微观经济的效率和宏观经济政策在中国的转型期的有效性.pdfVIP

Microeconomic efficiency and macroeconomic policy effectiveness in Chinas transformation phase International Journal of Social Economics ; Bradford; 1992; Tisdell, Clem A; Volume: 19 Issue: 10- 12 Start Page: 181 ISSN: Subject Terms: Pareto optimum Effectiveness Economic reform Economic policy Economic models Classification Codes: 9179:Asia the Pacific 9130: Experimental/theoretical treatment 1130: Economic theory Geographic Names: Peoples Republic of China Abstract: The economy of China has undergone considerable institutional change since 1978. Economic (market) reforms have proceeded farthest in relation to product markets but have lagged in relation to factor or resource markets. Double -track or 2-tiered price systems are now widely used for the exchange of products. These combine an administrative and a free market element and can achieve Paretian optimality in supplies of product relative to resources allocated to enterprises. But complete allocative efficiency is not achieved because of poor resource allocation. The attainment of economic efficiency is hampered particularly by the absence of adequate capital markets. Furthermore, a 2-tiered price system may distort the relative availability of capital to industries and thereby distort their comparative growth and add to inflationary pressures. However, the system has economic advantages in relation to monopolies. Full Text: Copyright MCB University Press Limited 1992 With some zig-zagging, the economy of the Peoples Republic of China has undergone considerable institutional change since 1978. The broad thrust of institutional reforms has been to reestablish markets for a wide ra