economy.     

一个风险资本投资策略模型

对风险公司投资策略的研究,以前多属定性分析,本文试图结合我国现状,以定量方式,对风险投资公司在风险企业发展初期的投资策略进行初步研究。     

企业家精神、战略演化与中国工业竞争力的“创造性毁灭”

本文提出了一个基于企业家精神的战略演化模型,构建并阐述了从企业家精神、战略演化到产业竞争力创造性毁灭的传导路径与机理.企业战略生命周期的本质体现为机会创造和利用过程;企业家精神通过机会识别、机会资本化、资源获取与控制、结构优化作用于企业战略,从而形成企业战略演化历程;由企业战略平滑化演化而沉淀的企业持久竞争优势,通过产业集群与国内竞争的乘数、集聚、交叉和渗透效应,最终驱动了产业竞争力的创造性毁灭.改革开放以来中国企业战略的平滑化演化,驱动了我国工业竞争力可持续发展,然而当前中国企业的企业家精神从制造至上过于偏向市值至上的趋势,将对以实业为基础的中国公司的战略演化造成紊乱.     

试论审计风险概念及审计风险模型的重建

由于理论界与实务界对审计风险的看法和认识上的偏差,使得传统审计风险定义和风险模型存在许多缺陷,本以此为出发点探讨了对审计风险定义的重新认识,引出审计诉讼风险的概念,并在此基础上,对传统审计风险模型加以改进,以期增强审计风险观念并在审计实务中能起到一定的指导作用。     

“创造性破坏”视阈下企业动态能力构建

本文从创造性破坏的视阈,对企业动态能力的构建进行探析,通过对企业动态能力与创造性破坏之间关联的分析,指出企业动态能力的形成发展实质上是一个不断创造性破坏的过程。强调企业动态能力的构建必须以破为首,破除企业核心刚性与组织惰性等四大障碍;创造为本,重在创新。并从构建企业动态能力的视角,探讨企业创造性破坏的目标指向、路径与方略。     

关于证券投资风险的表述及相关模型分析

一、对马柯维茨相关理论假设前提的思考毋庸置疑,马柯维茨最初提出的分析收益风险的均值方差模型具有划时代的意义。他以方差度量风险代替非定量化的主观判断具有重要的理论突破价值。但结合实际情况加以分析,马柯维茨理论的假设前提值得进一步推敲。首先,马柯维茨理论中暗含假设。因为证券的收益率受到证券市场、所处行业以及企业自身等众多因素的影响,所以是随机变量,服从正态分布。因为对于正态分布而言,只要期望值、方差确定了,收益率分布情况也就确定了,由此马柯维茨以收益率的期望值和方差度量证券的收益和风险。从国外的研究…     

在创新中实现企业与农户双赢——江苏富安茧丝绸公司农业产业化发展调查

近年来,在全国蚕桑行情有所下跌的状况下,富安地区的蚕农们却没有卖难的担忧,扩桑、采用新技术、加强管理的积极性仍然十分高涨。这主要得益于富安茧丝绸股份有限责任公司大胆创新,采取了一系列有效的改革措施,如组建蚕农合作社、增加龙头企业竞争力、完善基地建设、建立健全社会化服务体系等,形成了茧丝绸一条龙生产和贸工农一体化管理的特色。富安的实践为我国农业产业化发展实现企业与农户双赢,探索了一条有效的实现途径。     

基于风险转移模型的次贷危机传导研究

利用金融体系风险转移模型及其对风险分担和金融稳定性的影响的理论分析了美国次贷危机中的风险分担和风险传导。分析表明,银行体系的激进性贷款行为和恶意转移风险的道德风险促成了次贷危机的生成与传导;而金融市场的衍生产品创新在转移和分散风险的同时,也放大了美国次贷危机的风险。     

An Empirical Economic Development Based Model of International Banking Risk and Risk Scoring

The paper reconsiders the relationship between international banking risk and economic development. It is shown quite conclusively that the significant explanatory variables of international banking risk scores (when international banking risk is used as a proxy for country risk) are the income elasticity of demand for imports (when the latter is used as an indicator of economic growth and development), the phase of industrialization (based on country per capita income), and certain historical economic and financial variables (external debt levels and international bank size according to total assets). The investigation arrives at a new approach to risk scoring systems and models.     

IT驱动下商业模式创新风险评价方法——以Online to Offline模式为例

构建了商业模式创新风险要素指标体系,利用二元语义方法对不同风险维度的商业模式创新风险要素进行评价。通过处理和集结专家对商业模式创新风险给出的语言评价信息,对企业的商业模式创新风险进行排序和归类。最后通过实例说明了该评价方法的可行性和实用性。     

Trade Reform Diagnostics with Many Households, Quotas, and Tariffs

Revenue-neutral trade reform is desirable if revenues are made up from less costly distortions. With a particular computable general-equilibrium model, reforms can be evaluated, but the robustness of conclusions is suspect; they depend on a particular specification and parameterization of the model economy. This paper provides a diagnostic toolkit which permits sensitivity analysis across model specifications and parameterizations, notably allowing for heterogeneous households. Novel elements include emphasis on the concept of compensated marginal cost of funds (MCF) necessary to sensitivity analysis, development of the MCF of quotas, and analysis of the relationship between aggregate MCF and social welfare.