Inflation, corruption, and income distribution: the recent price reform in China

Article Abstract:

The effects of price deregulation and the theoretical relationship between price increases, corruption and income distribution are analyzed. A case study of China's economy shows that an increase in the general price level does not necessarily follow price deregulation although corruption may set in during partial price deregulation. Since widespread corruption severely affects income distribution and social welfare because of attendant price increases, a policy of total price deregulation is recommended.

China, Economic policy, Inflation (Finance), Ethical aspects, Business enterprises, Deregulation, Income distribution, Inflation (Economics)

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Social security as an economic stabilization program

Article Abstract:

An overlapping generations model with cyclical equilibria is used to determine the impact of an unfunded social security on macroeconomic fluctuations. An unfunded social security system diverts intergenerational resource transfers from private savings subject to endogenous fluctuations to a public system with an implicit interest rate of return unity. In an economy of order 2, complete economic stabilization will be achieved through a planner with a limit-of-means social welfare function.

Social security

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Permanent income and long-run stability in a generalized multiplier/accelerator model

Article Abstract:

Ananalysis of the relationship between permanent income hypothesis (PIH) and long-term stability is presented. The analysis focuses on forward- and back-difference equations and applies a generalized multiplier/accelerator model. Results show that the inclusion of a PIH consumption function increases the probability of stability when current measured income conditions permanent income.

Permanent income theory

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