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The sweeping change in political economy associated with the spectacular growth of the private sector in China is not much studied in economics literature. This paper fills in this gap. The central subject of this paper is the political economy nature of the Chinese private sector and of the CPC. Empirically, we examine the dynamics of rent creation from the party membership and other political connections when the regime is changed from anti-capitalistic to pro-capitalistic. Endogeneity problems are addressed. We identify the causality of rents and private entrepreneurs' political connections, and explore the implications of these political elites' rents for social welfare in terms of productivity. ; postprint

The sweeping change in political economy associated with the spectacular growth of the private sector in China is rarely studied empirically in the economics literature. This paper fills this gap. The central subject of this paper is the nature of the political economy of the Chinese private sector and of the Communist Party of China during these changes. We empirically examine the dynamics of rent creation from the Party membership and other political connections when the regime is changed from anti-capitalistic to procapitalistic. Endogeneity problems are addressed. We identify the causality of rents and the political connections of private entrepreneurs.

This article explores the consequences of public and private spending on education at all levels, looking at skills and income inequality. We use data for 22 affluent democracies from 1960 or 1995 (depending on data availability) to 2017. High levels of public education spending consistently lower income inequality, both measured as wage dispersion and as the education premium. In contrast, higher levels of private education spending are associated with both higher wage dispersion and a higher education premium. We show that this effect works in part through differential skills acquisition. Public education spending raises the math scores of 15-years old students at the mean and at the 25th percentile, but private education spending has no effect on skills at these levels. We find the same pattern among skills of adults; public education spending raises skills at the 25th percentile and the mean; private spending has no effect. Finally, we also show that higher levels of adult skills indeed depress the education premium.

Untersuchung der Ausgaben der Privathaushalte im Zeitraum von 1974-1982 in Bangladesch. Dabei wurde als signifikantes Merkmal herausgefunden, daß zwischen realer, vorhandener Geldmenge und den Ausgaben ein sich zunehmend herausbildendes Gleichgewicht festzustellen ist. (DÜI-Xyl)

The traditional and basic economic philosophy of private investment is best expressed by Adam Smith: Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command…every individual…endeavours so [to employ his capital]…that its produce may be of the greatest possible value…He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it… By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.1

A large share of public funds is spent on private goods (education, health care, day care, etc.). This paper integrates two different approaches to the analysis of public provision of private goods. While normative public economics has established an efficiency case for such provision, the commonly held political economy view has been that it is an economically inefficient phenomenon generated by the political process. The present paper argues that the central mechanism studied in the normative approach is equally relevant to voting models of decisions on public provision. It is shown that under plausible information constraints economically efficient public provision of private goods will be part of politically rational decisions emerging from a median voter process or a representative democracy of political parties.

Natural resource depletion and environmental degradation are serious worldwide issues that invariably have an impact on living conditions, either directly or indirectly. Such environmental concerns have an impact on new agreements and regulations as well as the paradigm shift in production and consumption toward sustainable production and consumption methods. International trade is under pressure from strict environmental conservation, as seen by the issuance of standards and laws by industrialized nations. As a result, Uzbek business owners must quickly adjust to comply with laws and meet the demands of environmentally conscious consumers. Days will become more significant to the world economy and trade. Global issues are more central to green economic ideas.