The End of Western Economic Growth Theory

Economics is a science that studies how the economy grows,so the theory of economic growth is the most important theory of economics.In the real market economy society,people achieve the goal of economic growth through two kinds of economic activities:production and transaction.Then a correct economic growth theory must be one that can explain both production and transaction economic activities.Just like Newton’s law of universal gravitation in physics,it can explain the motion law of all objects.For a long time,we have been dominated by the western economic growth theory of western mainstream economics.It is not difficult to find that it has a fatal defect,which can only explain production economic activities but not transaction economic activities.So it can’t explain the Chinese economy,and it can’t explain the western economy.The new economic growth theory proposed in this paper makes up for the defects of western economic growth theory,and it is the terminator of western economic growth theory.This is a revolution of new economics to traditional western economics.

Information Models for Forecasting Nonlinear Economic Dynamics in the Digital Era

The aim of this study was to develop an adequate mathematical model for long-term forecasting of technological progress and economic growth in the digital age (2020-2050). In addition, the task was to develop a model for forecast calculations of labor productivity in the symbiosis of “man + intelligent machine”, where an intelligent machine (IM) is understood as a computer or robot equipped with elements of artificial intelligence (AI), as well as in the digital economy as a whole. In the course of the study, it was shown that in order to implement its goals the Schumpeter-Kondratiev innovation and cycle theory on forming long waves (LW) of economic development influenced by a powerful cluster of economic technologies engendered by industrial revolutions is most appropriate for a long-term forecasting of technological progress and economic growth. The Solow neoclassical model of economic growth, synchronized with LW, gives the opportunity to forecast economic dynamics of technologically advanced countries with a greater precision up to 30 years, the time which correlates with the continuation of LW. In the information and digital age, the key role among the main factors of growth (capital, labour and technological progress) is played by the latter. The authors have developed an information model which allows for forecasting technological progress basing on growth rates of endogenous technological information in economics. The main regimes of producing technological information, corresponding to the eras of information and digital economies, are given in the article, as well as the Lagrangians that engender them. The model is verified on the example of the 5th information LW for the US economy (1982-2018) and it has had highly accurate approximation for both technological progress and economic growth. A number of new results were obtained using the developed information models for forecasting technological progress. The forecasting trajectory of economic growth of developed countries (on the example of the USA) on the upward stage of the 6th LW (2018-2042), engendered by the digital technologies of the 4th Industrial Revolution is given. It is also demonstrated that the symbiosis of human and intelligent machine (IM) is the driving force in the digital economy, where man plays the leading role organizing effective and efficient mutual work. Authors suggest a mathematical model for calculating labour productivity in the digital economy, where the symbiosis of “human + IM” is widely used. The calculations carried out with the help of the model show: 1) the symbiosis of “human + IM” from the very beginning lets to realize the possibilities of increasing work performance in the economy with the help of digital technologies;2) the largest labour productivity is achieved in the symbiosis of “human + IM”, where man labour prevails, and the lowest labour productivity is seen where the largest part of the work is performed by IM;3) developed countries may achieve labour productivity of 3% per year by the mid-2020s, which has all the chances to stay up to the 2040s.

Peace Theories & Quest for Peace: A Cross-cultural Perspective

Out of the plethora of peace theories,two stand out in particular:(a)the Kantian democratic theory of peace,which argues that peace depends on a league of democracies,and(b)the liberal economic theory of peace,that a free,open world market conduces to peace.In this essay,concrete examples are cited that would raise doubt on the validity of these theories.It then proceeds to examine whether culture would make a difference on the incidence of war.In this light,the Westphalian system of states is compared with the historical Chinese“tribute system”qua an inherent system of international relations.One distinct difference is found in the much lower incidence of wars in the latter system,as David Kang’s study identified that in 5 centuries(1368-1841)the Chinese tribute system had only two interstate wars within its circle of members,not counting the wars initiated by external,ex-regional Western powers.And,the religious wars that plagued the West were never found in the Chinese tribute system.In search of an answer to this almost incredible record of low incidence of war,this essay finds that the Confucian culture,with its emphasis on harmony and harmonization of opposites,in contradistinction to the teachings on conflict in Abrahamic cultures,seems to hold the key to an answer.If so,culture,rather than institutions(such as democracies,open world market,etc.)deserves to be seriously considered as a relevant factor contributing to peace.Most importantly,culture as such can be taught and disseminated,including through the classroom.

An Empirical Analysis on Diversity of Regional Economic Growth in Jiangsu Province of China

By using index β * and δ * ,this paper carries out an empirical analysis on diversity of regional economic growth in Jiangsu province. Firstly, the paper, from the point of view of economics, divides diversity theories of economic growth into three categories, i.e. the theory of convergence, the theory of divergence and the theory of constant differentials, and analyses them respectively. Secondly, the paper, using sectional and time series data, compares and studies regional economic growth among southern, middle and northern part of Jiangsu province. Finally, the paper analyses the empirical conclusions. The main conclusion is that the theory of convergence is suit to Jiangsu economic growth.

Effects of attention and reliability on the performance of online medical crowdfunding projects: The moderating role of target amount

Medical crowdfunding platform helps numerous patients access enthusiastic donors and address financial difficulties,but many crowdfunding projects fail to reach their target amount.Thus,how a crowdfunding project can attract considerable donors is question-able.This study examines the effects of attention and reliability on the performance of online medical crowdfunding projects and how target amount changes such effects.Based on objective data of 1177 crowdfunding projects from 2016 to January 2018 in a large medical crowdfunding platform in China,we find that the project donor's attention(the number of forwards and comments)and reliability(the number of dynamic updates,empirical users,and pictures)positively affect the medical crowdfunding performance of the projects.However,target amount weakens the positive effects of the number of for-wards and comments in online medical crowdfunding projects.Therefore,project spon-sors should set reasonable target fundraising amounts while showing attention and reliability to donors.Compared with previous research that mainly explores the influence of external factors on crowdfunding outcomes from the perspective of donors,this paper focuses on the internal project factors and explores the concerns and trustworthiness of crowdfunding projects,enriching the literature related to fundraising ability in the project.