美國社會安全制度私有化之經濟效益及成本分析:對台灣國民年金之啟示

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(1)The Problems and Strategies of the. Development for Venture Capital in Mainland. China. Chi-Keung Li and Hsiu-Yun Yao +. ABSTR.A.CT The purpose of this research is to investigate the faced problems among history, present situation, and process of development for venture capital investment in Mainland China. We also analyze how the Chinese government carry out the policies in the development of venture capital investment and industrial upgrading. This research found that venture capital investment in Mainland China is entering the start-up stage. Since the China government gave every effort to set into action on the development of high-tech industries and economic growth, more and more universities and colleges, new and high technology industrial zones, incubators, listed companies, stockjobbers, foreign venture capital funds enter the market one after another, so that the source of capital was plentiful and diversified. The first local policy and law for the system of limited partnership, Beijing ZOC science statute, were also practiced.. The first venture capital investment company of. limited partnership system was established in Beijing Tien Lu venture capital center in August 1S, 2001. From the analysis of the research, we show that the system of venture capital investment in Mainland China have found the basic embryo. Nevertheless, the market ec.~\\~m\c. \\\'1.\\\u\\~\\, te\a.\eli. \a.'N'1. 'M\1i w~.u\a.\\~\\'1., 'M\1i \\\e. '1.~\t\\ ~t. \\\Ii\'1\liua.\. \\\\\~'1a.\\~\\. \\\. China still need to be built up or improved. Keywords: high technology, Mainland China, VC, venture capital + Chi-Keung Li is an associate professor in the Institute of China Studies at the Tamkang University, Taipei, Taiwan. Hsiu- Yun Yao is an administration secretary in the Department of Health Service at the Chung Shan Medical University, Taichung, Taiwan..

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(9) 11 A:sc ~ ~ (transition tax). (Personal Security Account) ~ I'J cP. *« fiIj - 11 ~. ~. II! ~ 1} ~. ~. . iI& J& ~\. il!!dllUJt. 1* P.X * ffi' ~ P.X I¥J 1!t ~ 1IiiJ. (generational hole) '~~~®~i!lp.x*~~fTl¥JlfIl~.If·. I~\~1fm. ~~~.1IA:sc~.~~.~~al¥J~1*~m·ffi'~.~~~.m,m.~m. M0.~~(ffi'. ••• ). ·MA:sc~.~~~.~~~.mm. ~ii1'£5i:.~mH~1*.IfI¥JJ1Jn..t.;lt*}JluJ\. I¥J. I¥J.Mn~·. • ~. § iW. cP. ~t)!:Ji1'£tt~Im:' JlU1lA:SC~.~~I'Jnll@-**l¥JjI{milflttflJE. ~. ·1IA:[email protected]*.l¥JiI&J&fT~. ••. 50% 100%. 'ffi'~~~Mql¥J~i!l~*. ·~~#CP~l¥JftI~.~Lq·~~p'x*fu~z~&·. (2)IIJ/lf!J11tIflJIflIflJt19I!11A {lNp (Individual Account) If.·. ~~I'J~~t~l!igtt. 1fm'1IA~~~~~®~iil¥Jt)!:Ji~~oil&J&~m~~~. ~A.~·n.:sc. • • m.t)!:.MAI¥J~~·lI@-~®~ft~1'£-M~. .#~I¥J$. ~. :ijHIi~~~.. 0. 1'£1IA.. (Individual Account) ~tI'JCP. . ~$!lttl¥JlimJE1fm.. {-t~7ffi. 1¥J1fIl~.If·~m~Jim$&~~~·ffi'~fu~.a~~~ffi~oMM*~I¥J~ fill@-~.mm~iil¥J.~ •• n~·~~.~n •• ~ ~I'J~ff.~jI{milflttm~1'£ 90%-100%·. ffil¥J**~.o1lA.. m-~ P)~1J'MH'.t~I¥JMA.~. ~~~~.~.tt.A.'ffi'~~&~~i!lp.x*o. (3) Feldstein. IflIflJ t19 t191!11 A fB f:t {IN p (Personal Retirement Account) •. : m~ij!ffir±.:SC~$fjJ.t~tM~~.~.$tlP)MA~ m I¥JfT~·§iWl¥J~1*~~ •• ~~ ~~.mIl!JiI¥JMM·~1'£~. Feldstein fJtffi-M:S:~jj7.t 1*~. .~OOI¥JI~~~~5i:M~.m*~M~1*~I¥JMM,~q~~~~~fJtm~ii. .~~ttl¥J.A~1*.~;1'£~1*q·~~~~~m**~.mll!~I¥JM~MM MM·&m1lA~1*.~cpffi'.~~iill!~I¥JMM·~. fJtm~ii·. Ji1'£. •• ~&~~.~~l¥Jft. •• 1}~~~-.iill!~tM*fi. ImJEI¥Jt)!:.~I¥J..t.,~m-W®~~. ·iill!~.~~iit)!:. I¥J. I'&~fu~~M~mJE. .t)!:.~l¥Jo. ~ffim~M~~M~M.p.xfJt~~.~I¥J.A~1*.. ~~R.fJt.m~..

