拍卖季，我们更关注中国当代!？

香港佳士得总成交额31．6亿，推出的中国近现代绘画专场，成交额达5．6亿多。成交率95％。亚洲当代艺术和中国现当代艺术总共拍了5个多亿，为接下来的内地拍卖造就了东风之势。在保利5周年的拍卖上，保利是卯足了劲．此次秋拍成交总额达到了52．8亿，剧新中国艺术品拍卖单季纪最。其中中国古代书画总成交13．9亿元，中国近现代书画成交额20．1亿元。中国古董珍玩成交额12．9亿元。现当代艺术共成交4．4亿元。     

Supersizing supercenters? The impact of Walmart Supercenters on body mass index and obesity

Researchers have linked the rise in obesity to technological progress reducing the opportunity cost of food consumption and increasing the opportunity cost of physical activity. We examine this hypothesis in the context of Walmart Supercenters, whose advancements in retail logistics have translated to substantial reductions in the prices of food and other consumer goods. Using data from the Behavioral Risk Factor Surveillance System matched with Walmart Supercenter entry dates and locations, we examine the effects of Supercenters on body mass index (BMI) and obesity. We account for the endogeneity of Walmart Supercenter locations with an instrumental variables approach that exploits the unique geographical pattern of Supercenter expansion around Walmart’s headquarters in Bentonville, Arkansas. An additional Supercenter per 100,000 residents increases average BMI by 0.24 units and the obesity rate by 2.3% points. These results imply that the proliferation of Walmart Supercenters explains 10.5% of the rise in obesity since the late 1980s, but the resulting increase in medical expenditures offsets only a small portion of consumers’ savings from shopping at Supercenters.     

ARE ECONOMISTS ‘MARKET FUNDAMENTALISTS’?

We summarise Bryan Caplan's defence of economists from The Myth of the Rational Voter, in which he argues that economists undersell the benefits of markets. We also elaborate on his conclusions and discuss applications to specific topics, such as the minimum wage, as well as how Caplan's results might affect the way economics courses are taught.     

THE STATE OF LOGISTICS IN CUBA—NOT JUST SUGAR CANE ANYMORE

Cuba does not automatically come to mind when one considers supply chain and logistics thought leadership. There is, nevertheless, a strong and growing body of knowledge resident there. Although geopolitics and the state of the internal economy make practical application problematic, the long‐term potential for Cuba is both intriguing and attractive.     

城市导视系统设计

城市导视系统设计是指一个完整的城市指示系统,包括行政交通导视系统、商业导视系统、文化旅游导视系统等.城市导视系统系统是城市形象和城市功能的重要组成部分,其合理设计和运用不仅可以使城市生活更加便利,而且也是使城市具有魅力的形象塑造.本文对国内国际上的优秀案例进行分析,并就城市导视系统设计的功能、审美特征以及实施方法进行了探讨.     

Capital markets and capital allocation: Implications for economies in transition*

Recent work showing that a sounder financial system is associated with faster economic growth has important implications for transition economies. Stock prices in developed economies move in highly firm‐specific ways that convey information about changes in firms’ marginal value of investment. This information facilitates the rapid flow of capital to its highest value uses. In contrast, stock prices in low‐income countries tend to move up and down en masse, and thus are of scant use for microeconomic capital allocation. Some transition economy markets are coming to resemble those of developed economies, others those of low‐income countries. Stock return asynchronicity is highly correlated with the strength of private property rights in general and public shareholders’ rights in particular. Other recent work suggests that small entrenched elites in low‐income countries preserve their sweeping control over the corporate sectors of their economies by using political influence to undermine the financial system and deprive entrants of capital. The lack of cross‐sectional independence in some transition economies’ stock returns may be a warning of such economic entrenchment. Sound property rights, solid shareholder rights, stock market transparency, and capital account openness appear to check this, and thus contribute to efficient capital allocation and economic growth.     

CAPITALISM,SOCIALISM AND CALCULATION

The merits and demerits of what we call ‘capitalism’ have been a source of much attention since Adam Smith wrote his seminal treatise on the salutary effects of free commerce and before. We consider the criticisms of the capitalist system as stated most prominently by Karl Marx, and we evaluate Marx's proposed solution to the evils of capitalism – specifically, socialism. We also explore the contributions of Ludwig von Mises and Friedrich Hayek to the debate about whether Marx's proposed alternative was really an alternative. Mises and Hayek provide powerful critiques of Marx's socialist vision by addressing the problem of economic calculation and the inability of central authorities to acquire knowledge diffused and distributed across an entire society. We question whether Marx offered a solution and then consider more recent attacks on capitalism and its alleged destruction of cultural capital. The theoretical contributions of Mises and Hayek are supported by recent empirical contributions suggesting that liberal political economy is robust.