Sparked by Baumol’s revenue- versus profit-maximizing models of the firm, this paper using a growth model shows that if a nation seeks GDP-maximizing growth with capital expansion as driving force, the model could work only under the assumption that the consumers’ aversion to...

With a panel sample of more than 3000 rural Chinese households surveyed over 21 years, this study estimates the evolution of relative roles of social status and human capital in the intrahousehold division of labor under the context of a rapid market development. With the guidance of a...

With the guidance of a new institutional framework, the theoretical modelling establishes the necessary and sufficient conditions for institutional change to occur in authoritarian regimes: first, external chocks must be strong, much stronger than in a democratic regime; second, the chocks must...

This study addresses state intervention in land pricing. Theoretical modelling identifies risk aversion as the determining factor for the coexistence of the visible and invisible hands. Our empirical tests using Chinese data confirm the absence of this coexistence. Exploring the micro-foundation...

In my previous publication with a model to illustrate the key role of intra-national trade in developing countries, it was established that intra-national trade, together with international trade, form a network in which high growth achieved by the developed regions spills over to the less...