(10) J..-III :f±. .. ~ i:-.J J.t flo. ~ ~b ·:~.J~it!B: 11 &. ~ *-?};fIt : Jt ~ )If III ~.q:. -i- ~gbF 119. If,. ffij. mill '. ~. ~ff.& •• ~~~~*~6o~~~~~~~. P):t£1IA3!!,1*1\Ii. ~mff~.~~. nlll.1im~W1~{f.t-t~f5t~m~~tfH1-jit.1!H\'. ~~{f.~.A.ili~~\'~~~m-1I~~~~~tt.If**~~-1I~~~~ .f5t*,~~. *' •• ~*~m~~m~o~~,~ft~MR.:t£~~.~.. ~~.~*~. tt~~~M~~~.~7,~~~nlll.~m.~*~~~~M~. f.t1.m¥g 9% Jt'±IB!~~~~~~ § W1~fii~~tR~ :slit· f&1r,&:, :sl1'UJr.f5t& i3 3!!,1*l\Iip~mtitR, ~ffij Feldstein WSamwick ( 1998) ffijl,fEJ t-tft § .m&*3fHJ.fl1t~~ti! ' ~~~~Jt.~~/J\~ , *~t:J1~~.~ "F~ 2.5%. 1%~3%. 0. 0. ~. ~. ~~'~~~.1IA~1*.lfl\lip~~~~~~~~~~~~~:. ~~.Iff.t~,.~m~m~.~'fflm_~.MR~~m~'.M. ~~o~. ~M~¥~~~·X~~~~~ft.~~,@.~~.~·. •. ~~~*~'Ufl~ili.fl.~~*o~ft.Al\Iip~~.~~~&. :t£~MR. ~~.~.~·~~'±IB!~.~*i3ft.~.~.~~.~·. ~. m•• ~~m~ ~~ft.~~·.A.7.~m~.~t-ti3am~~ •• 'f& ~~~ .A3!!,1*. ~ffAttm~~~~~tR·m~.tR~.If.m~ ~ * 1*MM~.~·~~-*'m~.tR~.If~~m*~M** ~.Mtt M.Mf~~.~. •. •. .. ~~m~·~~~~M~~~~.ff~.~. (distributional issues) : 1lml~{f.8i1JfJ~A .~¥g~J11i. '. •• ~~-M~~~~ ffijP»~~.~¥Hj*:p~. ?. ~~w~~~~~mfi~~flW~.~?~~~3!!,1*MM~ ~~n~. ? Feldstein ( 1998). fi~mtfjp) "Fl[$. (l)J!1-?'fi!lJiFlfI.tJ<JIJ.·. t-t ~. :. fift~~:t£~~rmM~B1\+1i.iL[~1*~. , lIiglt. ~.~t-tf&~N~.·@t-tft~~~*3!!,1*~~:t£I~~'~~M~.~~tt~ mw~~tt.A3!!,1*.pmti~.~~~A.·ffijm~~~~. 6~.~. ... &A.~.P~.~.~.·~~.~~K.~&A. P~~.*.A~m_~~:.m'~~.~W~'~.R&A 7. fAA ••• '.lUI 1926·1994. 1f.~lIi*'l-. ~111*~~~:2m&::ti·. .. ft.. •• ·~*~~~ ••••• ••• ~-.·.~~.*I*~. tM'iSlI\gJ~J";J~jf£mir';?:~llHflfl*l'!Hl$B7t.;?:1i.1i. (Feldstein, 1998). ••. • KtlUIli&Il.iIH.

