Despite the remarkable growth rate in the past three decades, China has been also experiencing serious misallocation, which gradually manifests its severe impediment for further development of China's economy. By introducing the index of unit factor cost, we construct a new framework of...

Economic development is a process of continuous industrial and technological upgrading in which any country, regardless of its level of development, can succeed if it develops industries that are consistent with its comparative advantage, determined by its endowment structure. The secret winning...

Economic development is a process of continuous industrial and technological upgrading in which any country, regardless of its level of development, can succeed if it develops industries that are consistent with its comparative advantage, determined by its endowment structure. The secret winning...