Western Economics Research Articles

The End of Western Economic Growth Theory

Economics is a science that studies how the economy grows, so the theory of economic growth is the most important theory of economics. In the real market economy society, people achieve the goal of economic growth through two kinds of economic activities: production and transaction. Then a correct economic growth theory must be one that can explain both production and transaction economic activities. Just like Newton’s law of universal gravitation in physics, it can explain the motion law of all objects. For a long time, we have been dominated by the western economic growth theory of western mainstream economics. It is not difficult to find that it has a fatal defect, which can only explain production economic activities but not transaction economic activities. So it can’t explain the Chinese economy, and it can’t explain the western economy. The new economic growth theory proposed in this paper makes up for the defects of western economic growth theory, and it is the terminator of western economic growth theory. This is a revolution of new economics to traditional western economics.

Research on the Marginal Utility of Consumers in the Network Economy

Network economy is a form of economic activity formed with the development of modern information technology. The emergence of the network economy has changed the traditional way of commerce. Under the conditions of the network economy, some basic principles and concepts of Western economics have undergone revolutionary changes. This article sorts out and reviews how consumers' marginal utility changes under the network economy. Focus on the two major issues of the emergence of marginal consumer increase in the network economy and whether the law of diminishing marginal utility still exists. Further analysis points out the difference in applicability between the two. Finally, it summarizes the shortcomings of the existing literature and looks forward to future research directions.

Research on the Evaluation of China’s Monetary Quantity Theory Based on Computer Information Technology

The influence of western economics on China is very far-reaching. Some Chinese economists are also advocating the priority of western economic culture. From the scope of monetary theory, as the leading western monetary economics thought, the introduction of monetary quantity theory has laid a good foundation for China’s monetary economy. From the classical monetary theory to the present monetary quantity theory, great changes have taken place in the monetary theory during this period. However, there is no doubt that the theory of monetary quantity has always been the most influential one in economics. This paper briefly summarizes the relevant theory of money quantity theory. By using computer information technology, this paper evaluates the viewpoint of Chinese currency quantity theory.

On the Interaction Between Media and Economic Development--Analysis based on the Principles of Western Economics

In the context of the era of big data, the cultural industry represented by media is developing rapidly and gradually becoming an important force to promote economic growth. Based on the relevant principles of Western economics, the article first analyzes how economic influence guides media activities from the perspective of media and audiences. Secondly, it explores how to promote economic and social development through media from the perspective of media's allocation of production factors, which provides a theoretical basis for scientifically understanding and understanding media economy.

Climate Displacement and the Legal Gymnastics of Justice: Is It All Political?

AbstractThe future for people becoming displaced due to climate processes is still unknown. The effects of climate change are more apparent every day, and those most acutely impacted are still unable to access an appropriate legal remedy for their woes. Two new books evaluate the limits to international legal protections and the application of justice. Climate Change, Disasters, and the Refugee Convention, by Matthew Scott, investigates the assumptions underpinning the dichotomy between refugees and those facing adversity due to climate-induced disasters. Climate Change and People on the Move: International Law and Justice, by Fanny Thornton, goes further by examining how justice is used—and curtailed—by international instruments of protection. Thornton's legal analysis is thorough and thoughtful, but also demonstrative of the limitations of justice when confined by historical precedent and political indifference. With so little still being done to hold industries to account, is it any surprise that the legal system is not yet ready to protect those harmed by carbon pollution? Demanding justice for climate displacees is an indictment of modern Western economics and development; it implicates entire national lifestyles and the institutions and people that support them.

A Possible Compatibility of Buddhist and Western Economics: A Cohesiveness Agendum to the Emerging Global Issues

The principles of Buddhist economics have commenced to gain impetus among the business and well-being scholars, however, with little impact on the negligence and constriction principles of Western economics. Therefore, this review article explores the conceptualism dichotomy of Buddhist economics and Western economics, and principles of Buddhist economics as a pragmatic way of attaining sustainable well-being and happiness. In addition, the article examines the reliability of Buddhist economics as an economic development policy. Articles were retrieved from the web-based databases and academic search engines using thematic key words like Buddhist economics, Western economics, well-being, happiness and global issues. The data generated through detailed reading of the 66 articles were analysed within and across using constant comparison analysis technique of QUAL approach. The findings suggest that the compatibility of Buddhist and Western economics is a cohesive solution to the emerging global issues. This article also draws attention of the policymakers and economic experts to reexamine their economic policies for the common well-being of global populace and the sustainability of the economy itself.

