Cac Khai Niem Co Ban Ve Kinh Te - Nhieu tac gia.pdf

Cc Khi Nim C Bn V Kinh T (Song Ng)

1 | h t t p : / / w w w . t a i s a c h h a y . c o m



Basic Economic Concepts - Cc khi nim c bn v kinh t

Basic Economic Concepts - Cc khi nim c bn v kinh t (Song ng Anh - Vit)

Nh Xut bn Tp. H Ch Minh - 2010

D n 1.000.000 ebook cho thit b di ng

Pht hnh ebook: http://www.taisachhay.com

To ebook: T Hi Triu

Ebook thc hin dnh cho nhng bn cha c iu kin mua sch.

Nu bn c kh nng hy mua sch gc ng h tc gi, ngi dch v Nh Xut Bn



LI GII THIU

Cun sch ny cha ng mt lot bi vit ngn gii thch mt cch khc chit cc khi nim c bn v kinh t hc v cung cp cc kin thc nn tng v kinh t th trng. Cc bi vit ny do Chng trnh Ging dy Kinh t Fulbright (FETP) bin son. y l mt chng trnh hp tc sau i hc gia Trng Qun l Nh nc Kennedy ca i hc Harvard vi Trng i hc Kinh t Thnh ph H Ch Minh.

Nhng ngi bin son ch trng chn lc cc khi nim) cc kin thc cn thit nht v trnh by bng mt vn phong ngn gn, sinh ng, nhiu khi d dm, vi nhng v d gn gi t thc tin ca i sng kinh t Vit Nam. Nh vy m cc ni dung thuc v kinh t hc vn d vn thng kh khan, kh hiu tr nn sng sa, nh nhng, th v. Bn cnh , vic th hin di dng song ng Anh - Vit cng em li mt gi tr tng thm cho ngi c.

Cc bi vit ny trc y c ng ti trn t Saigon Times Daily (thuc nhm thi bo Kinh t Si Gn,) trong cc nm t 2002 n 2004. Nay v tnh hu ch ca chng i vi nhng sinh vin khoa kinh t ni ring v ng o nhng ngi c quan tm n kinh t hc ni chung, nhng ngi bin son tp hp, hiu nh, sp xp li lm thnh cun sch ny.

Nhn y, chng ti xin trn trng cm n Chng trnh Ging dy Kinh t Fulbright ng cho xut bn cun sch hu ch ny trong khun kh T sch Kin thc ca Saigon Times Foundation; ng thi ng gp ton b tin tc quyn vo Qu Saigon Times Foundation s dng



trong cc t cp hc bng vn c tin hnh lin tc t nhiu nm qua.

Saigon Times Foundation

(Nhm Thi bo Kinh t Si Gn)



PART 1: MICRO ECONOMICS - KINH T VI M

1. Definitions Of Economics

Some version of the traditional definition of economics is found in almost every introductory economics textbook:

"Economics is the study of how scarce resources are most efficiently allocated among alternative goals."

When an economist refers to "scarce resources," they do not necessarily mean something rare, like diamonds. They mean resources that are not available in unlimited quantity at zero cost. Thus, scarce resources include everything we can think of that might be used in producing any kind of good or service. Economists often classify resources into three types: capital, labor, and land.

When an economist refers to an "efficient allocation," she means that the mix of inputs chosen to produce a given quantity of some good or service is the minimum cost mix of inputs.

Finally, "alternative goals" simply means that people cannot have unlimited amounts of goods and services, so we have to choose among them.

Because of this, economics is sometimes defined as the "study of choice."

An excellent definition of economics was provided by the famous British economist John Maynard Keynes: "... economics is a way of thinking..."



This definition reflects the fact that economists work with models that represent judicious simplifications of the real world. The real world is enormously complex, and thinking about all economic interactions at once is impossible. For any given issue, some economic interactions are important and some are not. Judicious simplifications enable economists to focus on the most important elements of an issue.

If these definitions of economics are true, then economics is a powerful discipline, indeed. In subsequent articles, we will demonstrate that this is true.

1. CC NH NGHA V KINH T HC

Trong cc sch gio khoa nhp mn kinh t hc, ta c th tm thy cch nh ngha truyn thng nh sau:

"Kinh t hc l mn hc nghin cu cch phn b mt cch hiu qu nht nhng ngun lc khan him cho nhng mc tiu phi la chn khc nhau".

Khi mt nh kinh t cp n "cc ngun lc khan him", khng nht thit phi l nhng g him c, chng hn nh kim cng, m l nhng ngun lc c s lng hn ch v c chi ph. Do , ngun lc khan him bao gm tt c nhng g c s dng sn xut ra bt k loi hng ha v dch v no. Cc nh kinh t thng chia ngun lc lm ba loi: vn, lao ng v t ai.

