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Whether Marx's economics and Marxist political economy can be formalized using mathematics is a controversial and divisive issue. From studying the text of Capital and its manuscripts, it emerges that Marx's research on the capitalist mode of production involves the application of mathematical methods. Marx creates a set of symbols related to the social production of capitalism, and on that basis constructs an economic model corresponding to his theoretical analysis. Obviously, the mathematical method is an integral part of Marx's economic methodology. In a certain sense, using mathematical methods to study and formalize Marx's economics is in line with Marx's approach to economic topics. However, the formalization of Marx's economics must strictly observe the relevant principles; otherwise, it will lead to serious problems.

This article studies a policy change in Ontario that reduced the duration of high school from five to four years. A result of this educational reform was the creation of the Ontario double cohort: the last cohort educated in the old secondary school system and the first cohort educated in the new one. Although they started school at different times, both cohorts graduated from high school in 2003. Four years later, Ontario experienced a 28 percent increase in new university graduates. By comparing the pre- and post-reform wage gap between new entrants and seasoned workers with a bachelor's degree in Ontario versus that in the rest of Canada, I identify the impact of an excess labour supply shock on earnings. A triple-difference estimation using Canadian Labour Force Survey data suggests that the labour supply shock decreased the hourly wage rate by 7.6 percent among recent university graduates, which corroborates the result obtained using Canadian Census data. I also find that the labour supply shock decreases the proportion of university graduates taking a full-time job in the first year of their career. Moreover, I observe an increase in the proportion of recent university graduates working in small firms and landing in a low-paid occupation and industry. Last, I find that the depressing effect on wages is long-lasting. The negative impact on the wage rate persists for at least ten years after graduating from university.

PurposeKarl Marx's social capital reproduction theory is his significant contribution to economics. The purpose of this paper is to review the contributions of the exploration of Chinese economists (especially Professor Liu Guoguang) in the concretization of Marx's social capital reproduction theory combined with socialist construction since 1949.Design/methodology/approachDuring this process, Professor Liu Guoguang, a famous Chinese Marxist economist, has made an outstanding contribution by creating a Marxist social capital reproduction model with Chinese characteristics and a distinctive Marxist economic growth model. Professor Liu's exploration is still of crucial practical significance to building a socialist market economy today.FindingsThe process and achievements in the sinicization exploration of Marx's social capital reproduction theory were reviewed. With the reform and opening up, fundamental changes have occurred in China's economic system – the centralized planned economic system has been transformed into a socialist market economic system.Originality/valueThe planned management of the national economy is replaced by a macro-regulation system characterized by gross control gradually, and the concepts of agriculture, light industry, and heavy industry, and their intercorrelation are no longer applied in theory and policy. However, the sinicization exploration of Marx's social capital reproduction theory in the older generation of Marxist economists represented by Liu is not only of historical significance but also of important practical significance.

The study on how Marx created the theory of social capital reproduction shows that this theory ranks among his original contributions to economics. In this theory, Marx's analysis of Department II and the exchange relation reveals the conditions that capitalist reproduction must follow if it is to proceed smoothly. The fully indirect exchange process indicates that the capitalists' individual consumption preferences, and changes in these preferences, are factors not only in determining capital accumulation but also in destroying the proportional relations of reproduction. Although Marx proposed the decomposition of Department II and made a theoretical analysis of the law of the simple reproduction of social capital after decomposition, he did not construct a complete model or make the same decomposition of the two major departments in the analysis of the reproduction of social capital on an extended scale. As a result, it is necessary to develop a technical supplement on the basis of Marx's department decomposition principle, so as to cast light on the correctness of his theory of social capital reproduction and on the inevitability of capitalist reproduction crises.

