SOCIAL CONFLICT,GROWTH AND FACTOR SHARES

Standard growth theory is based on atomistic agents with no strategic interactions among them. In contrast, we model growth as resulting from a one‐off, strategic game between ‘workers’ and owners of capital (‘capitalists’) on factor shares, in an otherwise standard ‘AK’ growth model. The resulting distribution of income between factors further determines the marginal revenue product of capital and the rate of growth. We analyse the properties of four equilibria: competitive, Stackelberg equilibrium, a hybrid non‐cooperative regime and cooperative, in terms of labour shares, growth and welfare. Our model thus endogenizes key aspects of the ‘social contract’.     

TAXATION,SOCIAL GOODS AND THE DISTRIBUTION OF FREEDOM

The quantity of an individual's freedom is thought to coincide with the width of her opportunity set, and this is defined by taking account of budgetary, institutional and legal constraints to choices. A simple cardinal measure of freedom is proposed on the ground of which some exercises in comparative statics are worked out. It is shown that individual choice freedom may be widened when a new good is publicly provided free or at a low price. Furthermore, it is argued that progressive taxation redistributes freedom in favour of the poor, all the more so when public revenues are used to finance the public provision of goods, in which case overall freedom may be augmented.     

SOCIAL DISCOUNTING AND THE LONG RATE OF INTEREST

The well‐known theorem of Dybvig, Ingersoll, and Ross shows that the long zero‐coupon rate can never fall. This result, which, although undoubtedly correct, has been regarded by many as surprising, stems from the implicit assumption that the long‐term discount function has an exponential tail. We revisit the problem in the setting of modern interest rate theory, and show that if the long “simple” interest rate (or Libor rate) is finite, then this rate (unlike the zero‐coupon rate) acts viably as a state variable, the value of which can fluctuate randomly in line with other economic indicators. New interest rate models are constructed, under this hypothesis and certain generalizations thereof, that illustrate explicitly the good asymptotic behavior of the resulting discount bond systems. The conditions necessary for the existence of such “hyperbolic” and “generalized hyperbolic” long rates are those of so‐called social discounting, which allow for long‐term cash flows to be treated as broadly “just as important” as those of the short or medium term. As a consequence, we are able to provide a consistent arbitrage‐free valuation framework for the cost‐benefit analysis and risk management of long‐term social projects, such as those associated with sustainable energy, resource conservation, and climate change.     

GROWTH,COMMODITY PRICES,INFLATION AND THE DISTRIBUTION OF INCOME

A primary commodity price boom is underway. Given the role of internationally traded primary commodities as inputs into the productive process in the industrialized world, an important question arises: namely what effects will this price‐boom exert upon wage and price inflation in industrialized countries? In order to address this question, we specify and estimate a system of equations in which the key dependent variables are world commodity prices, the domestic inflation rate for finished goods and the rate of domestic industrial wage inflation. This model is estimated against data for each of three major industrialized countries: Japan, the UK and the USA and the implications of the results thus obtained are explored.     

ECONOMIC GROWTH AND THE EFFECTS OF FISCAL POLICY

The macroeconomic effects of fiscal policy are analyzed using a Keynesian growth model. Comparative static analysis shows that the long‐run effects of an increase in public spending and a decrease in taxation on economic growth and government budget balance depend on the relative size of marginal propensity to consume and invest and could be positive under certain conditions. Empirical estimates show that consumption and production structure have changed significantly from 1930s to 2007; both positive and negative effects on growth and budget balance of the same fiscal policy are found in different time periods.     

THE MOBILIZATION OF HUMAN RESOURCES AS AN EFFECT OF THE DEPLETION OF ENVIRONMENTAL AND SOCIAL ASSETS

In this paper, the growth process is not fed by the accumulation of productive assets (physical and/or human capital, knowledge etc.), but by the depletion of environmental or social resources, which induces individuals to increase their labor supply in order to consume more of the market goods that substitute for the depleted resources. Hence, production is expanded, thus eroding the resources’ ability to regenerate, which decreases with aggregate production. Within this context, the ‘green’ net national product is derived and it is shown how a regulatory authority should manage the resources for achieving Pareto‐optimality.     