Khi ni n s phn b hiu qu, nh kinh t mun ni v mt s lng nh mc hng ha v dch v c sn xut t mt tp hp cc nhp lng c chi ph thp nht.



Sau cng, cc mc tiu phi la chn khc nhau n gin l do con ngi khng th c hng ha v dch v vi s lng v hn, v vy h phi chn th ny hay th khc.

V vy, kinh t hc i khi cn c xem l "nghin cu v s chn la. Nh kinh t hc ni ting ngi Anh John Maynard Keynes a ra mt nh ngha rt xc thc:" .. kinh t hc l mt cch t duy..."

nh ngha ny ni ln mt thc t l cc nh kinh t s dng nhng m hnh n gin ha i thc mt cch hp l. Thc ti rt phc tp, ta khng th no xt n tt c cc mi quan h tng tc kinh t cng mt lc. Trong mt vn nht nh no , nhng mi tng tc kinh t ny c th quan trng, cn nhng mi tng tc kinh t khc c th khng. Vic n gin ha mt cch hp l gip cc nh kinh t tp trung vo nhng yu t quan trng nht ca vn .

Nu nhng nh ngha kinh t hc trn l ng, kinh t hc thc s l mt mn hc c nh hng ln. Trong nhng bi vit tip theo, chng ti s chng minh thc t ny.

(Saigon Times Daily ngy 3-6-2002)

2. Economic Specializations

Economics is a discipline that covers virtually every area of human activity. When you decide where to buy lunch, when your father decides to save money for his daughter's education, when a company decides to hire more workers, when a worker decides to migrate from the countryside to the city, and when the government decides to let the exchange rate depreciate: each of these is an economic decision.



Individual economists often develop interests in specific types of economic decisions, and they become specialists in various fields of economics. The fundamental dichotomy in economic specializations is the division into microeconomics and macroeconomics.

Microeconomics is concerned with the choices made by individual economic agents and with the behavior of prices and quantities in markets for specific goods or services. A consumer, a worker, and a firm are individual economic agents. The market for mangoes is a subject for microeconomics, as is the labor market. International trade is often considered to be a microeconomic field because the tools of microeconomics are used to analyze the choices facing individual countries in world markets.

Macroeconomics is concerned with the behavior of the economy at an aggregate level. Important issues that macroeconomists study include economic growth, the rate of inflation, the national unemployment level, and the level of the exchange rate.

Most economists specialize more narrowly than just in microeconomics or macroeconomics. Popular fields of study include Economic Development, International Trade, International Finance, Labor Economics, Public Finance, Banking and the Financial Sector, the Economics of Education, Environmental Economics, and Health Economics. Related subjects include Accounting and Financial Analysis, Marketing, and Project Appraisal.

Economics students always begin by studying microeconomic principles and macroeconomic principles to establish the foundation for more detailed study of their



fields of interest. Accordingly, the next few articles will focus on the basics of micro and macro. With this foundation in place, we will be well-prepared to move on to several particular fields.

2. CC CHUYN NGNH KINH T

Knh t hc l mn hc bao qut hu nh mi lnh vc hot ng ca con ngi. Mi mt hot ng sau y u l mt quyt nh kinh t: Bn chn ni n tra, ngi cha tit kim tin con gi hc i hc, mt cng ty thu thm cng nhn, mt lao ng di c t nng thn ln thnh ph, hay vic chnh ph quyt nh gim gi t gi hi oi.

C nhn cc nh kinh t thng hng s quan tm vo cc quyt nh kinh t c th v tr thnh nhng chuyn gia kinh t thuc cc lnh vc khc nhau. Phn nhnh c bn trong cc chuyn ngnh kinh t l kinh t hc vi m v kinh t hc v m.

Kinh t hc vi m ch trng n nhng la chn ca mi tc nhn kinh t cng vi ng thi v gi v lng ca mt mt hng hay dch v no trn th trng. Mt ngi tiu dng, mt cng nhn, mt cng ty u l nhng tc nhn kinh t n l. Th trng xoi l mt ch ca kinh t hc vi m v th trng lao ng cng vy. Ngoi thng cng tng t v cc cng c kinh t hc vi m thng c dng phn tch nhng chn la i mt vi tng quc gia trn th trng th gii.

Kinh t hc v m xt hnh vi ca nn kinh t theo cp tng gp. Cc nh kinh t v m nghin cu v nhng vn quan trng nh tng trng kinh t, t l lm pht, mc tht nghip quc gia v t gi.



a s cc nh kinh t c chuyn ngnh hp hn l kinh t vi m v kinh t v m. Cc chuyn ngnh ph bin gm c Pht trin Kinh t, Ngoi thng, Ti chnh Quc t, Kinh t Lao ng, Ti chnh Cng, Khu vc Ti chnh v Ngn hng, Kinh t Gio dc, Kinh t Mi trng, Kinh t Y t. Ngoi ra cn c cc mn hc lin quan nh K ton v Phn tch Ti chnh, Marketing v Thm nh D n.

