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Price mechanism and non-price mechanisms : Theory and Applications

Author: XingZuLi
Tutor: HaiYuDong
School: Southwestern University of Finance and Economics
Course: Western Economics
Keywords: price mechanism non-price mechanism transition case
CLC: F014.31
Type: Master's thesis
Year: 2004
Downloads: 400
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Abstract


The content of this thesis is to some extent theoretical. Following the general “paradigm” in the researches of economics, the thesis first carries on the survey of the existed theories, among which the author gives out the corresponding appraisals on them and brought forth some understanding views, and then applies them into the realistic explanations. The thesis’ preface points out that those who adhere to Neoclassicism Model trust its magical functions in the process of allocating resources--Neoclassicism Model takes price theory as its core, and regard price mechanism as the only effective resource distribution one in the market. The author then applies this theory to practice or experiment extensively, whereas the economic results caused by it shows how serious it is if the theory greatly biases from reality. Methodology, as its consequence, has begun to criticize its theoretical foundation which must carry responsibilities for the deviations, and this kind of criticism is quite helpful. Secondly, the author comes to the subject, exploring the historical course within which “price myth” formed. This is a course where the orthodox theory was standardized, and deduce reasoning, digitized variable, marginal analysis and equilibrium analysis etc have been used to achieve the common aim of modelization, mathematicsization and refinization of it. Meanwhile they have been applied extensively as a analytical paradigm. However, steps of one theory will not always stop for a long time at the same point. A researcher Coase, R. from the enterprise’s perspective, first broke through the previous analytic paradigm in 1937, and pointed out that an enterprise was different from a market in which price mechanism functions and actually the former is a substitute for the latter. Afterwards Cheung, S. constantly followed his <WP=7>ideas and then found out the structure of a contract when making a research about share -tenancy contracts signed between farmer and his lord(s), and disclosed that a typical contract is a mixture of price article(s) and non-price articles, which let people realize the limitation of the function of price mechanism further. The emergence of Incomplete Information Theory let those conservatives of classical price theory have to admit: under the condition of incomplete information in economic activities, the roles of prices, on one hand, were exaggerated with deliberation, while roles of prices they can transmit the signals of product quality, on the other hand, were almost neglected. And if incomplete information usually existed among the contracts and legal clauses, it was impossible that effective implementation of a contract only relying on law could be maintained. So it is necessary to introduce the new implementation mechanism. The appearance of Social Capital Theory, related to social ethic, has just offered a chance for looking for the new implementation mechanism. “Social capital” has created the influences that could not be despised on the distribution of social resources as a kind of “restraining condition”. The author, taking North, D. as an example, recommends in detail this concept to introduce economic analyses. Above-mentioned various breakthroughs have offered some theoretical bases on which non-price mechanism may be understood in an all-round way. Naturally, it’s time to introduce several kinds of typical non-price mechanism in detail. The first kind is named as administrative structure or hierarchy structure found inside all the enterprises, as a kind of substitute for price mechanism a enterprise share two virtues beyond the outside market in information structure and incentive structure; Second one is the non-price clauses of a contract. The author states emphatically its forms, the relationship between contractual structure and its transaction cost, and two typical contracts: a piece contract and a salary <WP=8>contract; The credit mechanism is a third non-price mechanism, which can be understood from two perspectives: game theory and utility theory. Game t

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CLC: > Economic > Economics > Basic problems of economics > Sectors of the economy > Commodity production and exchange > Price Theory
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