681:. The charges consisted of six counts of filing a false income tax return, six counts of filing false foreign bank account reports, and one count of Conspiracy to Defraud the United States. Cheung was accused of failing to report incomes from Hong Kong parking lots and other business. As a U.S. citizen, Cheung is obliged to report incomes from anywhere in the world, even if he does not reside in the United States. The law is uncommon in other countries. Cheung insists that he relied on the advice of his tax consultant, and did not know he was supposed to report the income in question.
480:
In 1983, Cheung published probably his most important journal article, "The
Contractual Nature of the Firm". While a firm cannot be defined easily, Cheung interprets it as a kind of contractual arrangement being used to replace the market (i.e. price mechanism) to reduce transaction costs (e.g. the
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Steven Cheung is highly respected for his deep devotion to his research. In order to understand real life phenomena, he personally engaged in numerous economic activities, such as fish farming, selling citrus fruit, inspecting the petroleum industry, and haggling over the price of antiques. He has
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Unlike modern mainstream economists, Cheung's analysis does not rely on advanced mathematical techniques but solely on the two basic building blocks of price theory: one is the axiom of constrained maximisation and the other, the law of demand (one that already incorporates the law of diminishing
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alleged that many of the antiques were fake. In 2004, the
Washington State Attorney General filed consumer fraud charges against Thesaurus Fine Arts. In 2005, Thesaurus Fine Arts settled for up to $ 550,000 in fines, attorney fees, and restitution. Cheung was dropped from the case as a result.
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Experts have said that ignorance of the U.S. tax policy is common among U.S. expatriates; the U.S. government generally does not pursue investigations of failures to report overseas income for non-residents. When discovered, offenders are often simply requested to turn in the unpaid tax. It is
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is not necessarily exploitative. It will achieve the same efficient allocation as labor markets under competition and zero transaction costs (Cheung, 1968). In the presence of transaction costs, sharecropping can be efficient by lowering the monitoring costs of wage contracts and increasing
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Later on, after the leaders of
Shanghai began economic reforms, he predicted that it would immediately become one of the financial centers of the world, surpassing Hong Kong. The prediction was met with heavy skepticism, but turned out to be correct in some respect. As of 31 January 2015,
350:. He achieved his public fame with an economic analysis on China open-door policy after the 1980s. In his studies of economics, he focuses on economic explanation that is based on real world observation (an observation first approach). He is also the first to introduce concepts from the
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Outside of the academic world, Steven Cheung is most well known for his numerous writings directed at a popular audience, especially the
Chinese public. He is also known for his famous wit; in 1969 he wrote an article "Irving Fisher and the Red Guards", published in the renowned
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realizing the importance of transaction costs (as Cheung often mentions in his writings, if there is no transaction costs (the original starting point assumption by Coase), there is no difference in using different institutional arrangements (e.g. market or
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have acknowledged intellectual provocation by Cheung in their respective Nobel lectures. While referring to Cheung's "brilliant, valiant attempt" to prove that sharecropping does not matter to the incentives of the workers, Stiglitz credited Cheung's
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is no longer the same: as long as corresponding property rights are clearly delineated, OR transaction cost is zero, externalities can be internalized through private negotiation/contract arrangement without government intervention.
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cost of price searching). Cheung once stated that when he finished writing the article, he knew that it would become a work that will last generations, and still be read a hundred years later. Thus, " beheld the sky and laughed."
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He wrote many books (in
Chinese) commenting on China's modernization programs from an economic point of view. In the 1980s, Cheung predicted and strongly supported an economic transformation of China as a
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in terms of market capitalization. However, Shanghai has yet to catch up with Hong Kong in terms of financial infrastructure, and
Shanghai's dream of overtaking Hong Kong has yet to be fully fulfilled.
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Cheung has denied ownership of
Thesaurus. Thesaurus is a subsidiary of Steven N. S. Cheung Inc., but it is claimed that Cheung is "not an officer, director or shareholder" of Thesaurus.
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From 1998 to 2003, Cheung's company, Steven N. S. Cheung Inc. had a subsidiary in
Seattle called Thesaurus Fine Arts, which specialized in Asian antique pieces. The store closed when
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in China stemmed from their use of a "refined concept of capital". Unbeknownst to the readers, the article was written under considerable emotional pain; his close friend, the
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However, after 1992, China continued to reform economically. Cheung claimed that most of his predictions have come true. One of his major ideas, the replacing of
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His theory of share tenancy has enhanced the understanding of contractual arrangement, which was largely ignored by neo-classical economists. According to Cheung,
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unknown why the U.S. government chose to investigate Cheung, and further to pursue a federal grand jury indictment; journalists have suspected ulterior motives.
