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Steven N. S. Cheung

Steven Ng-Sheong Cheung (/ʌŋ/;[citation needed] born December 1, 1935) is a Hong Kong-born American economist who specializes in the fields of transaction costs and property rights, following the approach of new institutional economics. 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 Chicago School of Economics, especially price theory, into China. In 2016, Cheung claimed to have written "1,500 articles and 20 books in Chinese" during his academic career.[1]

Steven Cheung
Born (1935-12-01) December 1, 1935 (age 88)
CitizenshipUnited States[when?]
Academic career
InstitutionUniversity of Chicago
University of Washington
University of Hong Kong
FieldTransaction cost, property rights, China's economic development
School or
tradition
New institutional economics
Alma materWa Ying College
Queen's College, Hong Kong
University of California, Los Angeles
InfluencesAdam Smith, Armen Alchian, Ronald Coase, Jack Hirshleifer, Milton Friedman, Aaron Director
Contributions1969 The Theory of Share Tenancy
1982 Will China Go Capitalist?
Steven N. S. Cheung
Traditional Chinese張五常
Simplified Chinese张五常
Transcriptions
Standard Mandarin
Hanyu PinyinZhāng Wǔcháng
Yue: Cantonese
Yale RomanizationJēung Ńgh-sèuhng
JyutpingZoeng1 Ng5soeng4

He obtained his PhD in economics from UCLA, where his teachers were the American economists Armen Alchian and Jack Hirshleifer. He taught in the Department of Economics at the University of Washington from 1969 to 1982, and then at the University of Hong Kong from 1982 to 2000. During this period, Cheung reformed the syllabus of Hong Kong's A-level Economics examination, adding the concepts of the postulate of constrained maximization, methodology, transaction cost and property right, most of which originate from the theories of the Chicago school.

Academic career edit

A Hakka of Huiyang, Guangdong ancestry [2] born in Hong Kong in 1935, Cheung fled to mainland China in 1941 due to the Japanese occupation of Hong Kong. From 1959 to 1967, he studied economics at UCLA and prepared a PhD dissertation. From 1967 to 1969, he did postdoctoral research at the University of Chicago, analysing share tenancy and variable rural land resource allocation, and was hired as an assistant professor after impressing Milton Friedman in a debate. In 1969, he moved to the University of Washington where he taught until 1982. Under the advice of several friends, including Ronald Coase, he returned to Hong Kong as a professor in University of Hong Kong to support the economic reforms of China.

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 marginal returns). One of the constraints which he emphasizes most is transaction cost (or better termed institutional cost).

His theory of share tenancy has enhanced the understanding of contractual arrangement, which was largely ignored by neo-classical economists. According to Cheung, sharecropping is not necessarily exploitative. It will achieve the same efficient allocation as labor markets under competition and zero transaction costs (Cheung, 1968).[3] In the presence of transaction costs, sharecropping can be efficient by lowering the monitoring costs of wage contracts and increasing risk-sharing benefits relative to rent contracts (Cheung, 1969).

This implication is revolutionary; sharecropping was perceived as an inferior arrangement for years. After the publication of "The Fable of the Bees: An Economic Investigation" (Cheung 1973), our perception of externalities 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.

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 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, "[he] beheld the sky and laughed."[4]

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 Journal of Political Economy, arguing ironically that the activities of the Red Guards 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 table tennis champion Rong Guotuan, had just committed suicide after being tortured by the Red Guards.

Cheung maintained a lifelong friendship with former mentors Ronald Coase and Milton Friedman, the latter of whom officiated his wedding.[1] He accompanied Friedman in his numerous tours of China, and was present when Friedman met with Chinese leader Zhao Ziyang to discuss economic reforms.

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 Capitalism and Freedom.[1]

Criticism edit

Nobel Prize winners like Ronald Coase[5] and Joseph E. Stiglitz[6] have acknowledged intellectual provocation by Cheung in their respective Nobel lectures.[citation needed] 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 "unreasonable assumptions, especially concerning information" for motivating him to develop the theories of the role of information in economics.

Practical research edit

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 criticized the isolation of most economists from real life problems.

