The extant literature offers extensive support for the significant role played by institutions in financial markets, but implicit regulation and monitoring have yet to be examined. This study fills this void in the literature by employing unique Chinese datasets to explore the implicit...

The Chinese version of this paper can be found at http://papers.ssrn.com/abstract=1960697.This paper researches the consumers' behavior theory and the demand definition of mainstream economics and finds that these definitions are different and in contradiction. Therefore, this paper proposes the...

This paper points out that consumption preference and pure subjective preference are not the same concept. The price system of commodity gives the social utility value of commodity and consumers only have two options for this utility value: accept or not accept. Consumption behavior is the...

Starting from the reality, this paper holds that there are three relations among production factors, namely complementary relation, part function and functional substitution and efficiency substitution. There are no laws of diminishing marginal substitution and diminishing marginal products....

The accurate estimation of GDP plays a vital role in police making. The current study proposes a new GDP calculation procedure, which is based on the firm level tax information. We claim that since enterprises (e.g. product and service providers) are the main player in every economy, by...

Friedman's monetary theory suggests that the supply of money is constantly equal to the demand of money. Therefore, it cannot justify that inflation is indeed caused by over issuance of money. The root cause of inflation should be the short supply of a basket of goods. The weight of each goods...