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but not yet refuted (Cheung considers many mainstream concepts not observable, leading to the non-refutable nature of many theories (such as utilities, welfare))
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518:, the latter of whom officiated his wedding. He accompanied Friedman in his numerous tours of China, and was present when Friedman met with Chinese leader
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Cheung was also an avid photographer. He took the most iconic photo of Milton
Friedman, which was featured on the cover of Friedman's treatise
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focus on capturing the underlying and relevant constraints to explain economic phenomena that might seem odd and strange on the surface.
2018:
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by private enterprises, turns out to be very consistent with the direction taken by
Chinese political leaders and policy makers.
426:
437:, analysing share tenancy and variable rural land resource allocation, and was hired as an assistant professor after impressing
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the nature of the firm (a government, to a certain extent, is a firm and can be more efficient than the market in some areas),
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This implication is revolutionary; sharecropping was perceived as an inferior arrangement for years. After the publication of
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marginal returns). One of the constraints which he emphasizes most is transaction cost (or better termed institutional cost).
1984:
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emphasis on economic explanation (according to Cheung, economic explanation is the ONLY objective of the study of economics);
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645:. However, in that decade, China went through serious inflation, leading to strong economic, political and social tensions.
358:, into China. In 2016, Cheung claimed to have written "1,500 articles and 20 books in Chinese" during his academic career.
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how different kinds of contractual arrangement affect transaction costs, which are often ignored by neoclassical economists
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700:, a country that has no such agreements with America. He now writes books and works as a columnist for the China website
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Considerable influence among the Chinese speaking population (most of his works after 1982 are written in Chinese);
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Cheung's contribution to economics and China's economic development can be roughly grouped in the following areas,
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born December 1, 1935) is a Hong Kong-born American economist who specializes in the fields of
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1998 "The Curse of Democracy as an Instrument of Reform in Collapsed Communist Economies",
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and prepared a PhD dissertation. From 1967 to 1969, he did postdoctoral research at the
393:, transaction cost and property right, most of which originate from the theories of the
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Prediction of China's institutional reform (which, in general, has been quite accurate)
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the analysis of relevant and observable real world constraints: Adam Smith's tradition,
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1143:"Local News | Economist tied to fake art faces tax charges | Seattle Times Newspaper"
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1969 "Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements",
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1975 "Roofs or Stars: The Stated Intents and Actual Effects of a Rents Ordinance",
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from 1982 to 2000. During this period, Cheung reformed the syllabus of Hong Kong's
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1970 "The Structure of a Contract and the Theory of a Non-Exclusive Resource",
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1972 "Enforcement of Property Rights in Children, and the Marriage Contract",
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Book V, The State Theory and the Theoretical Structure of Economic Explanation
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where he taught until 1982. Under the advice of several friends, including
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Economics examination, adding the concepts of the postulate of constrained
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704:. Occasionally, he pays visits to various universities in mainland China.
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1007:
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1008:"Steven N.S. Cheung's Reminiscence of Himself – A Reply to Ning Wang"
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criticized the isolation of most economists from real life problems.
507:, had just committed suicide after being tortured by the Red Guards.
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Cheung, Steven (1968). "Private property rights and sharecropping".
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agreements between the US and Hong Kong, Cheung has since stayed in
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Analysis of the deficiencies in the Chinese state owned enterprises
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risk-sharing benefits relative to rent contracts (Cheung, 1969).