Contribution to economics and China's economic development edit

Cheung's contribution to economics and China's economic development can be roughly grouped in the following areas,

  1. New Institutional Economics
    1. how different kinds of contractual arrangement affect transaction costs, which are often ignored by neoclassical economists
    2. 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 government)).
    3. 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),
  2. Methodology
    1. emphasis on economic explanation (according to Cheung, economic explanation is the ONLY objective of the study of economics);
    2. the analysis of relevant and observable real world constraints: Adam Smith's tradition,
    3. downward sloping demand curve: Neoclassical tradition,
    4. theories must be potentially refutable but not yet refuted (Cheung considers many mainstream concepts not observable, leading to the non-refutable nature of many theories (such as utilities, welfare))
    5. focus on capturing the underlying and relevant constraints to explain economic phenomena that might seem odd and strange on the surface.
  3. China's economic development
    1. Considerable influence among the Chinese speaking population (most of his works after 1982 are written in Chinese);
    2. Prediction of China's institutional reform (which, in general, has been quite accurate)
    3. Analysis of the deficiencies in the Chinese state owned enterprises

Comments on China's modernization edit

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 market economy. However, in that decade, China went through serious inflation, leading to strong economic, political and social tensions.

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 state-owned enterprises by private enterprises, turns out to be very consistent with the direction taken by Chinese political leaders and policy makers.

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, Shanghai Stock Exchange overtook the Hong Kong Stock Exchange 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.

Legal troubles edit

On January 28, 2003, Cheung was indicted on thirteen counts by a US federal grand jury. 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.[7]

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 unknown why the U.S. government chose to investigate Cheung, and further to pursue a federal grand jury indictment; journalists have suspected ulterior motives.[8][better source needed]

Originally a professor at University of Hong Kong, because of the extradition agreements between the US and Hong Kong, Cheung has since stayed in mainland China, a country that has no such agreements with America. He now writes books and works as a columnist for the China website ifeng.com. Occasionally, he pays visits to various universities in mainland China.

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 a series of investigative reports in the Seattle Times alleged that many of the antiques were fake. [citation needed] 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. 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.

Notable works edit

Doctoral thesis edit

Selected books for general audiences edit

  • 1988 Orange Sellers Say, Sichuan People 's Publishing House
  • 2001 Economic Explanation, Arcadia Press, Reprinted in December 2002 by Arcadia Press
    • Book I, The Science of Demand
    • Book II, The Behavior of Supply
    • Book III, The Choice of Institutional Arrangements
  • 2007 The Economic Structure of China, Arcadia Press
  • 2010 Currency Strategy Thesis, Arcadia Press
  • 2010 New Orange Sellers Say, Arcadia Press, Reprinted in May 2011 by Arcadia Press
  • 2011 Economic Explanation (2nd ed.), Arcadia Press
    • Book I, The Science of Demand
    • Book II, Income and Cost
    • Book III, Price Taking and Price Searching
    • Book IV, The Choice of Institutional Arrangements
  • 2014 Economic Explanation (3rd ed.), Arcadia Press
  • 2017 Economic Explanation (4th ed.), Arcadia Press
    • Book I, The Science of Demand
    • Book II, Income and Cost
    • Book III, Price Taking and Price Searching
    • Book IV, The General Theory of Contract
    • Book V, The State Theory and the Theoretical Structure of Economic Explanation

