演化中的中国合约网络

发自香港——经济学家阿克塞尔·莱琼霍夫德(Axel Leijonhufvud)在近期的一篇文章中将市场体系定义为一个合约网络。由于合约之间彼此关联,一份合同的违约可能影响一系列承诺的兑现,如雪崩一般不断扩大,进而“破坏市场体系正常运转所需要的整个正式与非正式合约的网络系统”。国家的作用正是保护、强制执行并规范这些合约以及相关的财产权利,并适时干预以防系统性失灵。

主流经济学家往往将合约网络系统视作理所当然的,以至于几乎对其视而不见。合约网络界定了市场体系内的正式与非正式规则,同时塑造并约束了个人及社会行为。因此,可以说合约网络是构造人类所有制度的基础材料。

发达经济体有着非常复杂的合约网络,例如金融衍生产品。莱琼霍夫德指出,应对当前的欧洲危机需要关注三重问题的相互叠加:“杠杆率”、“期限错配”与“网络拓扑”,也就是“其联通性与关键节点的存在导致其“太大而不能倒”。这是因为“合约网络已经出现了严重失调”。坚持履行所有合约,将会“引发绝大部分合约网络的崩溃”以及“严重的经济灾难以及无法估量的社会与政治后果。”

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/1ukrTU4/zh;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now