Keynes, Russian Economic Thought, and Contemporary Policy

This paper extends a long tradition of Western analyses of Russian economic thought on Keynes, updating the story through the period that followed the global financial crisis of 2007-2008. We survey contemporary views of Keynesianism by mainstream and traditionalist economists and consider the theoretical and ideological motivations for a domesticated variant of Keynesianism as a “third way,” bridging Western economics and Soviet political economy. As such, this paper provides a survey of the shift in political economy that underpins recent pivot from market liberalism to targeted government management as a solution to Russian economic stagnation. We conclude that it would be an exaggeration to declare that the latest transformation of Russian economic policy ‘Keynesian.’

Incentives, Optimization, and Democratic Planning: A Socialist Primer

Socialism has traditionally been identified with central, top-down planning, which is seen as impossible and irrational. The only alternative is “the market,” identified with capitalism. The 20th-century socialist experience, by contrast, put forward a multilevel (central–local) model, in which enterprises form their own detailed plans, under incentives to plan both ambitiously and realistically. The incentive design literature in Western economics has suggested an “impossibility” result: there is no way to incentivize local agents to tell the truth about their actual possibilities and therefore to contribute to efficient central plans. However, under modern conditions, a Collective Morale Function operates: planning requires activist mobilization of, and critical understanding among, workers. If an enterprise is to organize production successfully, it must attain high levels of morale, which in turn requires truth-telling and ambitious planning. This constitutes a path toward mature socialism, breaking the one-dimensional binary: either authoritarian planning, or the “market.”

Internationalization of Higher Education in China:the Human Capital Approach

In the Past 70 Years, Chinese Higher Education Has Been Simultaneously Developing with the Growth of the People’s Republic of China (Prc). under Five Generations of Chinese Leadership, China Has Established a Complete Higher Educational System with Constant Endeavors and the Contribution of a Large Number of Forefront Professionals. the Ministry of Education (Moe) Makes Short, Medium, and Long-Term Educational Reform and Development Plans According to the Change of Domestic and International Environment. This Paper Offers Us the Motivation and Factors of Implementing Internationalization of Higher Education in China and Some Thoughts on How to Use Human Capital Theory to Understand the Policy-Making Towards Internationalization of Higher Education in China. Robeyns (2006) Proposed Five Different Roles That Education Plays and Three Models of Education. Human Capital is One of the Three Models Besides Rights Discourse and the Capability Approach. Human Capital Theory (Schultz, 1961) Plays an Important and Fundamental Role in Western Economics. Human Capital Theory Has Great Impacted on the Development of Higher Education Worldwide, Which Also Affects the Educational Reforms Towards Internationalization in China in the Context of Globalized Economy. It Enhances the Development of Higher Education as Well as Brings Educational and Social Problems.

<허생전>에 투영된 박지원의 경제 사상 -서구 경제학 이론과의 비교를 중심으로

본고는 연암 박지원의 소설 「허생전」에 투영된 그의 경제 사상을 독점경제, 자유무역, 분산투자 세 부분으로 나누어 서구 경제학 이론과의 비교를 통해 살펴보았다. 당시 서구 사회의 경제번영을 이끌었던 경제학 이론들은 오늘날까지도 인류 사회 발전에 중대한 영향력을 행사하고 있다. 이에 비해 연암의 경제 사상은 당시 사회적, 문화적 요소의 제약으로 말미암아 경제적 문제를 해결할 대안으로 사용되지 못하고, 그저 문학작품 속 담론으로 소비되는 데 그쳤다는 등 여러 가지 한계가 있다. 그럼에도 불구하고 당시 중농주의 사상이 지배적이었던 폐쇄된 동양에서, 특히 조선이라는 불모지에서 서구 경제학 이론과 일맥상통하는 그의 경제 사상은 특별한 의미를 가지며 그 가치는 높이 평가받을 만하다. 이러한 연암의 경제 사상이 그저 실학사상의 한 갈래로만 평가되고 더 넓은 세계적인 시각에서 다루어지지 않았다는 사실은 안타까운 일이며 본고는 서구 경제학 이론과의 비교를 통해 그 가치를 재조명하고자 한다.