Cc sinh vin hc kinh t lun bt u vi nhng nguyn l ca kinh t vi m v kinh t v m nhm thit lp nn tng cho vic hc su hn v cc lnh vc m h quan tm. Chnh v th, trong nhng bi vit tip theo chng ti s tp trung vo cc nguyn tc c bn ca vi m v v m. Trn nn tng chng ta s sn sng i su vo nhng lnh vc chuyn ngnh khc.


3. Invisible Hand

Economists define efficiency in a way different from, say, engineers. An engineer would say that if cook stove A uses less energy to produce die same amount of heat as cook stove B, then cook stove A is more efficient. But the economist would say that the efficient cook stove is the one with the lower cost for a given amount of heat produced. Resources, the term in economics for the goods and services which are used to produce other goods and services, should be directed to those areas where society values them most.

Many people in Ho Chi Minh City eat breakfast at small cafes or noodle stands. These people are directing their labor to where it will give them the most value - rather



than spending time shopping, cooking and cleaning, they get to work earlier (or sleep a little later) by letting someone else cook breakfast for them. This society values good, inexpensive food that is readily available and resources have flowed into that industry. The sidewalks are crowded with food stalls and vendors.

How does this work? It would seem to be more efficient to have market activities planned. Surely human intervention can do better than the chaotic, unrelated activities of buyers and sellers. Ah, but this is the beauty of market economics, and the genius of Adam Smith, who posited that the market is not chaotic at all, but instead is guided by an "invisible hand." As Smith pointed out, it is not the goodness of their hearts that motivates people to sell food on the street. They are motivated by the own self-interest in having goods and opportunities for themselves and their families. This "invisible hand" is what keeps resources flowing to those activities where they will have the most value, thereby increasing the "wealth of the nation."

3. BN TAY V HNH

Cc nh kinh t nh ngha hiu qu theo cch khc vi nhng k s. Nu bp l A tiu th t nng lng hn trong khi cho nhit lng tng ng vi bp l B, mt k s s coi l bp l A hiu qu hn. Nhng nh kinh t li ni bp l hiu qu l bp to ra mt lng nhit vi mt chi ph thp hn. Kinh t hc gi cc hng ha v dch v c dng sn xut cc hng ha v dch v khc l ngun lc, cc ngun lc ny cn c hng n nhng khu vc m chng c x hi nh gi cao nht.



Nhiu ngi thnh ph H ch Minh n sng ti cc qun c ph hay quy ph. H phn b sc lao ng ca mnh vo ch c gi tr nht cho h - thay v tn thi gian i ch, nu n, ra dn, h c th lm vic sm hn (hay ng mun hn) bng cch cho ngi khc chun b ba sng cho h. X hi ghi nhn gi tr ca thc n nhanh gn, ngon vi gi va phi. Cc ngun lc chy vo ngnh ny, va h trn ngp cc qun n.

H thng hot ng nh th no? Dng nh cc hot ng th trng s hiu qu hn nu c a vo k hoch. Chc chn c con ngi can thip vn tt hn cc hot ng ca ngi mua v ngi bn t din ra mt cch hn lon. Nhng y chnh l nt p ca kinh t hc v th trng v l thin ti ca Adam Smith, ngi nhn thy th trng thc ra hon ton khng hn lon m c dn dt bi mt bn tay v hnh" Theo Smith th ngi ta bn hng trn ph khng phi do ng c ca tri tim ho hip, m l li ch trong vic mang li hng ha v c hi cho bn thn h v gia nh. Chnh bn tay v hnh " lm cho ngun lc chy vo cc hot ng m chng c gi tr cao nht, t nng cao s giu mnh ca quc gia".


4. Opportunity Cost

When an economic choice is made, economists measure the cost of that choice in terms of opportunity cost, which is defined as the value of the best alternative forgone.

Self-employment provides an interesting example of opportunity cost. Suppose that you start a software firm.



You rent office space, hire programmers, and sell software. Suppose that after one year, all of your direct costs can be listed as follows:

Office rent: US$12,000 Salaries : US$24,000 Utilities : US$10,000

Total costs for the year are US$46,000. Also suppose that your software sales were US$48,000. You might be very happy with US$2,000 profit!

However, the accounting profit that we just calculated is not the relevant measure of your success. Suppose that you could have worked for an international bank and earned US$8,000. Your forgone opportunity to earn US$8,000 is your opportunity cost. You have earned an economic loss of US$6,000.

