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AbstractThis conceptual paper develops a new perspective linking the concept of "adaptive efficiency" with the allocative, discovery and creative functions of the market from an institutional perspective. The efficacy of the adaptive efficiency of market functions in improving economic performance is proposed to be measured by changes in transaction costs. This perspective enables an analysis of the independent and interrelated effects of these functions, provides a more complete understanding of entrepreneurial activities and the efficient allocation of resources, better deals with the central problems of economic system and organisation, namely, adaptation and the coordination of knowledge, and has useful implications for public policy.

AbstractChina adopted a new model of growth from 2011, requiring substantial structural change. This introductory article presents statistical evidence on progress so far. Change generally is in the required direction, but slow. There has been early but slow progress on re‐orienting domestic demand towards consumption; substantial re‐orientation from reliance on exports towards domestic demand; and rapid change at the margin in the energy mix towards low‐emissions sources. Investment in human capital is proceeding rapidly along lines required by the new model. So far, productivity growth has been slow, raising questions about future progress.