(11) W Samwick ( 1998) B"J ffl ~n ' rn::* ~ 1M :tL ~ B"J IF.f rl!l' ~ j..j t:t tTNlf) e *~ I!Y + .Ii ii B"J Affij ~'.~.~.OO~.~B"JiTjl(NW.~ft.A~~ • • ~~m~~B"J ~o. mHtfijr~OO:$tliTjl(N~:PB"JifrlJJr:*DH€RffitJ'f1fili1W. 0. tRtf Feldstein. 0. ~t:t~~®.~@B"JA*~'.~ffM+:tL~~OOt:t.~B"Jm~~~,~~. •• ~@o (2) J!j§$' tfrit /IffINJQ!1fA d9. /If.. 0. ~ i®.l1l $0.f¥ ~ VIi ititl 1&. '-. ~. ~ B"J §t {Ii ~ 11 fU. .~~~~'@~~~B"J.A-~ffij6.~.~o. (3) f!i Ill"H Md9flU" if. 0ff i®.l1l Wl rJI ' !Ill 1/51:111 f1 ititl ••UR ~ 11' ' I29llt fJJ PI • #Ii. ~~B"JAm~B"J~.offi®.l1l~~1&,mt:t~!IlI~!IlIM~B"Jg.~.~'.f¥~. VIi~rB"Jm~~B"J.~~ma~SB"J.~~B"JAW~.A~~~~M~~o. Feldstein ( 1995 ). it.m 7 - • iii •. ~ f~. m~ ( overlapping. generations. 0 ~~~"~B"Ji®. ?!I~* (transition cost) mt)~:gPI 01Ji (recognition bond) *iIlim 0 ®1Ji~. t:t**m~E~~.'M~m~®§M.*~~~~ffi.~B"J~ ••• ~.o@ ••• ~.n~~rOO- •• ~'.f¥~VIi~(U~~).~I\lI~I\lIM.~n. ~ *~ i;ff 11 flJ 0 (1)~~jl( I( B"J.ftlllmi®.I\lI~!IlI{1B"J1lI~.ftIII ;. model). ,*?ttJTEE!IlI~l\lIf1ffitJq~~.f¥~.ititlB"J1IflJa~~. (2)JjiffW**rtH'B"JiI~q~$ (MRT) mi®.~iI~ti{~?¥ (MRS) (3)*~jj!f:f1lfi~~. 0. Feldstein • • rn:::: •• f!f:f.3t~. .lt. , mLjfL~ {t}:!J!mii x.JJ!~WJ~*~i;ff1lfljB"J. o. Kotlikoff (1998) • • U.~~fL~{tt:tfililf '~l1i1k~i;ff~ x.mm.MPIB"Jo.ff~-:tL:tL~. B"J-.~. B"J;;.}:!J!~. ~ •• 7-.M~*~~U~~. PInI(~-~~~~.'ffijllt~ ••• R~~B"J~~filfo.7.~~~~.*. ~~~~fili1W~IU~~~PIn.~ti~~.*~~fili1W.l29o~~m.NiIlim n~.m*~MI29U~~~.ff0.B"J~.0.~B"Jl1i*~~~~N$~~~@.

