Natural resource rents and elite bargains in Africa: Exploring avenues for future research

This article explores the recent debate over the quality of Africa's growth episode of the past decade, specifically insofar as it pertains to the pitfalls of commodity-dependent growth and the hypothesised ‘resource curse’. In addition, the article focuses on why political and economic institutions are important, and why they are indicators for the likely development impacts of Africa's evident mineral and hydrocarbon wealth. Third, it suggests a useful theoretical framework for understanding these indicators, especially with regard to the differing constraints under which foreign investors operate and interact with host countries. Developing on the latter points, the article looks at the nature of Chinese foreign investment in Africa's extractive industries. Finally, the article suggests an agenda for future research that could better inform development policy for the purpose of promoting high-quality growth in Africa.     

Bennu: Africa innovating itself out of underdevelopment

ABSTRACT

This article is a direct challenge to the established view reflected in the World Bank's Berg report, that structural adjustment programmes and the markets alone will resolve Africa's underdevelopment challenges. This article completely accepts that science and technology lead to products and services that create efficiency, productivity and wealth. It accepts different dynasties of industrialisation from land use (agriculture and mining), labour-intensive activities, heavy machinery, assembly lines, branding, information technology and intellectual property, but shows how – in the current global paradigm – this has led to an anomaly: while development aid flows from more industrialised to less industrialised countries, larger sums of global investment capital leave poorer countries for richer countries in search of higher returns. Having accepted the ‘returns-seeking’ nature of capital, a strategy is proposed for Africa to engage with this reality. In contrast with the Berg view, it is argued that the public sector is a key stakeholder in the developmental process. As has been put forward by Thabo Mbeki, several African countries exhibit ‘two nations’ characteristics. If this is true, all seven dynasties of industrialisation can be simultaneously developed through interventionist government, which could not happen though markets alone. A direct policy and strategy positioning in technology-related sectors that support increasing returns should be developed. Economic development bodies should have scientific and technological people to ensure technological focus in development strategies.The article demonstrates that a different value paradigm is needed. Large numbers of poor people can provide markets for goods that can yield returns for capital that are similar to markets of small numbers of rich people. A shift in the development model from Public Private Partnerships (PPP) to Public Entrepreneur Private Partnerships (PEPP) is suggested to maximise employment through sustainable entrepreneurship. Through spearheaded emerging technologies such as information convergence technologies, cellular technologies such as mobile banking, resource management and alternate energy, Africans can create output that attracts global investment capital – and not only aid. This article explores how, through investment in activities that generate increasing rather than decreasing returns, Africa will innovate its way out of what appears to be a stubborn history of underdevelopment.     

Affect and Fairness in Economics

A strained relationship exists between mainstream economics and ethics. Over the last decade, behavioral economists have strongly argued for the importance of fairness in motivating behavior, based on substantial experimental evidence. Two main approaches to the modeling of fairness have been proposed: the outcome-based inequity aversion approach, and the intention-based reciprocity approach. Both approaches have been quite successful in explaining the experimental evidence. Nonetheless, this paper questions the role that is assigned to fairness in these models and the way fairness is incorporated, using recent experimental findings concerning emotions and fairness perceptions. The analysis supports the view that feelings are important for justice, also from a policy perspective, and pleads for closer attention being paid to the functioning of emotional brain systems.

论法经济学分析范式的传承与分野——科斯分析范式与波斯纳分析范式之比较

法经济学分析范式在法经济学理论体系中处于基础性地位。从某种意义上而言,法经济学的发展实际上就是其自身分析范式的持续性革命。科斯以交易成本为最基本的分析工具,架起了新古典经济学与法律之间联系的桥梁,在大大增强了新古典经济学对现实问题解释力的同时,也为法经济学的研究提供了可能。而波斯纳则在继承科斯法经济学分析范式的同时,另辟蹊径,运用科斯提出的交易成本理论及其衍生的效率工具来分析法律规则背后的经济逻辑,为法经济学的进一步发展拓宽了理论的空间,由此形成了法经济学下的经济的法律分析和法律的经济分析的不同研究路径,从而最终导致法经济学分析范式的分野。     

经济类大学新生的人格特征与学生工作策略探讨

文章采用卡特尔十六种人格因素测验对浙江G大学经济学院五届新生1600余人进行人格测试,并对不同类别的被试进行了分析,结果显示不同类别的经济类大学生在人格因素上表现出了不同特征。文章认为经济类专业的学工干部必须准确把握经济类专业大学生的心理、人格特征和行为规律,有针对性、科学化、人性化、艺术化地开展学生工作。     

Creating markets in no-trust environments: The law and economics of smart contracts

Smart contracts, self-executing agreements based on blockchain technology, have the capacity to create trust in what we term no-trust contracting environments. We argue that using them in such environments is the path to unleash the full potential of smart contracts. Compared to the contract enforcement mechanisms characterized by traditional contract law or relational contracts, smart contracts can offer a superior solution for facilitating trade.Several lawyers and economists have debated whether smart contracts might offer the prospect of cheaper, faster and better transactions. As we discuss below, contract law scholars caution that they neither replicate the relational context essential for the day-to-day practice of contracting nor offer a superior solution to problems addressed by traditional contract law, such as contract validity and legality. We clarify and systematize the current thinking on the legal nature and reliability of smart contracts, and address the concerns of contract law scholars. While doing that, we suggest a step forward in characterizing contracting environments, contract enforcement mechanisms and the trust relationship underlying contracts.     

“为己利他”行为机理对两类差序性行为的解释——一些来自行为实验的证据

一系列的行为实验表明,受试者除了关注自身的物质收益之外,还重视公平和互惠,这体现了行为者的社会性和道德性。同时,这种互惠和公平并非是平面性的而是立体性的,不是等序性的而是差序性的,这体现了人类行为的道德差序性和社会差序性。显然,这些实验结果与主流博弈理论的逻辑推论间存在很大差异。     

适应新的形势变革教学方法 --对马克思主义政治经济学教学改革的思考

针对我国社会主义经济理论及实践的发展和高等院校马克思主义政治经济学的课程特点,及其在"两课"的课程体系中占有的重要地位,应深入探讨其教学改革,充分调动学生的学习积极性,提高教学效果.     

The ‘make or buy’ decision in private environmental transactions

A theoretical framework combining the two branches of TCE, i.e., the governance branch (Williamson 2005) and the measurement branch (Barzel 2005) may explain the choice of the governance structure for private environmental transactions. Four case studies, i.e., the market for pure air in polluted cities, the contractual arrangement between La Esperanza and the Monteverde Conservation League, the case of the French mineral water bottler Vittel and the case of land ownership by land trusts are briefly developed in order to support the theoretical framework. Special attention is devoted to the presence (or not) of a 3-D (defined, defended and divestible) property rights system in interaction with the juridical system (civil law vs. common law) and its influence on the way environmental property rights are likely (or not) to be re-arranged. Lessons and policy implications are drawn in order to foster research on these challenging issues.