Important laws governing China's macro-economy

Economic laws concerning the working of the Chinese macro-economy are provided. * Conclusions are valid for the entire period 1952-2013 when there were extensive institutional changes. * Permanent income hypothesis for consumption and the accelerations principle for investment are confirmed econometrically. * Roles of government expenditure and money supply in the determination of national income in China are examined. This paper presents economic laws that are valid for China's macro-economy from 1952 to 2013 in spite of the many institutional changes during this period. The laws include a co... Mehr ...