"Samuelson's Concern" and "Kindleberger Trap" are cited as justifications for trade protectionism under the Trump administration. After reviewing Samuelson's and Kindleberger's trade th..."Samuelson's Concern" and "Kindleberger Trap" are cited as justifications for trade protectionism under the Trump administration. After reviewing Samuelson's and Kindleberger's trade theories, this paper finds that both Samuelson and Kindleberger are actually proponents of free trade, and that their common concern is falling US competitiveness due to its economic model, domestic institutional rules, and unilateralism. Both the "Samuelson's Concern" and "Kindleberger Trap" are distortions of Samuelson's and Kindleberger's original theories and the arguments' defense of protectionism cannot overcome the challenges confronting the U.S. and will destabilize international economic order.展开更多
The stock market in the form of the S&P 500 is estimated to be inefficient in 13%to 30%of the time since 1963.This is contrary to the theory of efficient capital markets,but in accordance with Samuelson’s Dictum,...The stock market in the form of the S&P 500 is estimated to be inefficient in 13%to 30%of the time since 1963.This is contrary to the theory of efficient capital markets,but in accordance with Samuelson’s Dictum,which posits that the stock market is micro efficient,but macro inefficient.I develop a new model to measure potential inefficiency at macro level.Inefficiency in price(P)is driven by earnings(EPS)and/or valuation(P/E).At the peak of the TMT-bubble in 1999/2000,both factors were in play,while only earnings assumptions were inefficient before the Great Financial Crisis in 2008/09.The model developed show expected results in terms of relative efficiency for Developed vs.Emerging Markets and for Dow Jones vs.Nasdaq.Parts of academia seems to accept a different definition of market efficiency at micro level compared to macro level.At macro level,a standard“price vs.fair value”definition seems to be generally accepted,while at micro level,a relative“price vs.price”definition seems to be broadly used.The latter way of thinking has historically contributed to price bubbles.Numerous examples of stock prices that deviate significantly from their fair value in days,weeks and months and doubtful methods for measuring efficiency at micro level cast doubt about the micro efficiency claim part of Samuelson’s Dictum.展开更多
THE people" is a frequently mentioned phrase,to the extent of being the main theme of the report delivered at the 19th National Congress of the Communist Party of China(CPC)by General Secretary Xi Jinping."W...THE people" is a frequently mentioned phrase,to the extent of being the main theme of the report delivered at the 19th National Congress of the Communist Party of China(CPC)by General Secretary Xi Jinping."We must put the people’s interests above all else,see that the gains of reform and development benefit all our people in a展开更多
TikTok is thought to have about half a billion active users worldwide,with a large percentage in their teens or early 20s.The short-form video app has become a fertile birthing ground for memes,many of them music-rela...TikTok is thought to have about half a billion active users worldwide,with a large percentage in their teens or early 20s.The short-form video app has become a fertile birthing ground for memes,many of them music-related.One example involved users and their pets switching into cowboy and cowgirl clothing at a certain point in rapper Lil Nas X’s song Old Town Road-something that is credited with it becoming a huge hit.展开更多
Fong’s National recently shipped three sets of Jumboflow High Temperature Dyeing Machines (figure 1) to Bangladesh-based Knit Concern Ltd.,Of these three sets of machines,HSJ-8T-T28
Amendment VIII to the Criminal Law of the PRC, which went into effect on hMay 1, 2011, is not only in line with the basic spirit of the Universal Declaration of Human Rights and relevant international human rights t...Amendment VIII to the Criminal Law of the PRC, which went into effect on hMay 1, 2011, is not only in line with the basic spirit of the Universal Declaration of Human Rights and relevant international human rights treaties, but also is related to the priority area of the Program for The Development of Chinese Children （2011- 2020）. Thus, it helps to safeguard the rights of juveniles and strengthens criminal law protection of their rights and interests. In consideration of the weak position of juveniles and the criminal law means of protecting their rights and interests,展开更多
The People＇s Republic of China Social Insurance Law （draft） has undergone three readings at the Standing Committee of the National People＇s Congress. The Law, once promulgated, will be of great significance to imp...The People＇s Republic of China Social Insurance Law （draft） has undergone three readings at the Standing Committee of the National People＇s Congress. The Law, once promulgated, will be of great significance to implementation of the constitutional principle of ＂respecting and protecting human rights.＂ It will help regulate the various social insurance relationships and the rights and obligations of the parties involved.展开更多
Currently, the State’s authorities concerned have jointly worked out the Special Program for Seawater Utilization aiming at promoting sustainable utilization of seawater resources in coastal areas. In this way, the u...Currently, the State’s authorities concerned have jointly worked out the Special Program for Seawater Utilization aiming at promoting sustainable utilization of seawater resources in coastal areas. In this way, the utilization of seawater obtains strong support from policy.展开更多
THE 40th anniversary of the establishment of China-U.S.diplomatic relations should have made 2019 an important year for joint commemoration and renewed cooperation.Regrettably however,the U.S.has taken a series of act...THE 40th anniversary of the establishment of China-U.S.diplomatic relations should have made 2019 an important year for joint commemoration and renewed cooperation.Regrettably however,the U.S.has taken a series of actions to obstruct and suppress China in trade,science,and technology,and has been meddling in a series of issues concerning China’s territorial integrity and sovereignty.The U.S.actions not only undermined the mutual trust that the two sides built over four decades,but also swayed global stability and development.展开更多
THE virtual summit between President Xi Jinping and President Joe Biden on November 16 could not have come more timely.The world had been concerned whether China-U.S.ties,instead of rebounding from the Trumpera trough...THE virtual summit between President Xi Jinping and President Joe Biden on November 16 could not have come more timely.The world had been concerned whether China-U.S.ties,instead of rebounding from the Trumpera trough,would spiral into a new Cold War when cooperation is urgently needed for the world to emerge from the COVID pandemic,economic recession,and climate crisis.展开更多
文摘"Samuelson's Concern" and "Kindleberger Trap" are cited as justifications for trade protectionism under the Trump administration. After reviewing Samuelson's and Kindleberger's trade theories, this paper finds that both Samuelson and Kindleberger are actually proponents of free trade, and that their common concern is falling US competitiveness due to its economic model, domestic institutional rules, and unilateralism. Both the "Samuelson's Concern" and "Kindleberger Trap" are distortions of Samuelson's and Kindleberger's original theories and the arguments' defense of protectionism cannot overcome the challenges confronting the U.S. and will destabilize international economic order.