Another example concerns a university that wanted to expand, and which owned some land in a large city. One university official said that since the university already owned the land, it was "free." In fact, the land was not "free" because it had alternative uses. It could, for example, be sold and the money used to build on cheaper land.

Opportunity cost is a useful concept for thinking about government activity. When government subsidizes some industry, the opportunity cost is the value of best alternative use for the money, such as education or health.

The next article discusses how a market economy determines prices and ensures that resources flow to the highest-value uses.



4. CHI PH C HI

Khi mt chn la kinh t c thc hin, cc nh kinh t o lng chi ph ca chn la di dng chi ph c hi, c nh ngha l gi tr ca chn la thay th tt nht b b qua.

Mt v d th v v chi ph c hi l t kinh doanh. Bn mun thnh lp mt cng ty phn mm, bn phi thu vn phng, tuyn lp trnh vin v sau bn phn mm. Sau mt nm, chi ph trc tip l:

Thu vn phng : 12.000 -la M

Lng : 24.000 -la

Cc chi ph tin ch : 10.000 -la Tng chi ph trong nm l 46.000 -la. Gi s doanh s phn mm l 48.000 -la, bn s rt vui v li nhun l 2.000 -la!

Tuy nhin, li nhun k ton tnh theo cch ny khng o lng chnh xc s thnh cng ca bn. Gi s bn c th lm vic cho mt ngn hng quc t v kim c 8.000 -la. Vy c hi kim c 8.000 -la b b qua chnh l chi ph c hi, theo bn mt i mt khon li kinh t l 6.000 -la.

Mt v d khc, mt trng i hc mun m rng c s trn mnh t ca trng mt thnh ph ln. Mt cn b trng cho rng v t c sn nn khng phi tn chi ph". Tht ra, mnh t trn vn c chi ph v c th c s dng vo mc ch khc. Nh trng c th bn mnh t ny i v dng tin xy c s trn mt mnh t r tin hn. Khi nim chi ph c hi cng rt hu ch khi ni n hot ng ca Chnh ph. Nu mt Chnh ph



tr gi cho cc ngnh, chi ph c hi chnh l gi tr s dng khon tin ny cho mc tiu thay th tt nht, chng hn gio dc v y t.

Nhng bi vit tip theo s bn v c ch xc nh gi ca th trng, m bo sao cho ngun lc c s dng mt cch tt nht.


5. Markets: Supply And Demand

Microeconomics is often called price theory because it focuses on the manner in which markets operate to determine the prices of goods and services. In microeconomics, a market is not a physical place where exchange takes place. Instead, a market represents the interaction between the demand and supply relationships.

Demand is the relationship between the price of a good and the quantity demanded of that good, holding all other variables constant. Price is measured in money per unit and quantity demanded is measured in units consumers are willing and able to buy per time period. The law of demand specifies that the relationship between price and quantity demanded is inverse: as price rises, consumers decrease their quantity demanded.

Supply is the relationship between the price of a good and the quantity supplied of that good, holding all other variables constant. Quantity supplied is measured in units producers are willing and able to sell per time period. The law of supply specifies that the relationship between price and quantity supplied is direct: as price rises, producers increase their quantity supplied.



Equilibrium occurs at the price for which the quantity demanded equals the quantity supplied. If the market price is below the equilibrium price, quantity demanded by consumers exceeds quantity supplied by producers; if the market price is above the equilibrium price, quantity demanded by consumers is less than the quantity supplied by producers. The next article describes how markets adjust until equilibrium is achieved.

5. TH TRNG: CUNG V CU

Kinh t hc vi m thng c gi l l thuyt v gi v mn ny tp trung vo c ch xc nh gi hng ha v dch v ca th trng. Trong kinh t vi m, th trng khng phi l mt a im din ra trao i, m ch yu ni ln mi quan h tng tc gia cung v cu.

Cu l mi quan h gia gi ca mt mt hng vi lng cu i vi mt hng , trong iu kin nhng yu t khc khng i. Gi c o theo n v tin v lng cu c tnh theo n v hng m ngi tiu dng sn lng mua v c th mua trong mt thi im. Quy lut cu cho thy mi quan h nghch bin gia gi v lng cu: khi gi tng, lng cu ca ngi tiu dng gim i.

Cung l mi quan h gia gi ca mt mt hng v lng cung ca mt hng , trong iu kin cc bin s khc khng i. Lng cung c tnh theo n v hng m nh sn xut sn lng bn v c th bn trong mt thi im. Qui lut cung nu ln mi quan h trc tip gia gi v lng cung: khi gi tng, nh sn xut tng lng cung ng.