Michio Morishima's recapitulation and study of Marxian economics by means of mathematical methods focus primarily on the typical themes such as the labor theory of value, the theory of exploitation, the transformation problem, the theory of reproduction and so on, which provides a new mathematical perspective for understanding Marxian economics. However, Morishima's understanding of Marxian economics is full of contradictions: on the one hand, he speaks highly of Marxian economics, believing that Marx has conducted pioneering work in and made innovative contributions to general equilibrium theory, dynamic general equilibrium theory, contemporary economic growth theory, input–output analysis and the dual dualities of commodity production society and the like important fields and front subjects of modern economics, in particular Morishima, employing mathematical methods, has proved the objectivity of values and the sufficiency and necessity of exploitation to capitalism; on the other hand, Morishima attempts to integrate Marxian economics into orthodox economics, and finally contends abandoning the labor theory of value, the theory of exploitation (the theory of surplus value) and the theory of the breakdown of capitalism. The work of Morishima shows that formalized Marxian economics must follow the logic of Marxian economics, otherwise, replacing the logic of economics with the logic of mathematics will lead to erroneous results.

As part of the literature denying Marx's Law of Tendency of Rate of Profit to Fall, the Okishio theorem exerts extensive influence. This theorem uses rigorous mathematical methods in an attempt to prove that the introduction of advanced technology in the basic goods sector of capitalism leads inevitably to an increase in the general rate of profit. In the literature criticizing the Okishio theorem, there are two main flaws identified. One is that the literature fails to investigate the validity of the production price, which forms the basis of the theorem. The other is that it does not examine the authenticity of the economic theory underlying the theorem. The analysis set forward here shows that the Okishio theorem's "production price" amounts to a complete departure from Marx's definition and is simply a product of the commodity circulation markup. The theorem follows the vulgar components of Smith's theory of value and Ricardo's theory of transformation. Okishio does not understand that the decline of the general rate of profit is precisely the compound result of individual capital pursuing excess profit, which represents the "prisoner's dilemma" of capitalists.

By using input-output analysis method, this paper analyses the China and European Union's corresponding transfer amount of carbon emissions caused by Sino-EU trade in 2002, 2007 and 2012.Furthermore, the influence degree of scale, structure and intensity on the amount of carbon emission transfer of China and European Union in a specific period of time was analyzed by using the method of LMDI. The result shows that there exists carbon emissions transfer from European Union to China. Scale effect always has a positive influence on the transferred amount of Chinese and European carbon emissions during the study period. The negative effect of structure to the transferred carbon emissions of China is weakening and the effect of intensity to the transferred carbon emissions of China is from the positive influence to negative one. For the EU, the effect of structure and intensity remain relatively stable state.

Public-private partnership (PPP) has been an important issue in recent decades. PPP is seen by some as a cure for inefficient and over-burdensome modern government. Yet, by observing practices in China, this research aims to answer the simple questions: why has there been a decline in PPPs? How does government decide whether or not to establish partnership with private enterprises? By investigating the case of Primary Land Development (PLD) in China especially in Beijing, this research has attempted to provide explanations mainly in relation to coordination effectiveness involving a resource interdependence theory. Logic of institutionalism is followed. External environment, key institutions and attributes of PLD field are also carefully examined to further explain the change of resources and coordination effectiveness. This research conducts longitudinal comparison of cases within one case city: Beijing. The focal level is Beijing municipal level. Three time horizons are examined, which are 2002—2004, 2005—2008, and 2009-2010. The First-hand data in this study have two main sources: in-depth interviews with key policy participants and archives acquired through fieldwork. Secondary data including statistical yearbooks, laws and policies, news, and research carried out by previous students are also employed by the research. This research examines the changes of external political and economic environment in each time horizon. It compares the coordination effectiveness between PLD policy-makers and PLD implementers and between PLD implementers and other stakeholders in PLD process within each time period. Through examining the three stages of PLD in Beijing, this research develops the following findings. First, fiscal decentralization and cadre management are two important elements shaping the incentives of policy-makers in China. Second, coordination effectiveness in two dimensions influence policy-makers in decisions related to PPP. Third, the degree and the extent of resource interdependence influences whether coordinator can employ the most suitable and effective mechanisms to coordinate. Fourth, changes to the external economic and political environment will change the incentives and policy choices of policy-makers, and also change the resources held by different actors. Fifth, coordination matters. When traditional mechanisms such as hierarchy and the market do not work well in many cases, the ability to employ new coordination mechanisms such as networks is particularly important in achieving the desired goals of coordinators. Finally, in countries like China which is dominated by political logic, the more politically significant a field is, the less likely it is that PPPs will exist. ; published_or_final_version ; Politics and Public Administration ; Doctoral ; Doctor of Philosophy