No abstract received.

No abstract received.

This Note takes a preliminary investigation into the axiomatic measurement of the division of labor. We first introduce a matrix that we refer to as labor specialization matrix (LSM) to describe specialization patterns of individuals, and then present some axioms for reasonable measures of the...

We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We limit our discussion to the foundations of the emerging field and do not provide a complete overview of the details of the literature. We...

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 a review of the theoretical and empirical literature on the effects of trade liberalization on the labor markets of developing countries. We discuss models which seek to explain the empirical finding that openness has increased wage inequality in several developing countries.

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...