(12) A~~.~~M&~.fu~. A&~. •• ~AA.*~#:.t~~~ •• ~.~ In. , ft!! ir, Wf ~ p ilnf :E. A~~~~§~m.*~~**~m.·~. Q. ttmf1 § ~m.fllEIH'~~~~~*mfl~~.~PJT~~ ~. p. [ifJ ~ 1'IIUlt. ,~rjfAflftPJfIgWf. •. ~~~~~~~.~*~'~~~R~*~~ttWf~ '-~*~'~~~~~~f1~~~~PJT~~~ffi~ ;jtft!!fl~~~~~~*/J\. fl~~$~~n~. mttWf. .. Kotlikoff (. 1996). ~MWf~PI~~. a~~m~~PJT~~&. "U~~~JE~ffi~fj.a*~!fi!~. ~~~'~7~~m~~~~,. ~~p~fj.~m~~. 3t~ftW~~m~1iz.ra'~jf~~ji~ (marginal linkage). MW~.~~~Z.~~Hjitt~?~M*.W~m*~. • ftM~~. m~ft'~~I~~. ~lE~~ •• ~m.~~~Wf~~ft!!~**~ttWf~3t~M'~M~~jf~~ji. am. .~. jiafl~. ~*~'ffim~~~ttWf~3t~M0~'-~Af1M~~~~~ m~riJfIg~. . Kotlikoff (1998). 5j-OO~cr.Wf. fiilJ~~~M!fi!liT. jf~~1i. ~~Hji'li.. ~·~ftWf. •• ~~~$tt· ~.~~T:a ~~~.~~~~M~T'I~~Wf •• ft!!~~~~~~m~~3t3t. -00 ~~~. (marginal linkage between benefits and contribution) •. 3t.a&fl~.flriJft~. ~~~~~·~tt~~ffi.~.*fj.a~ffi~·:Ettqft.ttWf~3t~. a&fl~·~~~~~~m.*.~.~~ffi.~~$tt·. in ,. ~~ r ~:k_ J. 'A~fJ::Jt~~~.;Z~.. (Cold Turkey) ~8 ~fAflft~.it!lfj.. , Kotlikoff ( 1998). .m•• a~~*~.mf1ma~~~JE~~ •• M~~57%·fi.M~~W~ 1ID 17%' M~~~~~&1UiIjf*JJ~~1m 6% fD 10%' M~flJ*WfT~ 25% fD.M~1iflj~1JD 10.79%·!iIfE~ r ~:k_ J (Cold Turkey) ~~it!lm1J~ •• ~.~a&**~~.M~~~·m;jtm~PJ.~~~ ~* .• *~~* amreMi~ £f:t!ttt (initial older generations) ~~m . !f!'WfJfi~ , jJj)~~ m~1filWlm+1i£f:~t!ttt ' ;jt"J~~~Jit1ifIJWf~P 26%' :E~*-OOf1~tt~.iI&I&$r' : JElut*~c. fflj (Lump Sum Redistribution In~~~~~~~m_ft.~~.~m·.

(13) Authority, LSRA) •. J. fififl. tflM:lrfJ~if.1!!ttrfJ~mm~. (Cold Turkey) ~rfJf.LfHtmIiB&!fj. rfJ fI JE ~ 1t!Hi![ :tit WUUtf 1m 36% fffl ~HI:titMrfJ iltf:liff1.JO 14%·. ~l£~jJ~tf:l~rfJ1!!tt ~$flj14. '. , MLElm:If¥Afi r ~*. • ~IF-f . ~~.rfJj'(:<$:ff:&f§!1~ Jli{~. 57% • l' ~ ·. lit j'(:<$: ff :& rfJ !tf no OJ * ¥U JE. :titMrfJ1lfffIflifflm 6% • • ffflJ$""f~ 16%· fffltJjS. ;K:~miff1m 7.23%' Wfrjm~fit~Ht~. .. ~l:HiHN:*rfJ. (efficiency gain) •. ~.-& ;:J~fifif'lttrfJ. •••. ~M~.tt.Mfffliff1.J07 • • ffi.m$·m:• • • -~. r ~*-. J (Cold Turkey). ~~.~W. ~rfJf.Lff ftm.~fj. frjrfJM.-.·1'~.~M. ,. ~JJUil!