This paper discusses the fundamentals required for successful reform, i.e., the necessary institutional changes required to make a nation grow sustainably wealthier. It argues that enriching the people is a prerequisite for a prosperous nation and further reveals the inherent logic behind the...

China¡¯s economy is currently at a crossroad leading to two different directions. One is to further deepen the reform, concentrate on crucial aspects and relax control over details, govern by non-intervention and let the market play an increasing role and lead the economy; while the other is...

The authors of this article implement a quasi-experimental strategy to estimate peer effects in economic education by exploiting the institutional setting in a large public university in China, where roommates are randomly assigned conditional on a student's major and province of origin. They...

The ¡°middle income trap¡± is a significant theoretical and practical issue closely related to the economic and social transition and sustainable development of a country. This paper explores the essence of the ¡°middle income trap¡± and ways to avoid it. It reveals that the inner nature...

The transition of countries with centrally planned economies to a market orientation, which affects about one-third of the world's population, has been an unavoidable reality in recent years. The world and U.S. have a large scale stake in the former Eastern Bloc countries and China whether they...

This paper investigates the dimension requirements of informationally decentralized Pareto-satisfactory processes in production economies with increasing returns to scale or more general types of non-convexities. We show that the marginal cost pricing (MCP) mechanism is informationally effcient...

This paper estimates trade-demand functions for Germany from monthly data covering the period 1959-1988. It is assumed that these trade-demand functions have the form of the Linear Expenditure System, generated by a shifted Cobb-Douglas trade-utility function in which the shift parameter is...

This paper generalizes the Fan-Knaster-Kuratowski-Mazurkiewicz (FKKM) theorem of Ky Fan (“Game Theory and Related Topics,” pp. 151–156, North-Holland, Amsterdam, 1979; and Math. Ann.266, 1984, 519–537) and the Ky Fan minimax inequality by introducing a class of the generalized closedness and...

This paper addresses the methods of state-owned enterprises’ ownership reform and the smooth institutional transition of the economic system in China. By using the theory of endogenous ownership arrangements developed in Tian (1995), a three stage method of China’s economic reform will be...