文摘The stock market in the form of the S&P 500 is estimated to be inefficient in 13%to 30%of the time since 1963.This is contrary to the theory of efficient capital markets,but in accordance with Samuelson’s Dictum,which posits that the stock market is micro efficient,but macro inefficient.I develop a new model to measure potential inefficiency at macro level.Inefficiency in price(P)is driven by earnings(EPS)and/or valuation(P/E).At the peak of the TMT-bubble in 1999/2000,both factors were in play,while only earnings assumptions were inefficient before the Great Financial Crisis in 2008/09.The model developed show expected results in terms of relative efficiency for Developed vs.Emerging Markets and for Dow Jones vs.Nasdaq.Parts of academia seems to accept a different definition of market efficiency at micro level compared to macro level.At macro level,a standard“price vs.fair value”definition seems to be generally accepted,while at micro level,a relative“price vs.price”definition seems to be broadly used.The latter way of thinking has historically contributed to price bubbles.Numerous examples of stock prices that deviate significantly from their fair value in days,weeks and months and doubtful methods for measuring efficiency at micro level cast doubt about the micro efficiency claim part of Samuelson’s Dictum.
文摘THE people" is a frequently mentioned phrase,to the extent of being the main theme of the report delivered at the 19th National Congress of the Communist Party of China(CPC)by General Secretary Xi Jinping."We must put the people’s interests above all else,see that the gains of reform and development benefit all our people in a
文摘TikTok is thought to have about half a billion active users worldwide,with a large percentage in their teens or early 20s.The short-form video app has become a fertile birthing ground for memes,many of them music-related.One example involved users and their pets switching into cowboy and cowgirl clothing at a certain point in rapper Lil Nas X’s song Old Town Road-something that is credited with it becoming a huge hit.
文摘Fong’s National recently shipped three sets of Jumboflow High Temperature Dyeing Machines (figure 1) to Bangladesh-based Knit Concern Ltd.,Of these three sets of machines,HSJ-8T-T28
文摘Amendment VIII to the Criminal Law of the PRC, which went into effect on hMay 1, 2011, is not only in line with the basic spirit of the Universal Declaration of Human Rights and relevant international human rights treaties, but also is related to the priority area of the Program for The Development of Chinese Children （2011- 2020）. Thus, it helps to safeguard the rights of juveniles and strengthens criminal law protection of their rights and interests. In consideration of the weak position of juveniles and the criminal law means of protecting their rights and interests,
文摘The People＇s Republic of China Social Insurance Law （draft） has undergone three readings at the Standing Committee of the National People＇s Congress. The Law, once promulgated, will be of great significance to implementation of the constitutional principle of ＂respecting and protecting human rights.＂ It will help regulate the various social insurance relationships and the rights and obligations of the parties involved.
文摘Currently, the State’s authorities concerned have jointly worked out the Special Program for Seawater Utilization aiming at promoting sustainable utilization of seawater resources in coastal areas. In this way, the utilization of seawater obtains strong support from policy.
文摘THE 40th anniversary of the establishment of China-U.S.diplomatic relations should have made 2019 an important year for joint commemoration and renewed cooperation.Regrettably however,the U.S.has taken a series of actions to obstruct and suppress China in trade,science,and technology,and has been meddling in a series of issues concerning China’s territorial integrity and sovereignty.The U.S.actions not only undermined the mutual trust that the two sides built over four decades,but also swayed global stability and development.
文摘THE virtual summit between President Xi Jinping and President Joe Biden on November 16 could not have come more timely.The world had been concerned whether China-U.S.ties,instead of rebounding from the Trumpera trough,would spiral into a new Cold War when cooperation is urgently needed for the world to emerge from the COVID pandemic,economic recession,and climate crisis.