Ti mt mc gi m lng cu bng lng cung ta gi l cn bng th trng. Nu gi th trng thp hn gi cn bng, lng cu ca ngi tiu dng s vt lng cung ca nh sn xut; nu gi th trng cao hn mc gi cn bng, lng cn ca ngi tiu dng s t hn lng cung ca nh sn xut. Bi vit tip theo s m t c ch iu chnh ca th trng t mc cn bng.


6. Market Equilibrium (Market Clearing)

If the market price is below the equilibrium price, the quantity demanded by consumers exceeds the quantity supplied by producers. The difference between quantity demanded and quantity supplied is called excess demand, or shortage. When a shortage exists, consumers who value the good most highly will offer sellers a higher price. As the price rises producers respond by increasing the quantity supplied and consumers respond by decreasing the quantity demanded. Once the quantity supplied and quantity demanded are equal, there is no further pressure for the price to rise,,and equilibrium has been established.

If the market price is above the equilibrium price, quantity demanded by consumers is less than the quantity supplied by producers. The difference between quantity supplied and quantity demanded in this case is called excess supply, or surplus. When a surplus exists, producers compete by offering their goods to consumers for a lower price. As the price falls, consumers respond by increasing their quantity demanded and producers respond by decreasing their quantity supplied. Equilibrium is



established when the price falls sufficiently that quantity demanded and quantity supplied are equal.

Our analysis assumes that demand and supply are fixed relationships and that other variables, like consumer income, prices of other goods, and prices of inputs are constant (the ceteris paribus assumption). The next article will discuss how demand, supply, and market equilibrium respond to changes in these other variables.

6. CN BNG TH TRNG

Khi gi trn th trng thp hn mc gi cn bng, lng cu ca ngi tiu dng s vt lng cung ca nh sn xut. Chnh lch gia lng cu v lng cung c gi l d cu hay thiu ht hng ha. Khi mt mt hng b thiu ht, nhng ngi tiu dng no nh gi mt hng cao nht s tr gi cao hn cho ngi bn. Khi gi tng, nh sn xut s phn ng bng cch tng lng cung v ngi tiu dng s p li bng cch gim lng cu. Mt khi lng cung v lng cu bng nhau th s khng cn p lc tng gi. S cn bng lc ny c thit lp.

Nu gi th trng cao hn mc gi cn bng, lng cu ca ngi tiu dng s thp hn lng cung ca nh sn xut. Lc ny chnh lch gia lng cung v lng cu c gi l d cung hay d tha hng ha. Khi , cc nh sn xut s cnh tranh bng cch cho bn vi gi thp hn cho ngi tiu dng. Khi gi gim, ngi tiu dng s phn ng bng cch tng lng cu v nh sn xut s p li bng cch gim lng cung. Khi gi gim xung mc va lng cung v lng cu bng nhau th cn bng th trng c thit lp.



Khi phn tch, chng ta gi nh cc mi quan h cung v cu l c nh trong khi cc bin s khc nh thu nhp ca ngi tiu dng, gi cc loi hng ha khc, gi ca nhp lng l khng i (theo gi nh ceteris paribus,). Bi vit k sau s bn v phn ng ca cung, cu v cn bng th trng khi cc bin s ny thay i.


7. Changes In Demand That Affect Market Equilibrium

Previous articles discussed market equilibrium and defined demand and supply as the relationships between prices and quantities, holding other variables constant. This article describes how equilibrium responds to changes in consumer incomes, prices of substitute goods, and prices of complementary goods.

If consumer incomes increase, then at any price, consumers increase quantity demanded, so demand increases. If demand increases at the equilibrium price, the quantity demanded exceeds the quantity supplied and the price is bid up. Producers respond by increasing the quantity supplied. Price rises until a new equilibrium is established; the new equilibrium price is higher and the new equilibrium quantity is higher.

When the price of seafood increases, consumers seek substitutes. Pork is a substitute for seafood, so at every price for pork the quantity demanded increases. The increase in the price of seafood induces an increase in demand for pork: the result is that the equilibrium price and quantity of pork both increase.



Gasoline and tires are complementary goods: they are used together. When the price of gasoline increases, consumers drive less, so they replace their tires less frequently: the demand for tires decreases. Producers compete by reducing the price of tires, and by reducing the quantity of tires that they supply. The tire market reaches a new equilibrium at a lower price and smaller quantity.

As exercises, readers may analyze equilibrium responses to decreasing consumer incomes or decreasing prices of substitute or complementary goods.

7. NHNG THAY I V CU TC NG N CN BNG TH TRNG

Trong cc bi vit trc, chng ta tho lun v cn bng th trng v nh ngha cung cu theo mi quan h gia lng v gi, trong khi cc yu t khc khng i. Bi vit ny s m t phn ng ca cn bng th trng i vi nhng thay i nh: thu nhp ca ngi tiu dng, gi cc hng ha thay th hay hng ha b sung.

