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Property Rights, Government & Free State: Determinants of Long-term Economic Growth in Economic System

Author: MaLiJun
Tutor: ZhouBing
School: Zhejiang University of Finance
Course: Western Economics
Keywords: Property Government Open Economic growth System
CLC: F124
Type: Master's thesis
Year: 2011
Downloads: 107
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Abstract

The long-term economic growth is the basis for the continuous development of human society. When peace and development have become the theme of the times, Adam Smith has been pondering the \Economic development practices of different countries, from the analysis of the long-term and global perspective, and will draw more general conclusions. Combing through the literature of the determinants of economic growth, we will existing theory is divided into three categories: technological determinism, determinism of the system, other factors determinism. On the decision to include culture, geography, religion and other factors, and can not explain the development of the economy, such as South Korea and North Korea, Switzerland, Singapore. Determinism of technological determinism and system, we believe that the system and technology for economic growth are ultimately diminishing marginal effect, depends critically on the technological progress and the marginal effect of institutional innovation, and therefore, both the importance of economic growth is the alternately interchangeable. Level of economic development in today's dynamic production possibility frontier does not and can not reach, the more important and far-reaching institutional arrangements of a country's economic growth, the determinants of economic development. System and economic growth, mainly in the new institutional economics theory, the theory of the social division of labor, the structure theory of public choice theory and the theory of the new political economy. Many of them are from the institutional arrangements of a particular aspect or abstract system to explore the sources of economic growth, better explain many economic phenomena, but less attention to the interaction between the different institutional factors of economic growth. Northrop preliminary theoretical comprehensive in this regard, further development of the North System and the theory of economic growth, an important hypothesis - property rights, government open, as the basic system of institutional arrangements to support the long-term The three major factors of economic growth, through a comparative analysis, historical research, empirical enumeration methods such as hypothesis initial argument. The economic base is the decisive force of social development which Youyi ownership relations as the core, microscopic forms of different ownership structure in turn is derived from the interests of the relations between the various actors in different property rights system, property rights and thus determines the economic development of fundamental factors. Clear property rights, constraints and incentives in economic activity will be more stable, lasting, universal, and constantly improve the system of property rights, transaction costs will decline, effective competition may become a socialist state, to promote economic growth . By means of the analysis of the Demsetz the original theory of property rights as well as Iceland historical facts reveal isolated system of property rights and can not guarantee the performance of the economy in the long term lasting improvement requires government to fully define property rights and protect their implementation, and the accumulation of wealth may continue. But through the traditional planning system under China's economic performance, it can be seen that the impact of government on economic growth is two-way, and only continue to improve the system of property rights, the government included in the substance of the law constraint in order to prevent the government functions offside to promote economic growth. In addition, the government maintain a fair and stable macroeconomic environment and has a natural comparative advantage, and plays an irreplaceable role. Government as an institution, its establishment and changes largely affect the formation and change of a country's economic and political systems, thereby affecting the formulation and implementation of economic policies, as well as economic growth, which other organizations or institutional arrangements can not be replaced. The market economy is essentially an open economy. Only when the various actors to innovation brought more incentive, the perfect property rights, and the government effectively constrain their own motives will be more intense. Continue with the economic development in the open state of the system, including property rights, the government, including a series of institutional arrangements can be made adaptive change, thus speeding up the induced institutional change and continue to refine the division of labor, and to promote effective competition, improve efficiency of resource allocation, improve the industrial structure, promote sustained economic growth in the final. With the constant improvement of property rights, as well as the relationship between government and the market is more clear, the profit-maximizing economic agents will gradually open up their own choice, more free factor mobility, thus contributing to the broadening and deepening of the open. Property rights, government and opening up, the basic system as a series of institutional arrangements, can not replace each other, but it is the interaction of the coordination of the three is the key to sustained economic growth. Any of the three institutional factors lag or lack of coordination in the other two, the economic development will be hindered, or even stop and rewind. According to this hypothesis, China's economic performance can be improved in decades for the ongoing ownership reform, and gradually open and free as well as the changing role of government is the key. Only continue to deepen the reform of property rights, and accelerate innovation in government functions, integration into economic globalization, the improvement of the market economy system, China's economic growth was sustainable, international competitiveness and great power status can be maintained and upgrading.

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