A Study on “Value” Concept of the Austrian School

The marginal utility theory of Austrian School is an important value theory in western economics. Need theory is the basis and premise of value theory. Need, which is equivalent to desire, has two specific connotations: "one of many needs" and "feelings of a certain need". The contribution and innovation of the need theory of Austrian School lies in that it puts forward two classifications of needs through studying the significance of needs, points out that value is only related to the classification of degrees of needs, reveals the general rule that the importance of one need decreases gradually with the increase in satisfaction, and puts forward the core concept of "marginal utility". The Austrian School studies the quality and quantity of value with human needs or desires as the measure of value. In the qualitative aspect of value, whether people's needs can be met is the direct basis for judging the existence of value, and whether it can improve people's life and welfare is the fundamental reason to judge the value of goods. In terms of the quantity of value, economists of the Austrian School propose the principle that marginal utility determines the value of the last unit of goods, completely solve Adam Smith's value paradox and achieve the transcendence of subjective utility theory.

PENGEMBANGAN EKONOMI ISLAM SEBAGAI DISIPLIN ILMU

Islamic economics emerged in the 70s decade and continues to develop until the 21st century, but various challenges in the development of Islamic Economics became a discipline that was developed by itself well-established and sturdy. There are three main criteria for bringing Islamic Economics into a scientific discipline, namely a philosophical foundation that complements the ontological, epistemological, axioglogic foundation; Islamic Economic System and Islamic Economic Policy. As a building of Islamic Economics, it has sufficient capital, because there are parts that meet the criteria that are completely different from Western Economics, but there are parts that still need to be further developed because they are not rooted in Islam. . Development of Islamic Economics into buildings that must be resolved in solving problems relating to the economy that develops in the economic field and conceptual economics of Islamic Economics; The epistemological foundation of Islamic Economics determines the concept of Islamic Economics and understands Islamic Economics; Ethical (axiological) foundation; Developing an Islamic Economy can be made as an economic system and used as a country's public policy. Keywords: body of knowledge, ontological, epistemological, axiology

Chen Huanzhang and his role in studying the history of Chinese economic thought in the West at the beginning of the 20th century

The article explores the experience of introducing traditional Chinese economic ideas to Western scholars, using the example of Chen Huanzhang’s book “The Economic Principles of Confucius and his School” (1911). Chen Huanzhang was the first Chinese scholar who acted as an intellectual mediator in disseminating knowledge about Chinese economic thought in the West against the background of predominant efforts at bringing the achievements of Western economics to China. Chen Huanzhang spoke from the standpoint of Confucianism, and a unique combination of classical Chinese and American economic education enabled him to integrate deep knowledge of Chinese tradition with mastering the basics of Western methodology. Using little-known primary sources, the article analyzes the specifics of structure and economic terminology of Chen Huanzhang’s work, with priority attention paid to his interpretation of relations between production and consumption based on ancient Chinese classics. It was demonstrated that Chen Huanzhang strived to produce a modernized interpretation of consumption aimed at regulating human desires that was compatible with demands of economic development and the inheritance of traditional moral standards. Evaluation of the impact of the book on Western academic circles is based on the study of reviews published in the early 1910s (the author of one of them being J. M. Keynes). The final section of the article identifies the reasons for the evident growth of interest in the work of Chen Huanzhang in China, where he was forgotten for a long time.

Chen Daisun and the Search for Theoretical Foundations of Economic Reforms in China

Chen Daisun received economic education in the United States in the 1920s. In the initial period of reforms he proposed to borrow selectively Western economics in the interests of modernization, including methods of quantitative analysis, experience in managing enterprises and using the market mechanism, and research on the negative consequences of industrialization. His recommendations combined Marxist approach with a deep knowledge of modern economic theory. The scholar made a significant contribution to the restoration of the study of the history of foreign economic thought in China. It is concluded that the calls of Chen Daisun to proceed from the national specifics and strive to create a highly developed Chinese economic science remain relevant in the modern ideology of the PRC.

Research on the Impact of Air Pollution on the Real Estate Market-Take Shanghai’s Residential Commercial Housing Market as an Example

Based on urban economics, behavioural economics and western economics theory, we analysed the effects of air pollution on the real estate market through VAR model and IRF using the AQI and the residential commercial housing market data from January 1, 2015 to June 30, 2020. We found that there is intrinsic link between changes in air pollution levels and changes in real estate market. When air pollution levels increase, it will have a sustained inhibitory effect on housing price and housing turnover. The effect on housing price will last about 5 months and the effect on housing turnover will last about 2 months. After having a comparative analysis of the IRF of the average price in six jurisdictions in Shanghai we found that inhibitory effect which air pollution impact on real estate market has different forms of expression. Residents in areas with relatively poor air quality are more willing to pay for clean air and housing transactions in areas with relatively good air quality are more sensitive to air pollution.

