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Articles 1 - 7 of 7
Full-Text Articles in Economics
Market, Capitalism And Hong Kong’S Future : The Relevance Of Karl Polanyi And Fernand Braudel, Po Keung Hui
Market, Capitalism And Hong Kong’S Future : The Relevance Of Karl Polanyi And Fernand Braudel, Po Keung Hui
Conference on “Improving the Human Destiny"
This paper draws on the insights of Karl Polanyi and Fernand Braudel on “capitalism” and “market” to analyze the experience and discourse of the economic development in Hong Kong, the role-model of “free market capitalism”, with a specific focus on the last two decades -- the so-called “neo-liberal” era. The first part of the paper re-reads Polanyi and Braudel in the midst of the current financial crisis and economic depression, aiming at teasing out a theoretical perspective for a better understanding of our past and current economy. The second part argues that, as evidenced in the persistence of anti-competition practices …
The Future Of Democratic Capitalism : A Human Capital Perspective, Isaac Ehrlich
The Future Of Democratic Capitalism : A Human Capital Perspective, Isaac Ehrlich
Conference on “Improving the Human Destiny"
Schumpeter’s diagnosis of capitalism seems to be fully validated by the financial crisis and severe recession, except that he was wrong on his main prediction – that capitalism’s flaws would cause it to lose its vitality. The reality is that Democratic Capitalism has flourished despite episodes of depression, war, prohibition, and intrusive interventionist policies. It is therefore a mistake to engage in a critical assessment of capitalism while world economies are still close to the ebb of the business cycle. Free markets cannot abolish the business cycle in the same way that free trade and free capital flows cannot abolish …
Job Satisfaction And The Labor Market Institutions In Urban China, John S. Heywood, W. Stanley Siebert, Xiangdong Wei
Job Satisfaction And The Labor Market Institutions In Urban China, John S. Heywood, W. Stanley Siebert, Xiangdong Wei
Conference on “Improving the Human Destiny"
The determinants of worker job satisfaction are estimated using a representative survey of three major cities in China. Legally segregated migrants, floaters, earn significantly less than otherwise equivalent non-migrants but routinely report greater job satisfaction, a finding not previously reported. We confirm a positive role for membership in the communist party but find that it exists only for non-migrants suggesting a club good aspect to membership. In contrast to earlier studies, many controls mirror those found in western democracies including the "paradox of the contented female worker.
Happiness And Development : The Effect Of Mental Well-Being On Economic Growth, Ben Li, Yi Lu
Happiness And Development : The Effect Of Mental Well-Being On Economic Growth, Ben Li, Yi Lu
Conference on “Improving the Human Destiny"
This paper examines the impact of overall happiness of citizens on economic growth across countries. We first document a robust positive correlation between overall happiness level and economic growth across countries, and then exploit the variation in sex imbalance, a factor that impedes normal mating and thus causes unhappiness, to instrument happiness and identify its causal impact on economic growth. Our results show that happiness has a positive causal effect on economic growth. Other things being equal, a one-standard-deviation increase in happiness raises growth rate by approximately two percentage points. In addition, we find that life expectancy and investment ratio …
Competition And Tax Evasion : A Cross Country Study, Yiqun Wang
Competition And Tax Evasion : A Cross Country Study, Yiqun Wang
Theses & Dissertations
This paper investigates the determinants of informality (tax evasion in particular) utilizing rich cross-country data of firm-level survey from the World Bank, and hypothesizing that competition is a significant factor determining tax evasion behaviors. Competition pressure is a key stimulus to induce questionable manipulations of tax reporting behaviors. However its effect works at a decreasing speed. It is also hypothesized that business obstacles facing firms such as tax administration and corruption play significant roles in explaining tax evasion. This paper further hypothesizes that firm characteristics such as size, age, ownership are important evasion determinants. Empirical results are found supporting these …
Decomposition Of Changes In Hong Kong Wage Dispersion Since 1980s : A Distributional Approach, Kai Wai Huang
Decomposition Of Changes In Hong Kong Wage Dispersion Since 1980s : A Distributional Approach, Kai Wai Huang
Theses & Dissertations
Wage dispersion is one of the social and economic issues arousing public concern in Hong Kong. There are many studies exploring the possible causes and changes in wage dispersion. They often focus on the study of summary measures such as Gini and Theil indexes, or adopt OLS-based regression approach. In foreign studies on wage dispersion, Oaxaca-Blinder decomposition, originated from Oaxaca (1974) and Blinder (1973), is a common method of decomposing changes or differences in mean wages between two groups into wage structure effect and composition effect, and then further decomposing the two effects into contributions of each control variable. Nevertheless, …
A Proposed International Unit Of Account : Implications For Financial Markets, Commodity Markets, And Research, Lok Sang Ho
A Proposed International Unit Of Account : Implications For Financial Markets, Commodity Markets, And Research, Lok Sang Ho
Centre for Public Policy Studies : CPPS Working Paper Series
There are substantial benefits from having an indexed unit of account for denominating bonds, contracting, and for quoting commodity prices. A new real effective exchange rate (REER) index is derived using GDP weights and an implicit world price index obtained incidental to the derivation of the indexed unit of account. In a prototype exports function estimation, this new index beats most of the other published real effective exchange rate indices. The superior performance is probably due to the fact that with globalization and production fragmentation trade weights have become increasingly misleading because of the prevalence of re-exports and even re-re-exports.