Selected journal articles edit

  • 1968 "Private property rights and sharecropping", Journal of Political Economy, Vol. 76, Issue 6, pp. 1107–1122.
  • 1969 "Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements", Journal of Law and Economics, Vol. 12, Issue 1, pp. 23–42.
  • 1970 "The Structure of a Contract and the Theory of a Non-Exclusive Resource", Journal of Law and Economics, Vol. 13, Issue 1, pp. 49–70.
  • 1972 "Enforcement of Property Rights in Children, and the Marriage Contract", Economic Journal, Vol. 82, Issue 326, pp. 641–657.
  • 1973 "The Fable of the Bees: An Economic Investigation", Journal of Law and Economics, Vol. 16, Issue 1, pp. 11–33.
  • 1974 "A Theory of Price Control", Journal of Law and Economics, Vol. 17, Issue 1, pp. 53–71.
  • 1975 "Roofs or Stars: The Stated Intents and Actual Effects of a Rents Ordinance", Economic Inquiry, Volume 13, Issue 1, pp. 1–21.
  • 1977 "Why are better seats 'underpriced'", Economic Inquiry, Volume 15, Issue 4, pp. 513–522.
  • 1982 "Property Rights in Trade Secrets", Economic Inquiry, Volume 20, Issue 1, pp. 40–53.
  • 1983 "The Contractual Nature of The Firm", Journal of Law and Economics, Vol. 26, Issue 1, pp. 1–26.
  • 1995 "Economic Interactions: China vis-a-vis Hong Kong", Contemporary Economic Policy, Vol. 13, Issue 1, pp. 1–9.
  • 1996 "A Simplistic General Equilibrium Theory of Corruption", Contemporary Economic Policy, Vol. 14, Issue 3, pp. 1–5.
  • 1998 "Deng Xiaoping's Great Transformation", Contemporary Economic Policy, Vol. 16, Issue 2, pp. 125–135.
  • 1998 "The Curse of Democracy as an Instrument of Reform in Collapsed Communist Economies", Contemporary Economic Policy, Volume 16, Issue 2, pp. 247–249.

References edit

  1. ^ a b c Cheung, Steven N.S. (2016). "Steven N.S. Cheung's Reminiscence of Himself – A Reply to Ning Wang". Man and the Economy. 3 (1): 1–21. doi:10.1515/me-2016-0010. S2CID 199472381.
  2. ^ "Steven N.S. Cheung: My father 张五常:我的父亲".
  3. ^ Cheung, Steven (1968). "Private property rights and sharecropping". Journal of Political Economy. 76 (6): 107–122. doi:10.1086/259477. JSTOR 1830153. S2CID 153568071.
  4. ^ "张五常:学术上的集中与搏杀_爱思想".
  5. ^ "Ronald Coase's Nobel prize lecture" from nobelprize.org
  6. ^ "Joseph Stiglitz's Nobel prize lecture" (page 2/Footnote 2) from nobelprize.org
  7. ^ "Local News | Economist tied to fake art faces tax charges | Seattle Times Newspaper". community.seattletimes.nwsource.com. Retrieved 2019-01-20.
  8. ^ "index". economicexplanation.tripod.com. Retrieved 2019-01-20.

External links edit

  • Steven Cheung's official blog (in Simplified Chinese)
  • Department of Justice Statement on Warrants
  • Seattle Times investigative reports on Thesaurus Fine Arts