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2014:
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961:
1996 "A Simplistic General Equilibrium Theory of Corruption",
762:, Arcadia Press, Reprinted in December 2002 by Arcadia Press
315:
510:
Cheung maintained a lifelong friendship with former mentors
1130:"Joseph Stiglitz's Nobel prize lecture" (page 2/Footnote 2)
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unreasonable assumptions, especially concerning information
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1209:
Seattle Times investigative reports on Thesaurus Fine Arts
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Contribution to economics and China's economic development
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Steven Cheung's video interviews (with Chinese subtitles)
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1995 "Economic Interactions: China vis-a-vis Hong Kong",
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1973 "The Fable of the Bees: An Economic Investigation",
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800:, Arcadia Press, Reprinted in May 2011 by Arcadia Press
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Steven Cheung's official blog (in Simplified Chinese)
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880:1968 "Private property rights and sharecropping",
776:Book III, The Choice of Institutional Arrangements
470:"The Fable of the Bees: An Economic Investigation"
373:. He taught in the Department of Economics at the
365:, where his teachers were the American economists
826:Book IV, The Choice of Institutional Arrangements
1001:
999:
997:
2026:
1229:
449:, he returned to Hong Kong as a professor in
429:. From 1959 to 1967, he studied economics at
222:
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16:Hong Kong-born American economist (born 1935)
8:
2443:University of California, Los Angeles alumni
2393:American businesspeople convicted of crimes
1204:Department of Justice Statement on Warrants
947:1983 "The Contractual Nature of The Firm",
933:1977 "Why are better seats 'underpriced'",
2033:
2019:
2011:
1236:
1222:
1214:
857:Book III, Price Taking and Price Searching
821:Book III, Price Taking and Price Searching
453:to support the economic reforms of China.
231:
25:
1023:
940:1982 "Property Rights in Trade Secrets",
709:a series of investigative reports in the
19:For other people with the same name, see
2413:Hong Kong emigrants to the United States
1048:"Steven N.S. Cheung: My father 张五常：我的父亲"
2403:American people convicted of tax crimes
993:
983:, Volume 16, Issue 2, pp. 247–249.
937:, Volume 15, Issue 4, pp. 513–522.
909:, Vol. 82, Issue 326, pp. 641–657.
886:, Vol. 76, Issue 6, pp. 1107–1122.
862:Book IV, The General Theory of Contract
1965:English historical school of economics
1919:Structure–conduct–performance paradigm
441:in a debate. In 1969, he moved to the
361:He obtained his PhD in economics from
190:
976:, Vol. 16, Issue 2, pp. 125–135.
944:, Volume 20, Issue 1, pp. 40–53.
134:University of California, Los Angeles
7:
1118:"Ronald Coase's Nobel prize lecture"
930:, Volume 13, Issue 1, pp. 1–21.
755:, Sichuan People 's Publishing House
746:Selected books for general audiences
564:
1147:community.seattletimes.nwsource.com
923:, Vol. 17, Issue 1, pp. 53–71.
916:, Vol. 16, Issue 1, pp. 11–33.
902:, Vol. 13, Issue 1, pp. 49–70.
895:, Vol. 12, Issue 1, pp. 23–42.
677:on thirteen counts by a US federal
377:from 1969 to 1982, and then at the
2398:American people of Chinese descent
951:, Vol. 26, Issue 1, pp. 1–26.
919:1974 "A Theory of Price Control",
14:
2418:Hong Kong people of Hakka descent
965:, Vol. 14, Issue 3, pp. 1–5.
958:, Vol. 13, Issue 1, pp. 1–9.
636:Comments on China's modernization
472:(Cheung 1973), our perception of
2453:20th-century American economists
673:On January 28, 2003, Cheung was
427:Japanese occupation of Hong Kong
311:
2458:20th-century Chinese economists
784:The Economic Structure of China
771:Book II, The Behavior of Supply
601:downward sloping demand curve:
288:
274:
1985:Historical school of economics
1171:economicexplanation.tripod.com
253:
223:
209:
87:, China's economic development
21:Steven Cheung (disambiguation)
1:
847:Book I, The Science of Demand
811:Book I, The Science of Demand
766:Book I, The Science of Demand
635:
620:China's economic development
608:theories must be potentially
522:to discuss economic reforms.
2433:New institutional economists
1929:Theory of two-level planning
1424:New institutional economists
1063:Journal of Political Economy
1006:Cheung, Steven N.S. (2016).
