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Why Is A Free And Competitive Land Market Indispensable For Resolving The Three Agrarian Issues Through Endogenous Urbanization?, Guanzhong James Wen
Why Is A Free And Competitive Land Market Indispensable For Resolving The Three Agrarian Issues Through Endogenous Urbanization?, Guanzhong James Wen
Faculty Scholarship
No abstract provided.
Remittances And Economic Growth In Mexico: An Empirical Study With Structural Breaks, 1970-2010, Miguel D. Ramirez
Remittances And Economic Growth In Mexico: An Empirical Study With Structural Breaks, 1970-2010, Miguel D. Ramirez
Faculty Scholarship
This paper investigates remittance flows to Mexico during the 1980-2010 period in absolute terms, relative to GDP, in comparison to FDI inflows, and in terms of their regional destination. Next, the paper reviews the growing literature that assesses the impact of remittances on investment spending and economic growth. Third, it presents a simple endogenous growth model that explicitly incorporates the potential impact of remittance flows on economic and labor productivity growth. Fourth, it presents a modified empirical counterpart to the simple model that tests for both single- and two-break unit root tests, as well as performs cointegration tests with an …
Is Capitalist Globalization Inevitable In The Marxian Paradigm?, Miguel D. Ramirez
Is Capitalist Globalization Inevitable In The Marxian Paradigm?, Miguel D. Ramirez
Faculty Scholarship
This paper examines Marx’s views on capitalist globalization and its supposed inevitability, and contends that they underwent a substantial evolution and revision after the publication of the Communist Manifesto. In the case of China, a prime example of the Asiatic mode of production, Marx even doubted whether globalization (capitalism) would ever be able to accomplish its historical mission of developing the forces of production and creating the material conditions for a higher mode of production, viz., communism. In the Russian case, he seriously entertained the notion that it could bypass the hardships and vicissitudes of capitalism and forge its own …
The Hukou And Land Tenure Systems As Two Middle Income Traps—The Case Of Modern China [Post-Print], Guanzhong James Wen, Jinwu Xiong
The Hukou And Land Tenure Systems As Two Middle Income Traps—The Case Of Modern China [Post-Print], Guanzhong James Wen, Jinwu Xiong
Faculty Scholarship
China’s prevailing hukou (household registration) system and land tenure system seem to be very different in their applications. In fact, they both function to deny the exit right of rural residents from a rural community. Under these systems, rural residents are not allowed to freely exit from collectives if they do not want to lose their entitlements, such as their rights to using collectively owned land and their land-based properties. Farmers are neither allowed to sell their houses to outsiders, nor allowed to sell to outsiders their rights to contracting a piece of land from the collective where their households …
Communal Dining System And The Puzzle Of Great Leap Famine: Re-Examine The Causality Between Communal Dining And Great Leap Famine [Post-Print], Liu Yuan, Guanzhong James Wen, Wei Xiahai
Communal Dining System And The Puzzle Of Great Leap Famine: Re-Examine The Causality Between Communal Dining And Great Leap Famine [Post-Print], Liu Yuan, Guanzhong James Wen, Wei Xiahai
Faculty Scholarship
The great leap famine started with a good harvest in the end of 1958 and ended when the rural grain consumption per capita touched the lowest level in 1961. All the hypotheses except for communal dining halls could not explain the puzzle. The communal dining system is the most important cause of great leap famine since it can explain the whole sequence from the start, aggravation and end of the famine. Basing on the panel data from 1958 to 1962 of 25 provinces, and employing the sharp change of the participation rate from elementary cooperative in 1954 to advance cooperative …
Reexamining What Survey Data Say About Currency Risk And Irrationality Using The Cointegrated Var, Joshua Stillwagon
Reexamining What Survey Data Say About Currency Risk And Irrationality Using The Cointegrated Var, Joshua Stillwagon
Faculty Scholarship
This paper reports new evidence of a time-varying risk premium, and against the usual interpretation of irrationality, in survey data for three major currency markets. Using the cointegrated VAR to better focus on the issue of persistence, the deviations from Uncovered Interest Parity are found to be non-stationary implying a time-varying risk premium. Further, the "relationship" between the forecast error and the lagged forward discount, which has been interpreted as implying irrationality, is a spurious regression, being non-stationary at the 1% level. In fact, the forecast error and forward discount do not even appear to share the same order of …
Beyond Happiness And Satisfaction: Toward Well-Being Indices Based On Stated Preference [Post-Print], Daniel J. Benjamin, Ori Heffetz, Miles Kimball, Nichole Szembrot
Beyond Happiness And Satisfaction: Toward Well-Being Indices Based On Stated Preference [Post-Print], Daniel J. Benjamin, Ori Heffetz, Miles Kimball, Nichole Szembrot
Faculty Scholarship
This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on "fundamental aspects" of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities—a necessary input for constructing an individual-level well-being index—by asking ~4,600 U.S. survey respondents to state their preference between pairs of aspect bundles. We estimate high relative marginal utilities for aspects related to family, health, security, values, freedom, happiness, and life satisfaction.