~.:titMrfJ. ·j'(:<$:.~.~~ • • ·~~tflM:l. rfJ~if.1!!ttrfJ~~rfJe • • w.~~m.~\·~m:.~ • • -~fifi~ttrfJr~*. II J (Cold Turkey). ~rfJf.Lffftm.~fj. 7.23%) • !iIt£~I1(:f:~/J\1'~. .. ~$fU. I!.. 1.65% (fffl1'R~. • f§.fJJ;I!:1'IiJ;~q~·. ~.w~mtt~ttmRm*~M~.tt.M,~~~m.~ • • • WrfJ~M *!.~1Jlf~ • . 1'~. · l£;:J~filifltErfJ r ~!k. J (Cold Turkey). ~fj~,m.m~fl~~~.tflM:lrfJ ~ffi.m~j'(. if.1!!ttrfJ~.rfJe • • ~.~~.~R~. ·;I!:~m.m~j'(~~ttffi.m~j'(~~~ff~?. tflM:lrfJ~if.1!!ttrfJ~.rfJe • • ~.~.fili.~·mRm~fl~ ~$. •. m.m~fl~~ffi~*rfJ~$frJ.. $~rfJmr*~$~. 7.23%. 1.65%. ~rfJf.Lff ftm~. rfJ.:=.7tz. ;. 4.33%· lIt~. ~1'£!1. ;I!:~!1.~ff. *f:I.f.LffftpfTftg~. ~~~ffi.m~j'(~~ffi~. ~. flJ.. rfJ=I!iE m •. Feldstein and Samwick (1998) m~7f.:EiJlffrfJIlMJ&JIMmU~.$U-0059imU ttOOAm~.~~~rfJ. ~·~~~m.7tma~.m~ • • -OOAffOOAm~. rfJ&ff~~m~~*~.~.rfJ. •. MrfJ~~~m.~~~iI~~rfJ. M~~W~!1~~mrfJ • • ~:<$:·. ZEU~·l£ • • IF-fMIF-f·~if.~rfJI~. ~~.~~~W~·fffl~~rfJI~~~.~~m~~·1'~~. f'F~. ~.. -if.. ~~l£~~~I. ~~m~~:<$:~1'*· ~~rfJ/J\f?<**ffi~$~~~~~~~~~m. lIt~~.~ • • l£ffW~~~**.""f·&fffu~frjE+if.ffi • • rfJ~~. z~@Hmff!~;I!:1E~. Mitchell ( 1998) costs) •. • W ~~. f.L ff ft rfJ m ~ mu • !t fi. ~:<$: (administrative. tt i} WrfJ wet .3(3;: mu m* . f.b ~ ~ ~f~ • ~ ~~f.Lff ft 'If ~ ~ m ~mu.

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(15) •• *aRM~ft~.,m~ftft.~.~~ft.@ •• ·ffi ~ •• fia~~.~.*.ft.@ •• ·*fi~ ••• ~~OO.E~m~M.· ~&~~.lli·ft. M.~~~~OO*~~~OOA~~~~.~~m~~*.~mfitt·~~~. ®~OOJJl!~:. (l)i:i.~AD~ftfl'l!1~i! mff~. . [email protected]'IT~~iWi ' 1'.*~ffi~.~~IHJ}. •• ~~.OO~~~~~~·. !1.~T~~1'0~·~OOA~~~~.. ~m~~*.~1'.~~~~~~·aR~. .m.OOA•• ~~~~.~. .'~-$mffi.ffAOOA~~~~·**~~~ffi.~.OOA~~~~ffi.m ~**&frl,~,. .. (2)ttBl Hu, Chen, Chen ( 1998) ~fi~mf3"$fJ}mff~.m~~*f!jU~.1im ••• i:i.m~fi~~~·~fti:i.~RM.mfi~.e~-ftA~~~~~~ =+ft~~ ftftt~~~~~+t'~HM.~.$·~ft ••• ~ ••• , ft~~ ••• *.·~.m~&fi~m •• m~fi~·~ft~OOA~~~ .~ ~m. ~*.m~.m~~~~m~fi~.·. ~~$mmff~. •• ~·m~~*~ma*~.JJI!.aR~-*~~·~m. ~~.&.a~'.R~.JJI!.~~.m~·.7~~m~·a*~&.~mft. .• *~a*~.ijlm.~J:OO~Tm . ~mfiOOA~~~~ , JlUOOA~~ ~.JJI!m~~*~~.