981:Contemporary Economic Policy
974:Contemporary Economic Policy
963:Contemporary Economic Policy
956:Contemporary Economic Policy
949:Journal of Law and Economics
921:Journal of Law and Economics
914:Journal of Law and Economics
900:Journal of Law and Economics
892:Journal of Law and Economics
883:Journal of Political Economy
737:. Reprinted in June 2000 by
488:Journal of Political Economy
346:, following the approach of
2042:Chicago school of economics
1409:Edward Lawrence Wheelwright
735:University of Chicago Press
731:The Theory of Share Tenancy
574:New Institutional Economics
495:that the activities of the
352:Chicago School of Economics
348:new institutional economics
175:The Theory of Share Tenancy
116:New institutional economics
2474:
2428:Law and economics scholars
1904:Penalty of taking the lead
972:'s Great Transformation",
688:Originally a professor at
130:Queen's College, Hong Kong
18:
875:Selected journal articles
843:(4th ed.), Arcadia Press
807:(2nd ed.), Arcadia Press
539:Nobel Prize winners like
299:
230:
198:
185:
180:Will China Go Capitalist?
67:
2000:Post-Keynesian economics
1980:French historical school
1252:Institutional economists
852:Book II, Income and Cost
836:(3rd ed.), Arcadia Press
816:Book II, Income and Cost
791:Currency Strategy Thesis
662:Hong Kong Stock Exchange
443:University of Washington
421:in 1935, Cheung fled to
375:University of Washington
204:Traditional Chinese
100:University of Washington
1975:Evolutionary psychology
1839:Conspicuous consumption
1245:Institutional economics
690:University of Hong Kong
658:Shanghai Stock Exchange
650:state-owned enterprises
451:University of Hong Kong
379:University of Hong Kong
306:Steven Ng-Sheong Cheung
218:Simplified Chinese
104:University of Hong Kong
1970:Evolutionary economics
1812:Key concepts and ideas
1768:Donald Angus MacKenzie
1394:George W. Stocking Sr.
1314:John Kenneth Galbraith
798:New Orange Sellers Say
528:Capitalism and Freedom
1960:Development economics
1869:Hiding hand principle
1859:Effective competition
1730:Economic sociologists
1497:Behavioral economists
1359:Wesley Clair Mitchell
435:University of Chicago
96:University of Chicago
2408:Hong Kong economists
2342:Julian Lincoln Simon
2320:Business and finance
2311:Frank H. Easterbrook
2230:Public choice school
2167:New social economics
2139:New economic history
2061:Henry Calvert Simons
1889:Market concentration
1854:Countervailing power
1660:Sendhil Mullainathan
1487:Oliver E. Williamson
1319:Walton Hale Hamilton
1264:Clarence Edwin Ayres
1025:10.1515/me-2016-0010
841:Economic Explanation
834:Economic Explanation
805:Economic Explanation
760:Economic Explanation
2438:People from Huiyang
2423:People from Huizhou
2258:William A. Niskanen
1939:Veblenian dichotomy
1849:Conventional wisdom
1844:Conspicuous leisure
1834:Bounded rationality
1824:Administered prices
1645:Brigitte C. Madrian
1447:Steven N. S. Cheung
1329:Albert O. Hirschman
1324:Orris C. Herfindahl
1132:from nobelprize.org
1120:from nobelprize.org
1105:"张五常：学术上的集中与搏杀_爱思想"
1012:Man and the Economy
425:in 1941 due to the
194:Steven N. S. Cheung
2157:Robert M. Townsend
1955:Cultural economics
1819:Accelerator effect
1635:George Loewenstein
1575:Catherine C. Eckel
1294:John Maurice Clark
1259:Werner Abelshauser
753:Orange Sellers Say
556:Practical research
545:Joseph E. Stiglitz
417:ancestry born in
2370:
2369:
2362:Lars Peter Hansen
2273:Law and economics
2238:James M. Buchanan
2008:
2007:
1829:Barriers to entry
1695:Robert J. Shiller
1655:Matteo Motterlini
1399:Lars Pålsson Syll
692:, because of the
340:transaction costs
303:
302:
295:
294:
269:Yale Romanization
241:Standard Mandarin
189:
188:
53:British Hong Kong
2465:
2448:Hakka scientists
2248:Randall Holcombe
2210:Sudhir Venkatesh
2119:Allan H. Meltzer
2114:Harry G. Johnson
2109:Phillip D. Cagan
2071:Theodore Schultz
2035:
2028:
2021:
2012:
1914:Shortage economy
1899:Market structure