Nu thu nhp ca ngi tiu dng tng, h cng s tng lng cu hng ha mi mc gi, do cu tng. T mc gi cn bng, khi lng cu tng ln vt lng cung th gi s b y ln. Nh sn xut p ng bng cch tng lng cung. Gi s tng n khi mt s cn bng mi c thit lp; lng v gi mi u cao hn ban u.

Khi gi hi sn tng, ngi tiu dng s tm hng ha khc thay th hi sn. Mt trong nhng mt hng l tht heo, lc ny d ang bt k mc gi no th cu tht heo cng tng ln. Gi hi sn tng khin cho cu tht heo tng:



kt qu l c gi ln lng tht heo cn bng trn th trng u tng.

Xng v lp xe l hai loi hng b sung cho nhau v chng c s dng cng lc. Khi xng ln gi, ngi tiu dng bt dng xe, do khng phi thng xuyn thay lp xe nn cu lp xe gim. Cc nh sn xut lp xe cnh tranh bng cch gim gi bn v gim sn lng cung ng. Khi th trng lp xe t c mc cn bng mi vi gi v lng thp hn ban u.

Bn c c th thc tp phn tch s cn bng p ng vi cc tnh hung: cho thu nhp ca ngi tiu dng gim, gim gi hng ha thay th hay hng ha b sung.


8. Changes In Supply That Affect Market Equilibrium

This article describes how market equilibrium responds to changes in input prices and technology.

Input prices may rise due to increased demand for the inputs or due to factors like tariffs on imported inputs. When input prices increase, producers have to sell their products at higher prices. As the price is bid up, some consumers will reduce the quantity of the product that they buy. The new equilibrium price is higher and the new equilibrium quantity is lower: consumers and producers are worse off.

If an input price declines, producers may compete with each other by passing the cost savings to their consumers, i.e., they lower their product prices. As the product price falls, some consumers will increase the quantity of the



product that they buy. The new equilibrium price is lower and the new equilibrium quantity is higher: consumers and producers are better off.

Improving technology makes it possible to produce a given quantity of a product at lower unit cost. Competing firms can then sell their product at a lower price; as price falls, consumers buy more units of the goods. Again, consumers and producers are better off.

In a well-functioning market economy, competing firms strive to adopt the technology that allows them to produce at lowest cost, given local input prices, so that they can sell more of their product domestically and possibly on export markets. Inefficient firms fail, and the average productivity of the industry rises.

8. NHNG THAY I V CUNG TC NG N CN BNG TH TRNG

Bi vit ny m t phn ng ca cn bng th trng khi gi nguyn liu v cng ngh thay i.

Gi nguyn liu c th tng do cu nguyn liu tng hoc do nhng nhn t khc v d nh tng thu nhp khu nguyn liu. Khi , cc nh sn xut phi nng gi bn sn phm. Khi gi bn tng ln, mt s ngi tiu dng s mua t i. Lc ny gi cn bng mi s cao hn trong khi lng cn bng mi th thp hn: c ngi tiu dng ln nh sn xut u b thit.

Nu gi nguyn liu gim, cc nh sn xut c th cnh tranh vi nhau bng cch ngi tiu dng c hng khon chi ph tit kim, ni cch khc l h gi bn sn phm. Khi , mt s ngi tiu dng s tng lng sn



phm m h mua. Gi cn bng mi lc ny s thp hn v lng cn bng mi th cao hn: c ngi tiu dng ln nh sn xut u c li.

Ci tin cng ngh s gip gim gi thnh sn phm, vi mt mc sn lng cho trc. Khi cc cng ty cnh tranh c th bn sn phm vi gi thp hn; khi gi gim, ngi tiu dng s mua hng nhiu hn v c bai bn u c li.

Trong mt nn kinh t th trng hot ng hiu qu, vi gi nguyn liu ni a cho trc, cc cng ty cnh tranh s n lc ng dng cng ngh sao cho chi ph sn xut l thp nht. Nh vy, h c th bn nhiu sn phm ra th trng trong nc v c th xut khu. Cc cng ty km hiu qu s tht bi, nng sut bnh qun c ngnh s tng ln.


9. Economists Love Motorbikes

Economists love the motorbike market because it provides good examples for illustrating the effects described in previous articles. These effects may occur simultaneously, and the changes in equilibrium price and quantity reflect all of them. However, for clarity we describe each effect individually.

First, consumer incomes have been rising for several years. As expected, this has increased the demand for motorbikes. For some time, the strong demand made it possible for motorbike sellers to increase prices.

