Justin Yifu Lin: Exporting China's Economic Model

Is the Chinese economic model an alternative to the Western capital markets model? A feature interview with Justin Yifu Lin, Chief Economist with The World Bank.

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Education

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[stealthpakfa]

who is this moronic interviewer?

[jorgedude888]

THINK ABOUT A NEW DEFINITION FOR "ECONOMIC DEMOCRACY" . LET US DEFINE AGAIN "ECONOMIC DEMOCRACY"

[Scientisticsoviet]

@kristopheraugust Indeed, there is contradiction (not internal, granted) between the assumption that perfect economic information is obtainable and accessible, and empirical reality (It is very often not the case that such information is). And so models built upon this have faulty assumptions, and so the conclusions tend to be non (or very imperfectly) applicable to our real world applications.

[Scientisticsoviet]

@kristopheraugust Hard to say. It would depend on the long run effects of eliminating each one of those; Certainly it seems to me (at first glance) that a complete elimination would be counterproductive with respect to my moral first principles (so there an issue of degree here).

I say we leave a discussion of that type for pms (for the sake of message length and not derailing from the video's topic too much).

[Scientisticsoviet]

@kristopheraugust Aside; Funnily enough central economic planning (for it to be feasible in the long run as complexity increases) has a similar base faulty assumption like neoliberal/classical liberal thinking; perfect information.

[Scientisticsoviet]

@kristopheraugust Oh and aside; Thanks for being respectful (very rare on youtube). Benefit of doubt and general goodwill curiosity go a long way to making discussion much more enjoyable.

[Scientisticsoviet]

@kristopheraugust Example: Tables are brown. vs. Tables should be brown. (Another name for this is the natural fallacy).

Positive statements are descriptive, whereas normative ones are prescriptive. Its one of those thing syou learn in undergraduate philosophy, and surprisingly (to me), it was also emphasized in my undergradute economics classes.

[Scientisticsoviet]

@kristopheraugust Yeah that is the is vs. ought issue. You can't derive normative statements from positive ones (they are not the same magisteria).

[Scientisticsoviet]

@kristopheraugust Ah, problem, I don't reject that principle. Oh well. Disagreements due to fundamental different starting moral assumptions yet again. At least we can appreciate the fact, and not squabble uselessly afterwords.

On whether certain things are conductive to economic growth or not is however, an empirical matter (An "is" issue, as opposed to a moral "ought").

[Scientisticsoviet]

@kristopheraugust Ethics is another story entirely, quite separate from the question of economic efficiency and sustainable growth.

If you are true to what you say, then you shouldn't have a problem with a government funding it's activities entirely through dividends from enterprises it owns, ceteris paribus.