Adam Smith's Answer to the Feldstein-Horioka Paradox: The Invisible Hand Revisited

In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it morethan 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners of capital to invest their capital in their own country to as great an extent as possible and that it is the pursuit of security rather than the pursuit of profit that leads individuals to promote the good of society as a whole via the ginvisible hand.h

黄土高原生態文化恢復的理念與実践

社會和環境是極為複雜的系統。因此，與這些複雜系統緊密相關的環境和開發項目必須具備一定的靈活性和自由度。一般認為實行大型項目或工程應事先做好嚴密的調査與計劃。但從複雜系科學的觀點看，這種「調査」→「計劃」→「實施」→「評價」的行動模式并不一定是最可行的。本文試圖從複雜系科學的觀點，對此過程提供理論依據，同時探討國際援助項目的新的實施方式。這種新方式我們稱之為「共创价値运动」。我們在中國内地的黄土高原，正在開展一系列「生態文化恢復運動」。這個活動的實行方式和活動原則是没有「固定的目的」，也没有「死的規定和計劃」。參加項目的人基本上是自願而來，在互相影響之下相對獨立活動。當然，參加者之間既没有上下之分，誰也不指揮誰，也不存在「責任」與「分擔」的概念。大家都是在自己能做到的範圍内自主地發揮作用。這一過程本身是自發性的「自組織」過程。目前在陝北黄土高原開展的具體活動有：引進糞尿無害化技術；盡量減少化肥和對人體有害的洗衣粉的使用以實現水資源和有機物的良性循環；建立「黄土高原國際民間緑色網絡」，支持當地農民自發組織起來的「廟會造林」；在一個村莊舉行了一對日本新婚夫婦的婚禮，重展陝北傳統的結婚儀式，使當地的固有文化得到了重新認識和應有的尊重。通過這些活動，我們試圖促進當地文化與生態的恢復和再生

The Theoretical Structure of Confucian Analects

In this paper I read the text of Confucian Analects from the viewpoint of “learning”. Here, “learning” means the process of understanding something which causes the transformation of the self who understands something. If the process of logical calculation proceeds with the transformation of the self who performs this logical calculation, it is learning. This self-referential dynamical process is the core of the theoretical structure of Confucian Analects.This paper is organized as follows; at first I discuss the concept of knowing (知) and describe the structure of learning in detail. I show that the famous Menoʼs paradox in Platoʼs Meno was solved by Confucius before the birth of Plato.From this perspective, I redefine the major concepts of this text such as 忠(zhong), 信(xin), 恕(shu), 禮(li), 和(he), 同(tong), 君子(junzi), 小人(xiaoren), 仁(ren), etc. Knowing oneʼs own true feeling is the most important thing for a man of virtue. I also discuss a book by Herbert Fingarette on Confucius. In the final section I indicate the similarity between the thoughts of Confucius and M.K. Gandhi

Adam Smith's answer to the Feldstein-Horioka Paradox: The invisible hand revisited

Adam Smith explained the Feldstein-Horioka Paradox, arguing that it is the pursuit of security that leads owners of capital to invest at home and that it is the pursuit of security, not profit, that leads them to promote the good of society.Feldstein-Horioka paradox or puzzle Capital mobility Capital flows Adam Smith Invisible hand