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Abstract of Papers Published by the Faculty of Tsinghua Institute of Economics

The Second Issue

[1] Wang Yong, Zhao Jinxin. Special Purpose Trust Model: the Feasible Choice of Asset Securitization in China [J]. Nankai Journal (Philosophy and Social Sciences Edition), 2015, 05: 151-158.
Abstract: Asset securitization is an effective means of financing, whose essence lies in the risk isolation mechanism. In China, only a special purpose trust model can really achieve the requirements of risk isolation. The Special Purpose Company model and other non-standard asset securitization patterns all have problems in varying degrees. China should make full use of the risk isolation mechanism of trusts and use the channeling role of trusts to achieve standardized operations for the practice of asset securitization. In view of the high cost to complete the securitization through trusts, the existing financial separation pattern should be changed and the management of trust licenses should be relaxed to reduce the financing cost of asset securitization in China.

[2] Wang Shengsheng, Li Bangxi. Is "Evolutionary Rationalism" Effective to Repair the Individualism Methodology? [J]. China Review of Political Economy, 2015, 06: 77-92.
Abstract: The hypothesis of "Economic Man" is the starting point of the logical interpretation of the mainstream economics system. The controversy about this hypothesis is mainly focused on the realizability of "Complete Rationalism". Compared with "Complete Rationalism", Hayek's "Evolutionary Rationalism" is more realistic. However, Hayek's correction is not based on the assumption of realism, but serves as the methodological function of indirect falsification of theory. The theory of a free market economy, built in the assumption of "Evolutionary Rationalism", can cope with shocks from adverse facts such as imperfect competition and a planned economy. But regarding the theory's explanatory and predictive power, Hayek's correction actually is backward adjustment of the research program; his theory has obvious static and defensive features, which fundamentally stem from the limitations of the principle of individualism.

[3] Cai Jiming, Deng Mao. A Review of Gu Shutang’s Economic Thoughts [J]. Economist, 2015, 11: 5-14.
Abstract: This paper reviews the economic thoughts of Gu Shutang from four aspects: (1) “the contribution distribution theory according to production factors “, analyzing its theoretical significance for the development of a non-public economy and the protection of private property; (2) "the theory that two kinds of socially necessary labor determine value together", elaborating that this theory is helpful to promote the planning price system reform and to improve the market price formation mechanism; (3) "the Theory of Socialist Commodity Economy", pointing out the positive role of this theory for the establishment of socialist market economy; (4) "the Comprehensive Theory of Socialist Economics", affirming the pioneering exploration and outstanding contributions of "Political Economics(the Socialism part)" (The North Edition) and " Comprehensive Theory of Socialist Economics" for building the socialist economics system.