*.·~ft-*'.R~1'.* •• *a*.~m.·~ ~1'.~.~ •• ·~~'~~.~&Aa*.JJI!.mM~OOA~~~~~~a * •• ~~~~~&.·~*.*~~~·.R~~M~. OO.~~~·~ f*~. f*I\fjtOOA~tI~·. •• ~Mf*.~ffi# •• a,m~ m•• !1.~ffl~.~.~.~~~~m8 •• ·~$-mmn.~.aR.7 •••* •• ~*ffi~.·OOA~~~~~m.~.~~~m8 •• ·!1~.~ ~ft.*~m~~$mmff~.m. ~*. ~.tt.flm~~~.o. (5)!1ft.*e~~4t@.~A*N· ~~~mJ!J. •• 1r'm§~m~;/]IlAm~. ••• ~~.f* •• ~·ffi!1ft.®&~ff~~~f*.&~A~~.ffiU· ~Am~~* •••• mtt~·*~ •••• m~~*~.~.§~.m~~~ ~*. ~~+~*~f*.~~~~~,.~.mm®Afi~.AOOA~~~~~m·. *e~~4t@. •• ' .RflIJ1'.:tJllj:JT~ , ~H •• ~ •• ii'~ • •. *. 0.

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(18) Il1o...... A~~.~~~.~.fu~. 3. ~i1.lJIJ. 11 '. ... rt.A.*~#:.*~~~.~~a*. friil~gfil§~l£~9rmmB9mi5lT. ~ffijiiJ j;J~9r~lIJm~B9mEfB. ~~R.~. ~. m.*ml£B9.M~. ~.. &AWgB9~. ~fil§m~~ttjJD~1*~. .. &~~.~.~.B9,~. a. '. IV. •• ~t~.B9~m·.d ••. •• ~~~ •• R.~~B9-@.*~H·ffij~W.. .0~~.~ftRd*·ffijl£a~~.~.§.~~,~. B9 m· ~ffij '§M~1*.~.~£'ffij~@I~ •• ~~ ~ ~ , mj;J f1. fl:: B9 tIt.1£ a ~ ~ ~. P¥ I~JUt rpz 5111 B9 . ~ i&J • J±J t;tJ]( * 1>1 1& 1>1 11 B9~ B~~~'.~~~B9A~_7·~"~-~*.H7.m@ •• &~ iiJH.*B9~~~ •• ~3aB9·~ft •• &~~B9~ •• m.m§B9·m~. a" ~B9ft.~ ~.&~~B9~~ro.m.~.B9· .§M 1£.~ 000~~1*~.~.·.tt-OO ••• B9Ma~ ffi B9·B~~.~~~~ft~$B9~m'ffift~$B9T~.~~B9 •. .-oo~~. Hu, Chen and Chen (1998) ffli1lU§MJ]()t.:lUB9fflH51t1tff~fri~/ii±.1*~tUOO:.. W. .B9.ftft~~.OO~.·ft~A~1&~MM~B9$ffitltff~fri~~~~.. m~. ~~ttB9m~'~ffij~~B9.mOOA~1*~Fa~B9~~tltff~fritU·B. ~~.Wft.~~B9~~'ffi.#.B9~~~.~~.~~~nt;tft&~~B9~ .~~,.~~a~~~B9·ffij§MB9.~.$'BOO:~OOA~1*~FM~B9ft. ~1*~~~A~~~~$·.~fi~~ft~11~~fi.1*~~'ffi~~.~. ~~*. ••. '.~~OOA~1*~FM~B9fi~1*~~iiJ •• -OOffi.~~B9m~·. e.;g:>l:tx Cottani, J. and G. Demarco 1998 "The Shift to a Funded Social Security System in Argentina", In Privatizing Social Security, edited by Martin feldstein. Chicago: University of Chicago Press. Diamond, Peter 1999 "Issues in Privatizing Social Security: Report of an Expert Panel of the National Academy of Social Insurance", National Academy of Social Insurance, The MIT Press..

