This paper investigates the factor markets, namely, the land, labor, and credit markets in China's rural areas after the household responsibility system reform. It is found that the institution of the household-based farming system created an allocative inefficiency and the factor markets are a...

A model of household optimizing behaviour in a household farm and a cooperative farm is presented in this paper. It is found that a household will supply more effort in the household farm than in the cooperative farm, and, as a consequence, the total output produced by the household farming...

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...

The Sah-Stiglitz "Economics of Price Scissors" model on the political economy of price scissors derives 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 stands up to...

How poor countries can ignite economic growth without waiting for global action or the creation of ideal local conditionsContrary to conventional wisdom, countries that ignite a process of rapid economic growth almost always do so while lacking what experts say are the essential preconditions...