Smith,Marshall and Young on division of labour and economic growth

The aim of this paper is to reconstruct the theory of division of labour and economic growth proposed by Adam Smith and developed by Alfred Marshall and Allyn Young. In their approach division of labour is the main engine of growth and plays a central role in capital accumulation and technological progress. We suggest that, according to their theory: 1) economic growth is endogenous; 2) it has the nature of a cumulative, path-dependent process; and 3) it can be described as a disequilibrium process, supported by competitive forces. We argue that these aspects make the contributions of Smith, Marshall and Young still insightful for the development of growth theory, even in the light of the modern approach of endogenous growth theory.     

Transaction cost, corporate governance and division of labor—A general equilibrium analysis of professional managers and its implication to China's practice

This paper develops a Walrasian general equilibrium model based on transaction cost and specialization to investigate the emergence and evolution of the role of management services in a competitive market with the general concern of corporate governance. It explains the reason why along the commercialization and modernization of human society, there is substantial increment of professional managers available for business world, and also becoming more affordable for more business companies. With the improvement of transaction efficiency, the market demand of professional managers are more preferred and profitable, which will also bring about new business structures and new economic institutional systems to improve the well-being to the overall members of society. Thereby, hiring professional managers in a competitive market can promote aggregate productivity by enlarging the scope for trading off network effects of the division of labor on aggregate productivity against transaction costs. To business practitioners, this model suggests hiring professional managers a key element of business viability during that a major transition took place in human society. China's recent practices in ownership transformation and corporate governance have also been examined, which further proves our argument that performance and effectiveness of interaction and interrelation between ownership and corporate governance are endogenously determined by different market conditions. It is impossible to achieve success ownership transformation and establish effective corporate governance without upgraded changes and consecutive adjustment and improvement of market conditions to facilitate the solid function of market mechanism.     

Collective rent seeking and division of labor

The article analyzes division of labor within multiple groups engaged in collective rent seeking through time. Each agent seeks membership in one of two subgroups within each group, conveniently labelled a leader-subgroup and a follower-subgroup. The within-group generated payoffs are used as input in the between-group competition for the other groups' payoffs and an external rent. Within-group egalitarian allocation, but not relative-effort allocation, alleviates leadership struggle if the rent is large or the group is moderately more decisive than the other groups. The group employing a more egalitarian sharing rule than the other groups alleviates its leadership struggle more successfully. The Folk theorem is used to show the conditions under which leadership struggle gets intensified or alleviated.     

国际垂直一体化与外包化相互转化的理论研究——基于不完全合同下谈判成本的视角

二战以来,国际经济分工越来越深化与细化,跨国公司成为国际贸易与国际投资等经济活动的主体,垂直专业化的国际生产分工替代了传统的产品垂直贸易,大型跨国制造业与服务业活动同时具有垂直一体化和外包化趋势。本文首先回顾了跨国公司垂直一体化生产与外包化生产的相关研究,然后对内部一体化生产与外包化生产的机理进行理论分析,之后基于跨国公司与外包企业非完全契约的视角,构建了谈判成本外生化的模型,分析了中间投入品内部垂直一体化与外包化生产相互转化的条件。研究结果显示,中间投入品生产模式的选择取决于跨国公司A对最终产品X合作生产时的利润非依存度γa,外包生产企业B对最终产品X合作生产时的利润非依存度γb以及和内部一体化生产时其内部管理成本与谈判成本对最终产品X合作生产时利润的依存度γc。

Abstract：

The international division has been more and more deep after world warⅡ,the MNCs has been the main bodies of international economics,the traditional vertical trade has been substituted by international vertical integration production and there is a trend of vertical integration and outsourcing.This paper reviewed the relative results about thisissue,and then analysis the production models of integration and outsourcing,formulate a model which includes the negotiation cost,these studies show that,the choose of production model of medium input was decided by γa,γb,and γc.     

马克思交往理论的思想溯源

马克思交往理论作为历史唯物主义的重要组成部分,它一方面是马克思本人根据历史事实进行长期理论思考的结果,另一方面也汲取了前代哲人相关思想中的积极合理因素.古典政治经济学分工与交换理论启发了马克思应该从总体上关注交往主体个人的切身利益.撇开法国18世纪功利主义交往观的狭隘方面,马克思从中获取了唯物主义的思想底蕴.德国理性主义主体性交往思想的思维方式和提出的实践、劳动等概念对马克思创建交往理论具有直接的借鉴意义.     

Estimates of the cost of equity for public utilities, 1961–1976

Using a simple version of the dividend cash flow (DCF) model of stock valuation, the cost of equity for public utilities is often inferred to be equal to the sum of the dividend yield and the expected rate of growth in dividends. Witnesses who employ this approach generally extrapolate past growth patterns into the future and then assume that investors expect these trends to continue; no effort is made to actually assess the expectations of investors. This approach to estimating the cost of equity for public utilities is criticized for the failure to develop testable hypotheses as an inferential basis for testing the statistical reliability of estimates of the cost of equity. This article demonstrates an alternative to the traditional approach, based on the premise that reliable estimates of the cost of equity are derived only within a methodological framework that produces testable hypotheses. The Gordon model of share valuation is formulated in such a way as to show that there is a systematic and predictable relationship between the ratio of market price to book value of common stock and a firm's normal or expected return on equity. This relationship suggests an econometric model that not only tests the Gordon model of share valuation but produces at the same time, inferences concerning the cost of equity. Using this approach, year-end estimates of the cost of equity for electric utilities are determined for the 16-yr period from 1961 to 1976.     

Increase salespeople's prestige with a new title

The public tends to view sales occupations as relatively low in prestige. The authors present the findings of their study that alternative job titles enhance the prestige awarded sales occupations and suggest how sales titles should be changed.     

世界城市经济发展的最新趋势及其对北京的启示

本文通过对经济全球化和知识经济背景下,国际大都市经济职能演变和城市发展动力的探讨,总结了国际大都市经济发展的最新特点和趋势,并通过对北京市经济发展过程中现有问题的思考,提出国际大都市成功经验对北京的启示。     

基于房价收入比的梯度住房政策体系研究——以上海市为例

为了实现"居者有其屋",需要针对不同的收入群体采取不同的住房政策,为此要对居民的住房支付能力进行科学的判断。本文采用国际通用的衡量居民住房支付能力的"房价收入比"指标,用上海市的实际数据对其进行修正使用,以计算结果作为制定差别化住房政策的标准,建立起长效、稳定的住房经济调控政策与住房社会保障政策相结合的梯度住房政策体系。     

An analysis of the behavior of mature black-owned commercial banks

Accounting and statistical techniques are used to compare the behavior of a sample of mature black-owned banks with that of a matched set of nonminority-owned banks. The black banks are generally less profitable. The major reasons for this lower profitability include more liquid asset portfolios at the black banks, higher operating costs on liabilities, and higher rates of loan loss. Higher loan loss rates appear to be the single most important factor, with losses on real estate and possibly commercial and industrial loans probably being the most serious continuing sources of loan losses.