Second, the strong demand for motorbikes induced Chinese producers to target the Vietnamese market for



their exports. The supply of low-price (and low quality) motorbikes increased rapidly and a large number of consumers bought these instead of locally-assembled motorbikes: the demand for locally-assembled motorbikes decreased. The equilibrium price and quantity of locally-produced motorbikes decreased as a result. Honda responded by introducing a new model, Wave Alpha, that was price-competitive with the Chinese products and higher quality. Consumers benefited from this competition: they now have a wider variety of motorbikes to choose from, and at lower prices.

Third, the Vietnamese government uses trade policy to support the domestic producers of motorbike components. The tariff on imported motorbike parts increases if motorbike producers have smaller domestic content in their products. The increased cost due to the tariff increases the equilibrium price for the assembled motorbike and reduces the equilibrium quantity of assembled motorbikes. Domestic motorbike assemblers and domestic consumers bear higher costs while domestic parts producers ride happily down the boulevard.

9. CC NH KINH T HC YU THCH XE MY

Cc nh kinh t hc yu thch th trng xe my v y l mt v d r nt v nhng tc ng i vi cn bng th trng nh m t trong nhng bi vit trn y. Cc tc ng ny c th xy ra cng lc v c phn nh qua nhng thay i v gi v lng cn bng. Tuy nhin, phn bit ta s trnh by r tng tc ng mt.

Tc ng th nht, thu nhp ngi tiu dng gia tng trong nhng nm gn y khin cho nhu cu mua xe my



cng tng theo. Trong mt khong thi gian nht nh, mc cu cao lm cho ngi bn xe my c th tng gi.

Tc ng th hai, do cu tiu dng xe my Vit Nam tng mnh nn cc nh sn xut Trung Quc chn Vit Nam lm th trng xut khu xe my. Cung xe my vi gi r (vi cht lng thp) tng nhanh v mt lng ln ngi tiu dng chn mua xe Trung Quc thay v mua xe lp rp trong nc: lc ny cu xe my lp rp trong nc gim dn n gi v lng cn bng th trng xe my ni a gim. Cng ty Honda phn ng bng cch trnh lng mt mu xe mi, l Wave Alpha, vi gi tng ng gi xe Trung Quc nhng cht lng tt hn. Kt qu l ngi tiu dng c li t s cnh tranh ny: h c nhiu chn la hn vi gi thp hn.

Tc ng th ba, Chnh ph Vit Nam p dng chnh sch thng mi h tr cc nh sn xut linh kin xe my trong nc. Nu sn phm xe my ca cc nh sn xut c hm lng ni a thp th h phi chu thu nhp khu linh kin cao. Chi ph tng do thu nhp khu s y gi thnh lp rp xe my ln v h thp sn lng xe my lp rp lc ny ang trng thi cn bng. Cc nh sn xut xe my lp rp v ngi tiu dng ni a phi chu ph tn cao hn trong khi cc nh sn xut linh kin trong nc ci xe bt ph mt cch khoi ch.


10. Markets And Resource Allocation

Several articles have described changes in market equilibrium in terms of changes in price and quantity.



These changes have important implications for resource allocation.

Economists typically refer to three types of resources: labor, capital, and land. Sometimes entrepreneurship is added to the list. Labor refers to productive services people provide, including physical work and intellectual work like business management. In microeconomics capital means physical capital: buildings and machines. Land includes land surface and resources that may lie above or below the land.

Resource allegation to production of alternative goods and services depends on prices that are determined by markets. If consumer demand for particular goods increases, the price rises. The higher price induces entrepreneurs to organize resources to produce more of the popular goods; new producers my even enter the market. In a competitive environment, producers have strong incentives to select technologies and resources to produce cost-efficiently.

The sequence of events set off by an increase in consumer demand is beneficial for consumers, for producers, and for resource owners. Keep in mind that individual citizens may be all of these; most of us are both consumers and owners of labor resources.

Of course, this sequence can be reversed. If consumer demand falls, the price of the good falls, then resources are released from producing that good and must be deployed in their next best alternative.



In a market economy, the price mechanism guides resource allocation to the goods and services that consumers want.

10. TH TRNG V S PHN B NGUN LC

Cc bi vit trc m t s thay i ca cn bng th trng thng qua nhng thay i gi v lng. Nhng thay i ny c quan h mt thit n s phn b ngun lc.

Cc nh kinh t thng cp n ba loi ngun lc: lao ng, vn v t ai. i khi h cn thm vo yu t tinh thn sng to kinh doanh. Khi ni lao ng ngi ta ni n hot ng sn xut do con ngi thc hin, gm hot ng chn tay v hot ng tr c, chng hn nh hot ng qun l kinh doanh. Trong kinh t vi m, vn c ngha l vn vt cht: nh xng v my mc. t ai gm c mt bng v cc ngun lc nm bn di hay trn mt t.

