Download e-book for iPad: Aggregate Behaviour of Investment in China, 1953-96: An by Laixiang Sun

By Laixiang Sun

ISBN-10: 0333948092

ISBN-13: 9780333948095

In China, mixture funding degrees were excessive and the cycles of funding progress fee were notable. which will show the mechanisms which force funding starvation and cycles, this e-book develops an built-in growth-cycle framework which integrates the normal concept of socialist economies, the distributive barrier-constrained progress concept of constructing economies, and the hot technical progresses within the western enterprise cycle conception. It additionally analyzes the evolutionary dynamics of China's country funding method and the coverage trade-off among business growth and agricultural improvement.

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Extra resources for Aggregate Behaviour of Investment in China, 1953-96: An Analysis of Investment Hunger and Fluctuation (Institute of Social Studies)

Example text

For instance, on 14 April 1959 the State Statistical Bureau published 1958 grain output figures double the 1957 total, amounting to 380 million tons {People's Daily, 14 April 1959, p. 1). However, in the same year, the State Statistical Bureau published the 'Revision of Agricultural Statistics of 1958', in which grain output was aggregated to 250 million tons {People's Daily, 26 August 1959). After 1960, the official figure for grain output in 1958 was 200 million tons. During the Cultural Revolution, most data was collected within functional systems, as a part of the day-to-day management of the economy.

The behavioural characteristics of planners and the demand-supply forces behind planners' activities, as one of central concerns of the research, will be examined step by step in the following chapters. This introductory section aims to show that China's investment ratio and real investment growth rate are indeed characterized by a pronounced cyclical pattern, with a periodicity of about five years. In mathematical terms, this cyclical pattern is not very regular. However, in the sense of economic behaviour, the pattern represents a typical 'business cycle'.

On one hand, more intense shortage reflects the fact that the system meets its own resource constraints more and more frequently and suffers increasing losses. Abovenormal shortage intensity therefore induces the decision-makers to restrain new investment starts. Conversely, if the difficulties caused by shortage have diminished and complaints about under-utilization are beginning to be voiced, this will provide a stimulus to expand investment activity. (Kornai 1982: 49-50) Thus, the sign before \iz would be negative.

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Aggregate Behaviour of Investment in China, 1953-96: An Analysis of Investment Hunger and Fluctuation (Institute of Social Studies) by Laixiang Sun


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