Titlebook: Vision and Calculation; Economics from China Sheng Hong Book 2020 The Editor(s) (if applicable) and The Author(s), under exclusive license

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On Familism,raditional Chinese society and modern western society is that the former is a familist society, while the latter is an individualist one. A familist approach to economics has two important differences from the individualist approach: (1) familism regards lifetimes as unlimited, while individualism r

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Transactions and Cities,g the concept of transactions and to discuss the impacts of institutional changes and policy improvements on cities. Statistically, transactions can bring about transaction benefits. Pursuing transaction benefits leads people to congregate, which may yield congestion externalities and market-net ext

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How Should the Institutions Change?,tem of land property rights and an institutional arrangement for free trade of land was replaced with a system of collectively owned land without the consent of farmers through state action, while in Britain, there was almost no any surface change to the feudal system of land tenure. However, the re

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Contracts Matter: Toward a More Developed Explanation of History,ms of efficiency. Unlike property rights, which are enforced by law, contracts rely more on voluntary implementation by the contracting parties. They are reached by two contracting parties by mutual consent. Therefore, in cases where the institution of property rights cannot be altered fast enough d

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Hedge Funds, Financial Markets, and Nation-States,e author holds that with no world government, the free trade ideal has never been realized. The balance of international trade is not the balance of free trade, but a balance between mercantilism and monetary hegemony. The core strategy of hedge funds is to manipulate prices in financial markets. Th

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