1864:Herfindahl index
1788:Laurent Thévenot
1783:Richard Swedberg
1778:Lynette Spillman
1763:Mark Granovetter
1748:James S. Coleman
1720:Georg Weizsäcker
1715:Robert W. Vishny
1680:Klaus M. Schmidt
1630:Jeffrey R. Kling
1525:Douglas Bernheim
1414:Erich Zimmermann
1404:Thorstein Veblen
1384:Herbert A. Simon
1379:François Simiand
1354:Jesse W. Markham
1334:Geoffrey Hodgson
1274:Shimshon Bichler
1238:
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942:Economic Inquiry
935:Economic Inquiry
928:Economic Inquiry
907:Economic Journal
371:Jack Hirshleifer
337:
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291:
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289:Zoeng1 Ng5soeng4
277:
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275:Jēung Ńgh-sèuhng
256:
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156:Jack Hirshleifer
81:Transaction cost
49:
46:December 1, 1935
45:
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26:
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2357:Campbell Harvey
2327:Harry Markowitz
2315:
2301:Richard Epstein
2267:
2224:
2200:Kevin M. Murphy
2161:
2133:
2094:Milton Friedman
2080:
2044:
2039:
2009:
2004:
1943:
1924:Technostructure
1879:Instrumentalism
1874:Hirschman cycle
1807:
1803:Viviana Zelizer
1773:Joel M. Podolny
1724:
1650:Gary McClelland
1615:Daniel Kahneman
1610:David Ryan Just
1605:Charles A. Holt
1585:Urs Fischbacher
1570:Stephen Duneier
1560:Werner De Bondt
1491:
1418:
1369:Jonathan Nitzan
1309:Robert H. Frank
1299:John R. Commons
1279:Robert A. Brady
1247:
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1005:
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793:, Arcadia Press
786:, Arcadia Press
748:
726:
724:Doctoral thesis
721:
671:
638:
567:
558:
537:
516:Milton Friedman
439:Milton Friedman
403:
401:Academic career
344:property rights
331:
314:
310:
309:
177:
160:Milton Friedman
132:
128:
126:Wa Ying College
122:Alma mater
111:
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98:
85:property rights
72:Academic career
55:
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2352:Kenneth French
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2263:Bryan Caplan
2220:Roland Fryer
2205:John A. List
2175:Jacob Mincer
2152:Robert Fogel
2129:Scott Sumner
2104:Karl Brunner
2056:Frank Knight
1934:Veblen goods
1894:Market power
1738:Jens Beckert
1710:Amos Tversky
1685:Eldar Shafir
1550:Kay-Yut Chen
1477:Mancur Olson
1452:Ronald Coase
1446:
1349:Hunter Lewis
1339:János Kornai
1174:. Retrieved
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512:Ronald Coase
509:
505:Rong Guotuan
501:table tennis
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447:Ronald Coase
404:
387:maximization
360:
356:price theory
305:
304:
248:Hanyu Pinyin
179:
174:
152:Ronald Coase
2383:1935 births
2347:Eugene Fama
2306:Robert Bork
2180:Gary Becker
2066:Jacob Viner
1909:Satisficing
1620:Ariel Kalil
1515:Nava Ashraf
1462:Avner Greif
1269:Joe S. Bain
1018:(1): 1–21.
694:extradition
591:Methodology
520:Zhao Ziyang
391:methodology
92:Institution
60:Citizenship
2377:Categories
2086:Monetarism
1595:Uri Gneezy
1580:Armin Falk
1565:Paul Dolan
1510:Dan Ariely
1176:2019-01-20
1152:2019-01-20
988:References
679:grand jury
605:tradition,
497:Red Guards
493:ironically
491:, arguing
144:Adam Smith
140:Influences
42:1935-12-01
1700:Uwe Sunde
1520:Ofer Azar
1091:153568071
1034:199472381
702:ifeng.com
610:refutable
535:Criticism
503:champion
419:Hong Kong
415:Guangdong
112:tradition
2049:Founders
675:indicted
283:Jyutping
1167:"index"
1083:1830153
411:Huiyang
383:A-level
1089:
1081:
1032:
968:1998 "
1087:S2CID
1079:JSTOR
1030:S2CID
839:2017
832:2014
803:2011
796:2010
789:2010
782:2007
758:2001
751:1988
729:1969
407:Hakka
332:CHUNG
178:1982
173:1969
77:Field
543:and
514:and
431:UCLA
369:and
363:UCLA
342:and
36:Born
1071:doi
1020:doi
409:of
224:张五常
210:張五常
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