Contribution To Economics and China's Economic Development
Chueng's contribution to economics and China's economic development can be roughly grouped in the following areas,
- New Institutional Economics
- how different kinds of contractual arrangement affect transaction costs, which are often ignored by neoclassical economists
- realizing the importance of transaction costs (as Cheung often mentions in his writings, if there is no transaction costs (the original starting point assumption by Coase), there is no difference in using different institutional arrangements (e.g. market or government)).
- the nature of the firm (a government, to a certain extent, is a firm and can be more efficient than the market in some areas),
- Methodology
- emphasis on economic explanation (according to Cheung, economic explanation is the ONLY objective of the study of economics);
- the analysis of relevant and observable real world constraints: Adam Smith's tradition,
- downward sloping demand curve: Neoclassical tradition,
- theories must be potentially refutable but not yet refuted (Cheung considers many mainstream concepts not observable, leading to the non-refutable nature of many theories (such as utilities, welfare))
- focus on capturing the underlying and relevant constraints to explain economic phenomena that might seem odd and strange on the surface.
- China's economic development
- Considerable influence among the Chinese speaking population (most of his work after 1982 are written in Chinese);
- Prediction of China's institutional reform (which, in general, has been quite accurate)
- Analysis of the deficiencies in the Chinese state owned enterprises
Read more about this topic: Steven N. S. Cheung
Famous quotes containing the words contribution to, contribution, economics, china, economic and/or development:
“All in all, the creative act is not performed by the artist alone; the spectator brings the work in contact with the external world by deciphering and interpreting its inner qualifications and thus adds his contribution to the creative act. This becomes even more obvious when posterity gives its final verdict and sometimes rehabilitates forgotten artists.”
—Marcel Duchamp (1887–1968)
“Parents are used to being made to feel guilty about...their contribution to the population problem, the school tax burden, and declining test scores. They expect to be blamed by teachers and psychologists, if not by police. And they will be blamed by the children themselves. It is hardy a wonder, then, that they withdraw into what used to be called “permissiveness” but is really neglect.”
—C. John Sommerville (20th century)
“The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.”
—George Steiner (b. 1929)
“It all ended with the circuslike whump of a monstrous box on the ear with which I knocked down the traitress who rolled up in a ball where she had collapsed, her eyes glistening at me through her spread fingers—all in all quite flattered, I think. Automatically, I searched for something to throw at her, saw the china sugar bowl I had given her for Easter, took the thing under my arm and went out, slamming the door.”
—Vladimir Nabokov (1899–1977)
“The American suffrage movement has been, until very recently, altogether a parlor affair, absolutely detached from the economic needs of the people.”
—Emma Goldman (1869–1940)
“There are two things which cannot be attacked in front: ignorance and narrow-mindedness. They can only be shaken by the simple development of the contrary qualities. They will not bear discussion.”
—John Emerich Edward Dalberg, 1st Baron Acton (1834–1902)