Abstrat:There exists a kind of growth imbalance in Chinas current development process, which is essentially characterized by the imbalance between the nations wealth and the peoples livelihood. This paper starts from the government responsibility regarding the peoples livelihood, especially education, health and social security and points out that growth imbalance results mostly from the deficiency of government social expenditure on peoples livelihood. Consequently, the government should shoulder the basic responsibility for the provision of education, health and social security, quicken the transformation of government expenditure structure and increase the share of social expenditure, so as to improve the peoples livelihood and achieve the rebalancing of growth. The increase in social expenditure can also promote the accumulation of human capital, which will do good to the conversion of economic growth pattern and the realization of sustainable and healthy economic development.

Abstrat:Because of the non-rivalry of knowledge, the R&D based endogenous growth model implies the scale effect, which means the larger the population, and the more the number of R&D employee, the faster the economy grows. The motivation of this paper is thus to bridge the gap between the R&D based theoretic model and the empirical facts on scale effect. By introducing the effective time of innovation activity of researchers into the idea production function adopted by original R&D model, we can get two types of equilibria of economic growth, one with scale effect, the other without it. We find the necessary condition for the existence of the steady state growth and the existence of the scale effect in the steady state. To test the model, we calibrate the model and simulate the growth rate of 49 countries. We find that the model in this paper improves the Lucas model and Romer model at least by 20% and 59% in the sense that we take the sum of the squared error between the simulated data and the real data as the criteria for the assessment of the model.

Abstrat:Using the large sample datasets in 1995 and 2002s China Household Income Surveys conducted by Institute of Economics, Chinese Academy of Social Sciences, this paper studies income mobility in urban China. The results indicate that income mobility is lower between 1998 and 2002 than that in the period from 1991 to1995, which occurs for all population groups. Further breakdown reveals that less educated persons, retirees and employees of collective enterprises fell into the lower income stratum, while employees in financial sectors, government and institutions and managers moved to the higher income stratum between 1991 and 1995, which continued into the period from 1998 to 2002. High income mobility between 1991 and 1995 seems to be ephemeral under economic transition. With the increased stabilization of economic structure, however, income mobility in urban China decreased.

Abstrat:In the literature on licensing, a major finding has been that licensing by means of a fixed-fee is superior to licensing by means of a royalty of the patent holder which is itself a non-producer. Our major contribution is to explain why the royalty plus fixed-fee was used. When the firm has private information of its own cost structure, the screening cost is existence and the fixed-fee could not be the best option.

Abstrat:Based on the stochastic frontier production function model, this paper develops a methodology to measure the gap of total factor productivity between regions by parametrical estimation and decompose the regional disparity to capital deepening effect, regional scale effect and technical efficiency effect. The application on China province-level data from 1978 to 2004 indicates TFP and capital can explain most part of the regional income disparities, and the contribution of the latter after 1990 grows up quickly as that of the fore goes down. The convergence tests also show that TFP is diverging much larger than capital per labor and has became the main reason for the regional disparity of China.

Abstrat:Balanced development in regional labor income is an important aspect of building up a harmonized society. By using panel data and spatial econometrics techniques, this paper investigates determinants of wage level and wage inequality across Chinas provinces since the commencement of economic reform and openness. The empirical analyses reveal a typical two-fold feature of the transition process. The market mechanism starts to exert its function, while the policy and institution changes have had significant effects on the wage level and its inequality. Specifically, the wage system, openness, ownership changes, regionalism, education level and capital input all influence the wage level and its inequality. Better understanding the cause of wage inequality is very helpful to further the development of a harmonized society.

Abstrat:This paper studies Chinas economic fluctuation in a New Keynesian model. The calibration results of the model indicate that shocks to consumption preference, marginal investment efficiency, technology, government expenditure and monetary supply growth have temporal effects to economic fluctuation. Furthermore, the shocks of consumption ands of technology have persistent effects to economic fluctuation. But the impact of technology shocks on economic fluctuation is smaller than that in RBC models. The persistent shock of consumption preference is important for stable economic growth.

Abstrat:This paper investigates whether individual traders are overconfident and hence trade excessively in Chinas stock markets. Corresponding to different periods, we find that the securities investors purchase underperform those they sell. By comparing investors with different fund scale and different trading-frequency, we find that the basic results are not changed. In the mean while, we partition the investors on gender. By comparing the trading behavior between male and female investors, we find that men trade more excessively than women. Since psychological research demonstrates that, in areas such as finance, men are more overconfident than women, the result means, to some extent, excessive-trading in Chinas stock markets is correlated with investors overconfidence.

Abstrat:The ‘Washington consensus and ‘shock therapy approach to transition economies is a new wave of counter-Keynesian revolution by new classical school in macroeconomics. They reject the basic lessons from the Great Depression,ignore historical diversity and economic complexity. Their top-down designed liberalization and privatization led severe economic decline in East Europe and former Soviet Union EEFSU in the last decade. Comparative experiments between China and EEFSU raise fundamental issues in economics, such as the debate on the nature of business cycles between equilibrium school and disequilibrium-evolutionary school. The heavy cost of the Transition Depression sheds new light on theoretical flaws of neoclassical economics, including price theory based on linear demand and supply, theory of soft-budget constraints, microfoundations in macroeconomics, and the convergence theory in new institutional economics. New development policies based on learning, innovation, and decentralized experiments in China will go beyond equilibrium-optimization paradigm in classical economics and develop disequilibrium-evolutionary perspective in complex economics.

Abstrat:How do the underdeveloped country realize long-term and stable growth, then achieve developed economy Restrained by the analytic tools, the research has gotten little progress for a long time. From the 1990s to now, this question has gotten a new and uniform analytic frame, and formed so-called Industrial Revolution Theory. The Industrial Revolution Theory attempted to unify population growth theory, institutional analysis, growth theory and development theory. This article wants to make a summary on this theory, and make some comments to possible development direction.