Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy and occurs through a process of continuous industrial and technological upgrading. Since the 18th century, all countries that industrialized successfully in Europe, North America...

A growth model with multiple industries is developed to study how industries evolve as capital accumulates endogenously when each industry exhibits Marshallian externality (increasing returns to scale) and to explain why industrial policies sometimes succeed but sometimes fail. The authors show...

The world is currently still struggling with the aftermath of the worst economic crisis since the Great Depression. Following a description of the eruption, evolution and consequences of the global crisis, this paper reviews alternative hypotheses for the causes of the global financial crisis as...

As the world recovers only slowly from the 2008 financial crisis and Europe is facing a looming debt crisis, concerns have increased that the"new normal"-- a period of high unemployment, low returns on investment, high risks, and low growth -- may become protracted in advanced economies. If...

The current global financial crisis is the most serious both in terms of magnitude and scope since the Great Depression. No country has been immune to the economic slowdown. In advanced economies, the financial crisis and the global recession that followed the burst of the global financial...

The Sah-Stiglitz "Economics of Price Scissors' model, concerning the political economy of price scissors, formulates the optimal terms of trade against peasants. In the present paper, by extending this model to an open economy and allowing agricultural rationing, we first check if the model...

Professor Justin Yifu Lin presented his ideas on approaches to development and transition at a distinguished speaker seminar on 5 December 2007. The seminar explored the reasons underlying both the dynamic economic growth of some countriessuch as Japan, newly industrialized economies (NIEs) in...

Deflationary expansion has puzzled economists both in and outside China. We study this business cycles phenomenon within a model of discrete time dynamics. We find that deflationary expansion could be possible if driven by an overshooting in investing and if the state of the economy maintains...

In this paper, we develop an endogenous growth model that combines structural change with repeated product improvements. There are two sectors in the present paper, one is traditional sector, and the other is modern sector. The technological progress in the traditional sector takes the form of...

At the beginning of transition from the socialist planning economy to a market economy, China did not have a modern economics profession and the contribution of modern economics to China's transition was little. However, there has been increasing needs for modern economics education and...