盈余公积与提取盈余公积抵销问题的研究

合并会计报表是当今国际公认的会计三大难题之一 ,这既是一个复杂的会计操作性难题 ,也是一个包容着众多不同理论流派、争议较大的论题。作为财务会计界的难题 ,合并会计报表理论近几年经历了重大变化。     

GROWTH POLICY IN THE SPIRIT OF STEINDL AND KALECKI

There are large differences between Steindl’s ideas on growth policies and the Brussels/Paris consensus. Steindl called for innovation and education policies, whereas the mainstream today rather favours deregulation and privatization. Steindl stressed the positive demand‐side effects of the public sector and the contribution of lower household savings and anticyclical policies to growth. The economic mainstream praises the efficiency effects of a declining public sector, the importance of high savings for investment and warns of active anticyclical policies being an impediment to budget consolidation. Steindl and the Keynesians regarded the labour market situation as a consequence of economic growth. Today many economists see low growth as a result of labour market rigidities.     

THE IMPACT OF WIFE'S EMPLOYMENT AND EARNINGS ON FAMILY NET WORTH ACCUMULATION

The major focus of this research was the relationship between wife's earnings and employment and family net worth accumulation. Multiple regression analysis of data from the National Longitudinal Surveys found that, for the total sample, family income had a much greater impact than wife's earnings on change in net worth during the 1967–1972 period. Wife's employment was not related to the dependent variable once the effects of other factors were taken into account When the sample was segmented into four groups on the basis of 1967 net worth, independent variables had differential impacts on net worth change. For each group the multiple regression model explained a much greater proportion of total variance than it did for the sample as a whole. Among the two groups in the mid ranges of 1967 net worth, wife's employment was positively related to net worth change even after taking wife's earnings and other factors into account.     

反倾销“公共利益”原则的社会认同与价值取向

在世界经济高速发展、国际间商品与资本流动空前活跃的今天,竞争与垄断、贸易自由与贸易保护、个体利益与公共利益等方面的矛盾正日益明显,“公共利益”原则在屏蔽和均衡反倾销损害中的重要性愈加突出。文章从“公共利益”的实质出发,分析了“公共利益”的社会认同与相关实践,并对这一指导思想在反倾销问题上国内“公共利益”集团保护、国外“公共利益”集团协调以及全球化环境下的竞合理念等三种价值取向进行了有益的探讨,将国际间的反倾销问题引向良性发展的道路。     

电子商务模式:创新、示范、引领

2012年11月30目,"虹桥贸易论坛——电子商务模式:创新、示范、引领"在上海虹桥迎宾馆举行。为期一天的论坛旨在集各方专家之智慧,共同探讨国内外电子商务的发展现状,剖析知名电子商务企业的不同发展模式,探索研究一系列技术标准与政策,令电子商务在进一步的发展中得以规范,推进上海电子商务示范城市和上海国际贸易中心的建设。     

THE INFLUENCE OF DIFFERENT FORMS OF GOVERNMENT SPENDING ON DISTRIBUTION AND GROWTH

This paper deals with the influence of different types of government expenditure on growth in a post‐Keynesian framework. The analysis considers a government sector with a balanced budget and an autonomous and non‐linear investment function, interpreted along a Kaleckian and a Classical‐Harrodian line. It shows under which conditions different types of government expenditure are beneficial or detrimental for economic growth, comparing some results with those reached by Barro in his 1990 Journal of Political Economy article, and points out the emergence of phenomena like multiple equilibria, hysteresis and low growth traps.     

TRANSITIONS OUT OF UNEMPLOYMENT: THE ROLE OF SOCIAL NETWORKS' TOPOLOGY AND FIRMS' RECRUITMENT STRATEGIES

In this paper we study the effects of job contact networks on out‐of‐unemployment transitions. We find that social connections produce sizable increases in upward mobility from unemployment and, caeteris paribus, symmetric network topologies perform better than asymmetric ones. Furthermore, in scale‐free networks the probability of transitions out of unemployment increases in the exponent of the power‐law degree distribution, but its value is much lower than the one attainable in Poisson random networks. In addition, and most interestingly, these results strongly depends on the different hypotheses on the firms' recruitment strategy.     

A STEINDLIAN MODEL OF CONCENTRATION,DEBT AND GROWTH

Income distribution plays a crucial role in the Kaleckian models of growth. The recent US experience has seemingly turned the Kaleckian argument on stagnationism on its head. Does it, therefore, render the Kaleckian growth framework redundant? We argue that while there is a tendency towards underconsumption, there could be other counteracting tendencies like the wealth effect of the capitalists or the possibility of debt for the workers. But such a growth process, which is primarily driven by the asset price markets, is, by its very nature, iniquitous and extremely volatile and the downturn is far more severe than the normal business cycles.