steven, cheung, other, people, with, same, name, steven, cheung, disambiguation, steven, sheong, cheung, citation, needed, born, december, 1935, hong, kong, born, american, economist, specializes, fields, transaction, costs, property, rights, following, approa. For other people with the same name see Steven Cheung disambiguation Steven Ng Sheong Cheung tʃ ʌ ŋ citation needed born December 1 1935 is a Hong Kong born American economist who specializes in the fields of transaction costs and property rights following the approach of new institutional economics 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 Chicago School of Economics especially price theory into China In 2016 Cheung claimed to have written 1 500 articles and 20 books in Chinese during his academic career 1 Steven CheungBorn 1935 12 01 December 1 1935 age 88 British Hong KongCitizenshipUnited States when Academic careerInstitutionUniversity of ChicagoUniversity of WashingtonUniversity of Hong KongFieldTransaction cost property rights China s economic developmentSchool ortraditionNew institutional economicsAlma materWa Ying CollegeQueen s College Hong KongUniversity of California Los AngelesInfluencesAdam Smith Armen Alchian Ronald Coase Jack Hirshleifer Milton Friedman Aaron DirectorContributions1969 The Theory of Share Tenancy1982 Will China Go Capitalist Steven N S CheungTraditional Chinese張五常Simplified Chinese张五常TranscriptionsStandard MandarinHanyu PinyinZhang WǔchangYue CantoneseYale RomanizationJeung Ngh seuhngJyutpingZoeng1 Ng5soeng4 He obtained his PhD in economics from UCLA where his teachers were the American economists Armen Alchian and Jack Hirshleifer He taught in the Department of Economics at the University of Washington from 1969 to 1982 and then at the University of Hong Kong from 1982 to 2000 During this period Cheung reformed the syllabus of Hong Kong s A level Economics examination adding the concepts of the postulate of constrained maximization methodology transaction cost and property right most of which originate from the theories of the Chicago school Contents 1 Academic career 2 Criticism 3 Practical research 4 Contribution to economics and China s economic development 4 1 Comments on China s modernization 5 Legal troubles 6 Notable works 6 1 Doctoral thesis 6 2 Selected books for general audiences 6 3 Selected journal articles 7 References 8 External linksAcademic career editA Hakka of Huiyang Guangdong ancestry 2 born in Hong Kong in 1935 Cheung fled to mainland China in 1941 due to the Japanese occupation of Hong Kong From 1959 to 1967 he studied economics at UCLA and prepared a PhD dissertation From 1967 to 1969 he did postdoctoral research at the University of Chicago analysing share tenancy and variable rural land resource allocation and was hired as an assistant professor after impressing Milton Friedman in a debate In 1969 he moved to the University of Washington where he taught until 1982 Under the advice of several friends including Ronald Coase he returned to Hong Kong as a professor in University of Hong Kong to support the economic reforms of China 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 marginal returns One of the constraints which he emphasizes most is transaction cost or better termed institutional cost His theory of share tenancy has enhanced the understanding of contractual arrangement which was largely ignored by neo classical economists According to Cheung sharecropping is not necessarily exploitative It will achieve the same efficient allocation as labor markets under competition and zero transaction costs Cheung 1968 3 In the presence of transaction costs sharecropping can be efficient by lowering the monitoring costs of wage contracts and increasing risk sharing benefits relative to rent contracts Cheung 1969 This implication is revolutionary sharecropping was perceived as an inferior arrangement for years After the publication of The Fable of the Bees An Economic Investigation Cheung 1973 our perception of externalities 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 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 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 he beheld the sky and laughed 4 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 Journal of Political Economy arguing ironically that the activities of the Red Guards 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 table tennis champion Rong Guotuan had just committed suicide after being tortured by the Red Guards Cheung maintained a lifelong friendship with former mentors Ronald Coase and Milton Friedman the latter of whom officiated his wedding 1 He accompanied Friedman in his numerous tours of China and was present when Friedman met with Chinese leader Zhao Ziyang to discuss economic reforms 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 Capitalism and Freedom 1 Criticism editNobel Prize winners like Ronald Coase 5 and Joseph E Stiglitz 6 have acknowledged intellectual provocation by Cheung in their respective Nobel lectures citation needed 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 unreasonable assumptions especially concerning information for motivating him to develop the theories of the role of information in economics Practical research editSteven 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 criticized the isolation of most economists from real life problems Contribution to economics and China s economic development editCheung s contribution to economics and China s economic development can be roughly grouped in the following areas New Institutional Economics how different kinds of contractual arrangement affect transaction costs which are often ignored by neoclassical economists 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 government 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 Methodology emphasis on economic explanation according to Cheung economic explanation is the ONLY objective of the study of economics the analysis of relevant and observable real world constraints Adam Smith s tradition downward