Resource misallocation can lower aggregate total factor productivity (TFP).We use microdata on manufacturing establishments to quantify the potential extent of misallocation in China and India versus the United States. We measure sizable gaps in marginal products of labor and capital across...

One of the main tasks in the study of financial and economic processes is forecasting and analysis of the dynamics of these processes. Within this task lie important research questions including how to determine the qualitative properties of the dynamics (stable, unstable, deterministic chaotic,...

Borrowing from public choice literature, while aristocratic civil wars can be regarded as anarchy, and the monopoly of violence by the state as Leviathan, duel of honor is an orderly anarchy. The sudden or gradual withering of duel of honor as an institution marks the transition to the monopoly...

The research article presents the highly innovative theoretical research results: 1) the new quantum microeconomics theory in the quantum econophysics science is formulated; the idea on the existence of the discrete-time induced quantum transitions of firm’s earnings (the firm’s value) in the...

The research article presents the highly innovative theoretical research results: 1) the new quantum microeconomics theory in the quantum econophysics science is formulated; the idea on the existence of the discrete-time induced quantum transitions of firm’s earnings (the firm’s value) in the...

South Africa is a water-scarce country with deteriorating water resources quality, security, infrastructure investment and management. 89 per cent of households have access to water supply, but, only 64 per cent or 10.3 million households are estimated to have reliable water supply. The water...

We study the relationship between efficient markets, value neutrality and symmetric maximum entropy principle. We find that the efficient market is in the state of maximum information entropy, which means that market prices fluctuate randomly, that value neutrality is in the state of maximum...

Why China was not the origin of the Industrial Revolution but rose from imperial dynasties and experienced a growth miracle in the past four decades? We find that its root is China's imperial examination system (keju), which explains the fall and rise of historical, modern, and contemporary...

We study how extreme (high) temperatures affect firm dynamics---entry, exit, and aggregate productivity---in Chinese manufacturing sectors. Existing studies focus on the effects on incumbent firms (intensive margin), while we examine the effects on entry and exit (extensive margin), and their...

Input-output linkages among sectors and firms are largely overlooked when assessing regulatory policies. Using a carbon emissions regulation in China as an example, we find that the regulation facilitates the transition to green technologies and reduces entry and carbon emissions in the...