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Article
Publication date: 16 October 2018

Justin Yifu Lin

The United Nations adopted 17 goals for sustainable development, which has been known as the 17 SDGs. Knowing how to achieve these goals will be very important for many…

Abstract

Purpose

The United Nations adopted 17 goals for sustainable development, which has been known as the 17 SDGs. Knowing how to achieve these goals will be very important for many countries. The first of the 17 is no poverty. The purpose of this paper is to analyze how to realize no poverty in UN’s SDGs by focusing on structural changes based on the New Structural Economics.

Design/methodology/approach

This paper explains the relationship between structural changes and people’ s income in both rural and urban areas, and then introduces how to eliminate poverty from a New Structural Economics’ perspective. Finally, it discusses what to do to make these changes a reality.

Findings

To reduce and eventually eliminate poverty, increasing personal income becomes the first step. From national perspective, structural changes are related to an income increase. In rural and urban areas alike, the structural changes will usually be accompanied by new technologies and job opportunities, which will help people improve their incomes.

Originality/value

This paper explains relationship between structural changes and poverty elimination. How to increase people’s income is also discussed according to New Structural Economics. This paper’s findings may well be valuable for research on poverty elimination in the future.

Details

China Agricultural Economic Review, vol. 11 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 13 December 2019

Justin Yifu Lin

Development economics is a new sub-discipline in modern economics. The first generation of development economics is structuralism. The second generation of development…

Abstract

Purpose

Development economics is a new sub-discipline in modern economics. The first generation of development economics is structuralism. The second generation of development economics is neoliberalism. Most developing countries followed the above two generations of development economics and failed to achieve industrialization and modernization. The purpose of this paper is to introduce the third generation of development economics, called new structural economics, which advises governments in developing countries to play a facilitating role in the development of industries in a market economy according to the country’s comparative advantages. The paper also discusses how the government may use industrial policies to play this facilitating role and some new theoretical insights from new structural economics.

Design/methodology/approach

The paper draws on the experiences of success and failure in developing countries to generate new understanding about the nature and causes of economic development in developing countries.

Findings

The structuralism failed because it ignored the endogeneity of economic structure in a country. The neoliberalism failed because it neglected the endogeneity of distortions in the transition economies.

Originality/value

The paper proposes new policy and theoretical framework for developing countries.

Details

Asian Education and Development Studies, vol. 9 no. 3
Type: Research Article
ISSN: 2046-3162

Keywords

Content available
Article
Publication date: 13 December 2019

Min Fang

Deepening supply-side structural reform is the main objective of the economic work since the Chinese economy entered a new stage of development. By adopting the…

Abstract

Purpose

Deepening supply-side structural reform is the main objective of the economic work since the Chinese economy entered a new stage of development. By adopting the fundamental principles and methodologies of Marxist political economy, the authors can provide clarifications on the three basic theoretical issues concerning the supply-side structural reform. The paper aims to discuss these issues.

Design/methodology/approach

First, the essential starting point for understanding the supply-side structural reform is the primacy of production, as well as the organic connection between production and consumption in social reproduction, rather than the supply and demand as superficially seen in exchanges. By identifying the right starting point, the authors can avoid alternating between demand and supply management, and between liberalism and interventionism.

Findings

Structural problems, which are closely related to the institutional structure of production and the purpose and nature of production, cannot be solely attributed to the imbalance caused by market failures. Chinese economy has suffered prolonged structural contradictions and structural problems.

Originality/value

To decide whether the financial and the real estate sectors are real economy or virtual economy, the key is to examine whether the monetary capital used in financial activities and real estate commodity (capital) go through the capital circulation process of from monetary capital to productive capital and further to commodity capital, and whether the capital gain is generated by the value appreciation of capital or the value transfer and distribution as a result of the transfer of ownership. With its emphasis on developing the real economy, the supply-side structural reform should foster both development of manufacturing, and parts of financial and real estate sectors that are the real economy.

Details

China Political Economy, vol. 2 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Abstract

Details

China Agricultural Economic Review, vol. 11 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 7 October 2014

Dominique Foray

The purpose of this paper is to focus on the distinction between smart specialisation and smart specialisation policy and it studies under what conditions a smart…

Abstract

Purpose

The purpose of this paper is to focus on the distinction between smart specialisation and smart specialisation policy and it studies under what conditions a smart specialisation policy is necessary.

Design/methodology/approach

A conceptual framework is built based on historical evidence of successful dynamics of structural changes at regional level qualified as “smart specialisation”. The identification of market and coordination failures that are likely to impede the occurrence of spontaneous process of smart specialisation makes a good case for a smart specialisation policy.

Findings

The paper highlights important design principles for the policy process that should help to minimise potential risks of policy failures and policy capture.

Research limitations/implications

The paper does assess the effect of smart specialisation on innovation and growth at regional level because it is too early to observe and measure effects. The paper confines itself to conjectures about the effects of such a policy.

Practical implications

The paper makes recommendations and explains some of the practicalities about the implementation of the policy at regional level.

Originality/value

The paper is one of the first dealing with the topic of smart specialisation policy.

Details

European Journal of Innovation Management, vol. 17 no. 4
Type: Research Article
ISSN: 1460-1060

Keywords

Content available
Article
Publication date: 13 December 2019

Jinchuan Shi and Ye Jianliang

In the past 70 years since the founding of the People’s Republic of China, China’s economic studies have been constantly centered on major issues such as national…

Abstract

Purpose

In the past 70 years since the founding of the People’s Republic of China, China’s economic studies have been constantly centered on major issues such as national modernization, social economic development and the establishment, reform and improvement of socialist economic system. The paper aims to discuss this issue.