A reflection on borrowing from western economics

Purpose Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue. Design/methodology/approach However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial. Findings Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization. Originality/value According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

The Cultural World in Economists’ Eyes：A Review of the Studies on Cultural Economy in Modern Western Economics

Due to the persistent pursuit of the scientificalness and the rationality in the development of Neoclassical Economics, the cultural factors had been put aside out of the mainstream economic studies for a long time. Since the mid-20th century, the economic transformation in the post-industrial society has made culture and economy highly integrated. Culture has been becoming a part of the economic system with the cultural economization while economy has had increasingly obvious symbolic and humanistic characteristics with the economic culturalization. Culture is an issue that economics has to face.Having sorted out the exploration on the cultural factors by the economists in the past 100 years, this paper objectively presents the response of the modern economics to the social and economic changes. The treatments on the cultural issues in economics can be summed up in three categories: （1） In the aspect of the research theme, the economic studies have been extended to the cultural and artistic activities and the related policies; （2） In the aspect of the research methods, much attention has been paid to the endogeneity of the cultural factors and the interaction between/among the people; （3） In the aspect of the research philosophy, the dynamic process of the economic development has been emphasized, and the reconstructing of the ethical dimension and the moral foundation of economics have been required. In the reality, the treatments in the above three categories interweave with each other. Among them, the treatment in the expansion of the research theme is the most external and superficial manifestation for the acceptance of the cultural factors by economics. It is the economic nature of the cultural and artistic activities that attracts economists’ attention, rather than the cultural connotation. The analysis on the institutional factors by New Institutional Economics and the investigation on the various possible game results by the Game Theory acknowledge the important influence of the traditions, institutions, customs and other cultural factors on people’s economic activities. So the existing theories have been revised appropriately on the basis of the core philosophy of neoclassicism. The historical characteristics studied by Evolutionary Economics and the ethical review and reflection on the economic development have affirmed the importance of the social psychological factors. So the myth of the economics rationalism has been broken in some extent.Regardless of how the cultural factors have been brought into the economic research, it means that economics has paid some attention on culture and tried its best to break through its own limitations. It also reflects the growth of the economic thought in the broad social and historical context. Being a social science, economics has been gradually restoring its function of the value concern and the social criticism while keeping its rational analysis. It is believed that the economic research will be richer and more realistic by giving more and clearer concerns to the cultural considerations, and the human economic activities will be depicted in a broader perspective and a more convincing way with the enhancement of the insight of economics.

Who should be responsible for our common well-being? A Gross National Happiness approach to promoting a responsive and sustainable Business Community

The roles and responsibilities of the business community to the society are underexplored and least understood both by the business community as well as by the society in general. In the absence of any guideline on the societal responsibilities of the business community in Bhutan, an intellectual gap possibly exists between the ideology of Gross National Happiness and the roles of the business community. Thus, this review explores the tangible societal responsibilities of the business community. It also discuses the long-established arguments on the roles of business to society beyond profit making and maximizing its financial well-being. Using key words such as the business community, well-being, social responsibilities, Buddhist economics, western economics, and sustainable business, 114 articles were retrieved from the web-based resources. The data generated thus were analysed using the constant comparison analysis of QUAL approach. The finding indicates that the societal responsibility of the business community is an oxymoron conceptually. The paper also addresses the principles of Gross National Happiness as an approach to promoting a responsive and sustainable business community. However, an in-depth research is necessary to understand the roles and responsibilities of the business community in the context of Gross National Happiness.

马克思主义国际贸易理论与西方经济学国际贸易理论的比较与融合

马克思主义国际贸易理论与西方经济学国际贸易理论的比较与融合

Buddhist economics: An overview

Over the centuries, Buddhist monks applied economic models in the operations of their monasteries to make them sustainable while also observing Buddhist principles. The large variety of economic practices observed demonstrate the creativity of monastics in acquiring the resources to support their large monasteries in a way that was viewed as compatible with Buddhist ethics embodied in the Noble Eightfold Path. Researchers have analyzed the integration of faith-based and financially related monastic needs for different countries in different eras. The Buddhist economics approach as it has been developed in the last 40-50 years aims to create an alternative worldview that challenges the main underlying assumptions of Western economics. The mainstream Western economics model is originally based on the following assumptions: rational, selfish behavior; profit-maximization; competitive markets; and instrumental use of the environment. Buddhist economics is based on a different set of assumptions: dependent origination (“pratityasamutpada”), where people are interdependent with each other and with Earth; people are aware of enlightened self-interest based on interdependence and thus are altruistic; firms care about the well-being of workers, customers, shareholders, and community; and all activities include caring for the environment. With these assumptions, the Buddhist economic model has shared prosperity in a sustainable world with minimal suffering as its goal.