sloping demand curve Neoclassical tradition theories must be potentially refutable but not yet refuted Cheung considers many mainstream concepts not observable leading to the non refutable nature of many theories such as utilities welfare focus on capturing the underlying and relevant constraints to explain economic phenomena that might seem odd and strange on the surface China s economic development Considerable influence among the Chinese speaking population most of his works after 1982 are written in Chinese Prediction of China s institutional reform which in general has been quite accurate Analysis of the deficiencies in the Chinese state owned enterprises Comments on China s modernization edit 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 market economy However in that decade China went through serious inflation leading to strong economic political and social tensions 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 state owned enterprises by private enterprises turns out to be very consistent with the direction taken by Chinese political leaders and policy makers 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 Shanghai Stock Exchange overtook the Hong Kong Stock Exchange 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 Legal troubles editOn January 28 2003 Cheung was indicted on thirteen counts by a US federal grand jury 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 7 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 unknown why the U S government chose to investigate Cheung and further to pursue a federal grand jury indictment journalists have suspected ulterior motives 8 better source needed Originally a professor at University of Hong Kong because of the extradition agreements between the US and Hong Kong Cheung has since stayed in mainland China a country that has no such agreements with America He now writes books and works as a columnist for the China website ifeng com Occasionally he pays visits to various universities in mainland China 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 a series of investigative reports in the Seattle Times alleged that many of the antiques were fake citation needed 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 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 Notable works editDoctoral thesis edit 1969 The Theory of Share Tenancy University of Chicago Press Reprinted in June 2000 by Arcadia Press Selected books for general audiences edit 1988 Orange Sellers Say Sichuan People s Publishing House 2001 Economic Explanation Arcadia Press Reprinted in December 2002 by Arcadia Press Book I The Science of Demand Book II The Behavior of Supply Book III The Choice of Institutional Arrangements 2007 The Economic Structure of China Arcadia Press 2010 Currency Strategy Thesis Arcadia Press 2010 New Orange Sellers Say Arcadia Press Reprinted in May 2011 by Arcadia Press 2011 Economic Explanation 2nd ed Arcadia Press Book I The Science of Demand Book II Income and Cost Book III Price Taking and Price Searching Book IV The Choice of Institutional Arrangements 2014 Economic Explanation 3rd ed Arcadia Press 2017 Economic Explanation 4th ed Arcadia Press Book I The Science of Demand Book II Income and Cost Book III Price Taking and Price Searching Book IV The General Theory of Contract Book V The State Theory and the Theoretical Structure of Economic Explanation Selected journal articles edit 1968 Private property rights and sharecropping Journal of Political Economy Vol 76 Issue 6 pp 1107 1122 1969 Transaction Costs Risk Aversion and the Choice of Contractual Arrangements Journal of Law and Economics Vol 12 Issue 1 pp 23 42 1970 The Structure of a Contract and the Theory of a Non Exclusive Resource Journal of Law and Economics Vol 13 Issue 1 pp 49 70 1972 Enforcement of Property Rights in Children and the Marriage Contract Economic Journal Vol 82 Issue 326 pp 641 657 1973 The Fable of the Bees An Economic Investigation Journal of Law and Economics Vol 16 Issue 1 pp 11 33 1974 A Theory of Price Control Journal of Law and Economics Vol 17 Issue 1 pp 53 71 1975 Roofs or Stars The Stated Intents and Actual Effects of a Rents Ordinance Economic Inquiry Volume 13 Issue 1 pp 1 21 1977 Why are better seats underpriced Economic Inquiry Volume 15 Issue 4 pp 513 522 1982 Property Rights in Trade Secrets Economic Inquiry Volume 20 Issue 1 pp 40 53 1983 The Contractual Nature of The Firm Journal of Law and Economics Vol 26 Issue 1 pp 1 26 1995 Economic Interactions China vis a vis Hong Kong Contemporary Economic Policy Vol 13 Issue 1 pp 1 9 1996 A Simplistic General Equilibrium Theory of Corruption Contemporary Economic Policy Vol 14 Issue 3 pp 1 5 1998 Deng Xiaoping s Great Transformation Contemporary Economic Policy Vol 16 Issue 2 pp 125 135 1998 The Curse of Democracy as an Instrument of Reform in Collapsed Communist Economies Contemporary Economic Policy Volume 16 Issue 2 pp 247 249 References edit a b c Cheung Steven N S 2016 Steven N S Cheung s Reminiscence of Himself A Reply to Ning Wang Man and the Economy 3 1 1 21 doi 10 1515 me 2016 0010 S2CID 199472381 Steven N S Cheung My father 张五常 我的父亲 Cheung Steven 1968 Private property rights and sharecropping Journal of Political Economy 76 6 107 122 doi 10 1086 259477 JSTOR 1830153 S2CID 153568071 张五常 学术上的集中与搏杀 爱思想 Ronald Coase s Nobel prize lecture from nobelprize org Joseph Stiglitz s Nobel prize lecture page 2 Footnote 2 from nobelprize org Local News Economist tied to fake art faces tax charges Seattle Times Newspaper community seattletimes nwsource com Retrieved 2019 01 20 index economicexplanation tripod com Retrieved 2019 01 20 External links editSteven Cheung s official blog in Simplified Chinese Steven Cheung s video interviews with Chinese subtitles Department of Justice Statement on Warrants Seattle Times investigative reports on Thesaurus Fine Arts Retrieved from https en wikipedia org w index php title Steven N S Cheung amp oldid 1189364166, wikipedia, wiki, book, books, library,

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