No abstract received.

China's remarkable poverty alleviation is quite uneven across regions in the last quarter of the century. It is important to explore why China has such huge disparity in poverty distribution in spite of overall dramatic economic growth and the vast improvement in per capita income. The aim of...

This paper presents an overlapping-generations general equilibrium model of efficient business cycles. It considers three types of goods in an economy: primary goods, intermediate goods and final goods. It shows that complete division of labour with business cycles and unemployment can be the...

This paper develops a general equilibrium model with endogenous specialization and endogenous theft behavior to investigate effects of theft on the equilibrium network size of division of labour, on aggregate productivity, and on per capita real income. If an individual can steal from her...

In the paper the trade-offs among endogenous transaction costs caused by two-sided moral hazard, exogenous monitoring cost, and economies of specialization are specified in a Grossman, Hart and Moore (GHM) model to absorb Maskin and Tirole's recent critique and Holmstrom and Milgrom's criticism...

No abstract received.

No abstract received.

A theory is outlined for why an expansion of international trade may aggravate inequality in developing countries such as China.

My aim in this paper is to reinterpret Adam Smith's theory of economic interaction by assigning a central role to his foundational presumption that persons are natural equals. There are implications of this presumption to be drawn both for the behavioral adjustments that move the system toward...

No abstract received.