Inflation, Deflation and Normal Price Adjustment

This paper thinks that the price of a commodity depends on both the value of the commodity and that of the currency. The change in either value will cause the change of the price of the commodity. Only the price rising caused by the decreasing of the currency value can be called inflation, and the price rising led by the increasing of the value of the merchandise can not be called inflation. Therefore, it is not proper, as defined by the modem economics, to think that any price increasing should be in general called inflation.     

The World Market for Labor and the World Market for Industrial Sites

At the center of the on-going debate about the U.S. Social Security system is the question of whether the way the system is financed can cope with the future challenges posed by the retiring Baby Boom generation. The "reformers" suggest changing the design of the system by moving to fully funded defined contribution retirement plans. Others argue that the so-called demographic problems are being used as an excuse to privatize the system. But both sides spend almost all of their energy and time figuring out the timing of insolvency of the system and the validity of the assumptions made in each forecast. In contrast, the present study closely examines the changing macroeconomic dynamics of the system since the 1960s. The analysis shows that undermining of the system is caused not by demographic changes or financing mechanisms but by low wages and medical inflation.     

Exploring the relationship between educational mismatch,earnings and job satisfaction in the tourism industry

This article analyses the interrelationship between educational mismatch, wages and job satisfaction in the Spanish tourism sector in the first years of the global economic crisis. It is shown that there is a much higher incidence of over-education among workers in the Spanish tourism sector than in the rest of the economy despite this sector recording lower educational levels. This study estimates two models to analyse the influence of the educational mismatch on wages and job satisfaction for workers in the tourism industry and for the Spanish economy as a whole. The first model shows that in the tourism sector, the wage penalty associated with over-education is approximately 10%. The second reveals that in the tourism sector the levels of satisfaction of over-educated workers are considerably lower than those corresponding to workers well assigned. With respect to the differences between tourism and the overall economy in both aspects, the wage penalty is substantially lower in the case of tourism industries and the effect of over-education on job satisfaction is very similar to that of the economy as a whole in a context where both wages and the private returns to education are considerably lower in the tourism sector.     

员工工资、培训与跳槽:一个劳工合约模型

本文通过劳工合约模型论证了员工工资与企业培训之间的交替关系，并分析了企业向接受培训继而跳槽的员工收取罚金对该交替关系的影响。在跳槽率作为外生变量时．若企业不向跳槽的员工收取罚金．签约员工通常乐于以较低的工资换取更多的技能培训。鉴于此，为使劳动力流动更有利于提高生产力和降低通货膨胀，政府应采取培训导向型的收入政策．或通过货币政策和财政政策的传导，鼓励企业和雇主增加培训支出并取消跳槽罚金。     

A two-dimensional problem of revenue maximization

We consider the problem of finding the mechanism that maximizes the revenue of a seller of multiple objects. This problem turns out to be significantly more complex than the case where there is only a single object (which was solved by Myerson, 1981). The analysis is difficult even in the simplest case studied here, where there are two exclusive objects and a single buyer, with valuations uniformly distributed on triangular domains. We show that the optimal mechanisms are piecewise linear with either 2 or 3 pieces, and obtain explicit formulas for most cases of interest.