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Comparative Economic Systems Viewed via New Structural Economics

Sep 21-2022   



For the soon-to-be-published Routledge Handbook of Comparative Economic Systems, editors Bruno Dallago and Sara Casagrande have released four major questions and summed up key aspects concerning the status quo and the future of comparative economic systems and the world economy. Six renowned experts, including Prof. Justin Lin Yifu, have been invited to contribute their responses to the four questions, which will be included as the last and summary chapter of the handbook.

 

Prof. Lin, Honorary Dean of the NSD and Dean of both PKU Institute of New Structural Economics and PKU Institute of South-South Cooperation and Development, has put forth his detailed and thoughtful answers to the four questions: how can research on Comparative Economic Systems play a bigger role in helping people understand and re-shape the world? How should such research be conducted so as to shed light on institutional changes and policy making within a system, thereby promoting societal progress? How does research on Comparative Economic Systems explain the different functioning modes of the market and support entrepreneurs and governments to seize innovation opportunities, thus spurring economic growth? Can research on Comparative Economic Systems adderess the issue of income distribution, for which a systematic solution is yet to come into existence?

 

Prof. Lin believed that mainstream economic theories lack the explanatory power with regard to the success or failure of the transition of developing countries. Research on Comparative Economic Systems should be more instrumental for understanding and reforming the world, and can, through the prism of New Structural Economics, examine the fundamental reasons why some developing countries form second-best arrangements and give rise to ‘distorted’ institutions, he wrote. For the second question of the handbook, Prof. Lin proposed analyzing the various sources of structural imbalances from the perspective of efficient market and effective government, and subsequently moving on to formulate good policy for ensuring the operation of the economic system. Concerning the third question, he suggested that governments support entrepreneurs to seize innovation opportunities and utilize comparative advantages to develop economies. As for the fourth question, his main proposal was to make use of the First, Second and Tertiary Distributions to realize dynamic, sustainable and inclusive growth.

 

Comparative Economic Systems Viewed via New Structural Economics

Sep 21-2022   



For the soon-to-be-published Routledge Handbook of Comparative Economic Systems, editors Bruno Dallago and Sara Casagrande have released four major questions and summed up key aspects concerning the status quo and the future of comparative economic systems and the world economy. Six renowned experts, including Prof. Justin Lin Yifu, have been invited to contribute their responses to the four questions, which will be included as the last and summary chapter of the handbook.

 

Prof. Lin, Honorary Dean of the NSD and Dean of both PKU Institute of New Structural Economics and PKU Institute of South-South Cooperation and Development, has put forth his detailed and thoughtful answers to the four questions: how can research on Comparative Economic Systems play a bigger role in helping people understand and re-shape the world? How should such research be conducted so as to shed light on institutional changes and policy making within a system, thereby promoting societal progress? How does research on Comparative Economic Systems explain the different functioning modes of the market and support entrepreneurs and governments to seize innovation opportunities, thus spurring economic growth? Can research on Comparative Economic Systems adderess the issue of income distribution, for which a systematic solution is yet to come into existence?

 

Prof. Lin believed that mainstream economic theories lack the explanatory power with regard to the success or failure of the transition of developing countries. Research on Comparative Economic Systems should be more instrumental for understanding and reforming the world, and can, through the prism of New Structural Economics, examine the fundamental reasons why some developing countries form second-best arrangements and give rise to ‘distorted’ institutions, he wrote. For the second question of the handbook, Prof. Lin proposed analyzing the various sources of structural imbalances from the perspective of efficient market and effective government, and subsequently moving on to formulate good policy for ensuring the operation of the economic system. Concerning the third question, he suggested that governments support entrepreneurs to seize innovation opportunities and utilize comparative advantages to develop economies. As for the fourth question, his main proposal was to make use of the First, Second and Tertiary Distributions to realize dynamic, sustainable and inclusive growth.