Design/methodology/approach

It has experienced a process of transition from the establishment of traditional Soviet’s paradigm of political economics to that of modern economics, during which drastic changes have been observed in various aspects of China’s economics, including research content, scope and methods.

Findings

Based on that, a discipline system of economics in line with international economics has been initially established. Currently, under the guidance of Marxism, scholars in China’s economics actively draw on the beneficial knowledge system and analytical methods from modern economics, emancipate their minds, seek truth from facts and constantly fortify confidence in the socialist path, theory, system and culture, continuously enhance the discourse power of China’s economics in global economic governance system, so as to push forward to the building of a theoretical system of socialist economics with Chinese Characteristics in the new era.

Originality/value

Economics is a discipline that studies resource allocation and human’s behavior of making a choice based on rationality. Emerged in the industrial revolution and developed in the exploration of a large-scale socialized mode of production and resource allocation system, this discipline has gradually become a broadly explanatory force in social sciences which profoundly affects the economic decision-making behaviors of the government and various economic entities.

Details

China Political Economy, vol. 2 no. 2
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 1 March 2010

Rainer Kattel and Veiko Lember

This article sets out to answer two interrelated questions: is it advisable for developing countries to use public procurement efforts for development, and should more…

Abstract

This article sets out to answer two interrelated questions: is it advisable for developing countries to use public procurement efforts for development, and should more developing countries join the World Trade Organization (WTO) Government Procurement Agreement (GPA)? We survey key arguments for and against joining the GPA, and argue that government procurement should not be seen only as an indirect support measure for development, but also as a direct vehicle for promoting innovation and industries and, thus, growth and development. We also show that using public procurement for development assumes high levels of policy capacity, which most developing countries lack. In addition, we show how the GPA as well as other WTO agreements make it complicated for the developing countries to benefit from public procurement for innovation. The article suggests that the developing countries could apply a mix of direct and indirect (so-called soft) public-procurement-for-innovation measures. In order to do this, developing countries need to develop the policy capacity to take advantage of the complex and multi-layered industrial policy space still available under WTO rules.

Details

Journal of Public Procurement, vol. 10 no. 3
Type: Research Article
ISSN: 1535-0118

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Article
Publication date: 18 September 2019

Xiuping Hua, Yiping Huang and Yanfeng Zheng

Financial technologies, also known as “FinTech,” have brought disruptive changes to virtually every aspect of financial services and are becoming increasingly important in…

Abstract

Purpose

Financial technologies, also known as “FinTech,” have brought disruptive changes to virtually every aspect of financial services and are becoming increasingly important in the world economic system. The purpose of this paper is to proffer a bird view of some recent studies in the key research areas of FinTech, such as artificial intelligence, blockchain, crowdfunding and then to summarize the key contributions made by all the six papers in this special issue.

Design/methodology/approach

A literature review approach is adopted, and the summary shows that most types of FinTech innovations generate positive value to innovators, financial customers and the society. The current implications and future directions are explored based on theoretical and empirical analyses.

Findings

The benefits from and determinants of FinTech applications vary across different financial sectors. Together the summary of this special issue suggests that there is substantial value creation in further exploring the dynamics, mechanisms and social consequences of FinTech.

Originality/value

This study helps to extend knowledge by summarizing the current practices, proffering new insights and watching out emerging trends of financial technologies, and to shed light on a variety of subjects of interest to practitioners, academics and policy makers by suggesting for the future research topics.

Details

Industrial Management & Data Systems, vol. 119 no. 7
Type: Research Article
ISSN: 0263-5577

Keywords

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Article
Publication date: 13 June 2019

Yong Wang

The purpose of this paper is to explore how the processes of (de)industrialization and rural income distribution interact with each other and their implications for…

Abstract

Purpose

The purpose of this paper is to explore how the processes of (de)industrialization and rural income distribution interact with each other and their implications for economic growth and welfare.

Design/methodology/approach

This paper takes a dynamic general-equilibrium and theoretical approach.

Findings

The author develops a dynamic general-equilibrium model to analytically characterize how (de) industrialization interacts with rural income distribution, and also explores the implications for aggregate GDP growth, the evolution of rural income distribution as well as welfare. Redistributive policies are shown to sometimes enhance GDP and welfare by boosting the production of the goods with high desirability (or productivity) but constrained by depressed demand due to income inequality, and internalizing the dynamic impact of private production and consumption decisions on future public productivities.

Practical implications

The research suggests that rural income distribution and (de)industrialization are intrinsically related, so policies or institutional distortions on one process would, in general, affect the other. Redistributive policies are shown to sometimes enhance GDP and welfare by enhancing industrialization.

Originality/value

The paper contributes to the literature of industrialization and structural change at large in several aspects. First, a key novel feature of our model is that the Engle’s law is captured by a quasi-linear utility function, which differs from the standard non-homothetic functions in this literature. Second, our paper contributes to the literature of structural change by showing how (de)industrialization works when sectorial productivity changes are endogenous. The paper also sheds light on the determination of rural income distribution and its evolution in the process of structural change and rural-urban migration.

Details

China Agricultural Economic Review, vol. 11 no. 3
Type: Research Article
ISSN: 1756-137X

Keywords

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