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This paper begins with a selective review of theories relevant to the state–society relationship. The review focuses on the mode by which competing theories are constructed. Three factors which affect theory-building are considered: Assumptions about the intention of the state; the function and capacity of the state; and the forms of alliance, allegiance, and conflict. It is argued that each of these competing theories is valid under specific circumstances and it is suggested that they are not necessarily mutually exclusive but can be complementary at a given point in time. With these reflections on theory and theory-building as background, Klak's comment on an earlier paper is evaluated.

This paper contains a presentation of a theory and a taxonomy explaining relationships among policies in three spheres—sector, distribution, and space. Based on a juxtaposition of competing approaches of the liberal and radical schools, the theoretical analysis is seen to suggest the dominance of sectoral policies and the complementary role of others, particularly spatial policies. In order to define the interdependencies among policies in practical terms, a relational taxonomy is presented. Last, a procedure of taxonomical analysis is prescribed as a normative guideline for policymaking.

AbstractThe differences between income‐based and expenditure‐based rates of real GDP growth are examined. The extent to which initial growth rates are subsequently affected by data revisions is documented. Results of regressions of first reported growth rates on the growth rates reported in QNA June 1985 are presented for three samples ‐ the sample of income‐based estimates of GDP growth rates, the sample of expenditure‐based estimates and the sample of mean rates (average of the two estimates).

This paper explores the relationship between the factor distribution and the personal distribution of income, and the implications for these distributions of changes in income taxation. A small general equilibrium model with CES production functions and preferences is used. A feature of the model is that it includes many individuals with heterogeneous preferences in order to generate the personal income distribution. Income differences are generated by differential labour supply responses to a given tax structure. Numerical results are obtained, including sensitivity analyses. Special attention is given to the trade-off between equity and efficiency implied by the model.

AbstractThe present paper evaluates macroeconomic adjustment in Hong Kong with an estimated dynamic stochastic general equilibrium (DSGE) model under a fixed exchange rate regime. We find that exports and world inflation shocks are the dominant sources of GDP volatility, with the risk premium taking on importance during the Asian crisis after 1997. A counterfactual simulation, assuming a flexible exchange rate regime with inflation targeting, shows that inflation would have decreased slightly, but interest‐rate volatility would have increased significantly. The welfare gains from switching out of the currency board system appear to be marginal.

Despite a voluminous quantity of studies on Chinese politics, little is known about how Chinese political ideology has influenced policymaking. The formation and changes in housing policies are analyzed in light of shifting political ideology in the People's Republic of China, from the precommunization period through to Deng Xiao Ping's open door Policy. Political ideology in China functioned as a means of socialization early in Mao's rule, political struggle during the Cultural Revolution, and legitimization of economic and sectoral policies during the Open Door period.

AbstractMonetary policy has steadily become tighter over the past twelve months. In various statements, the Government has indicated its view that monetary policy needs to be tight in order to subdue an 'excessively high' rate of growth of domestic demand. This article asks whether the current stance of monetary policy is now too restrictive and, if so, what the consequences might be for the pattern and growth of economic activity during 1989‐90. A number of scenarios based on alternative settings of monetary policy in 1989‐90 are derived from a short‐term simulation model of the Australian economy. The scenarios suggest that, if monetary policy remains at the current degree of tightness, the Australian economy may well experience a recession in 1989‐90. Some easing of monetary conditions is mandatory if a sharp and unnecessary slowdown of economic activity is to be avoided. Exactly how far monetary policy should be eased depends crucially on the rate of growth of autonomous investment.