(19) Edwards, Sebastian 1998. "The Chilean Pension reform: A Pioneering Program." In Privatizing Social Security, edited by Martin feldstein. Chicago: University of Chicago Press.. Feldstein, Martin 1915. "Toward a Reform of Social Security"., The Public Interest, 40: 15-95.. 1995. "Would Privatizing Social Security Raise Economic Welfare?", NBER Working Paper #5281.. 1996. "The Missing Piece in Policy Analysis: Social Security Reform." American Economic Review, 86: 1-14.. 1991. "Transition to a Fully Funded Pension System: Five Economic Issues." NBER Workingg Paper 6149.. 1998. "A New Era of Social Security." The Public Interest, 102-125.. Feldstein, Martin and Andrew Samwick 1998. "The Transition Path in Privatizing Social Security." In Privatizing Social Security, edited by Matin Feldstein. Chicago: University of Chicago Press.. Gramlich, Edward 1998. Is It Time to Reform Social Security? The University of Michigan Press.. Hu, Sheng Cheng, Kuo-Mei Chen, and Lii-Tarn Chen 1998. "Demographic Transition and Social Security: The Taiwan Case", Working Paper, Academia Sinica.. Kotlikoff, Laurence 1996. "Privatizing Social Security at Home and Abroad", American Economic Review, 86(2): 368-372.. 1998. "Simulating the Privatization of Social Security", In .Privatizing Social Security, edited by Matin Feldstein. Chicago: University of Chicago Press.. Mitchell, Olivia 1998 "Administrative Costs in. Public and Private Retirement Systems", In. Privatizing Social Security, edited by Matin Feldstein. Chicago: University of Chicago Press. Mitchell, Olivia, and Stephen Zeldes 1996. "Social Security Privatization: A Structure for analysis." American Economic Review, 86(2): 363-61.

(20) A~~.~±~&~.fu~. •• ~AA.*~#:.*~~~.*~a~. 1~. Sales-Sarrapy, etc. 1998. "Pension System Reform: The Mexican Case.", In Privatizing Social Security, edited by Matin Feldstein. Chicago: University of Chicago Press.. Seidman, Laurence 1998. "The Case for Funding Social Security." The Public Interest, 93-101..

(21) '" J.l A..::IC.:u'''#~Mf!1 ~+t..~-jIJj. ~911f-6Jl. lt131-145. A Comparison of the Scientific Method of. John R. Commons and Douglass C. North. Cheng-Ping Cheng· ABSTRACT Many economists believe there is no methodological commensurability between the old institutional economics (OlE) and new institutional economics (NIE). I challenge that view by comparing the scientific method of John R. Commons, a cofounder of OlE, and Douglass C. North, who represents NIE. The comparison focuses on four aspects of the work of the two men: economics as a science, deductivism versus literary style, general modeling versus case study, and the limits of economic science. The comparison shows that, despite some differences, Commons and North share many views on scientific method. It is misleading to use the positive perspective of science to interpret the institutional economics of Commons and North. What they advocate must be further integrated and developed by a new scientific concept. Keywords: Douglass C. North, institutionalism, John R. Commons, methodology, scientific method. ilHI' ;. 2002. 1f:. 3. f3 :. ~lE ; 2002. 1f: 6 f3 : m:Jt : 2002 1f: 6 fl .. The author is an assistant professor in the Department of Economics at the Soochow University, Taipei, Taiwan. This paper was presented in Annual Conference of Association for Evolutionary Economics (AFEE), Allied Social Science Associations (ASSA), 2000, Boston. The author would like to thank Warren Samuels and Jeff Biddle for their advice on this paper..

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