Vic phn b ngun lc sn xut hng ha v dch v thay th ln nhau ph thuc vo gi do th trng quyt nh. Nu nhu cu tiu dng mt hng ha tng th gi s tng. Gi tng s thc y cc doanh nghip vn dng ngun lc sn xut nhiu hn mt hng ang n khch; ngay c cc nh sn xut mi s tham gia th trng. Trong mt mi trng cnh tranh, cc doanh nghip c ng lc cao chn la cng ngh v ngun lc nhm sn xut vi chi ph thp.

Bt u t vic tng nhu cu tiu dng, chui s kin tip theo s c li cho c ngi tiu dng, nh sn xut v ch s hu ngun lc. Lu l mi c nhn c th l tt c



nhng i tng ny; phn ln chng ta va l ngi tiu dng va l ch s hu ngun lc lao ng.

Tt nhin, qu trnh trn c th l ngc li. Nu nhu cu tiu dng mt mt hng gim, gi s gim, khi ngun lc dng sn xut mt hng ny c gii phng v chuyn sang cho mc ch thay th tt nht.

Trong mt nn kinh t th trng, c ch gi c s hng s phn b ngun lc vo nhng hng ha v dch v m ngi tiu dng mun.




11. Markets And Consumer Welfare

Market transactions make buyers and sellers better off. When a consumer buys pho, she does so because she prefers to satisfy her hunger rather than keep VND6,000 in her pocket. The pho shop is pleased to sell because they prefer to earn money instead of keeping pho on hand. When many consumers buy many bowls of pho from many sellers, they are all better off.

The gams that buyers and sellers receive from market transactions contribute to the economic welfare (we will deliberately define this concept in other articles). We analyze consumers' gains with the demand curve shown below. Price (VND/unit) is on the vertical axis and quantity demanded (units/time period) is on the horizontal axis. Demand slopes down because consumers increase quantity demanded as price falls.

In a competitive market consumers all pay the equilibrium price (P*). But, according to our demand curve, if the quantity were restricted, some consumers would be willing to pay higher prices. These consumers receive consumer surplus equal to the difference between the value they perceive from the good and the equilibrium price.



Total consumer surplus is defined as the area below the demand curve, but above P*; it is the shaded area in the diagram. If the quantity sold is less than then total consumer surplus is smaller. At equilibrium price P* consumers will not buy more than. Therefore, when the equilibrium price is P* consumer surplus is maximized at the equilibrium quantity.

The next article shows how the sellers' gains are measured.

11. TH TRNG V PHC LI NGI TIU DNG

Cc giao dch trn th trng lm cho c ngi mua v ngi bn cng c li. Khi mt ngi tiu dng (NTD) mua ph, c ta mun tha mn cn i ca mnh hn l dnh 6.000 ng trong ti. Cn tim ph cng sn lng bn, v h mun c tin hn l gi li ph trong ca tim. Khi c nhiu ngi mua ph v nhiu ngi bn ph th c i bn u c li.

Li ch m ngi mua v ngi bn thu c t nhng giao dch trn th trng gp phn hnh thnh nn phc li kinh t (chng ta s nh ngha chi tit khi nim ny trong nhng bi ti). Chng ta phn tch li ch ca NTD da theo ng cu hnh bn. Mc gi (ng/n v hng) c th hin trn trc tung v lng cu c th hin trn trc honh (n v hng/thi k). ng cu dc xung v NTD s tng lng cu khi gi gim.

Trong mt th trng cnh tranh, mi ngi mua u tr theo gi cn bng (P*). Nhng a vo ng cu, ta thy nu s lng hng ha b hn ch, mt s NTD s sn sng tr gi cao hn. Nhng ngi ny s c c thng d



ngi tiu dng tng ng vi chnh lch gia gi tr do h nhn nhn t mn hng v gi cn bng th trng.

Tng thng d c xc nh bi din tch t m trn th, bn di ng cu v trn ng gi P*. Nu lng hng bn ra t hn th tng thng d s nh hn. Ti mc gi cn bng P, NTD s khng mua mt lng hng nhiu hn. Do , khi gi cn bng l P' th thng d s c ti a ha ti lng cn bng.

Bi vit sau y trnh by cch o lng li ch m ngi bn thu c.


12. Markets And Producer Welfare

Market transactions make buyers and sellers better off. The above article showed how consumers' gain in the consumption of pho is measured. This article shows how economists measure the gain that Tpho restaurants enjoy from market transactions.

We analyze producers' gains with the supply curve of pho shown below. Price (VND/bowl) is on die vertical axis and Quantity Supplied (bowls/time period) is on the horizontal axis. The supply curve tells us how many bowls of pho will be supplied at each possible price. The higher the price, the greater the quantity supplied.

In a competitive market, producers all sell at the equilibrium price (P*). But the diagram shows that some producers would be willing to produce at a price lower than P*, since they are more efficient and therefore can produce additional units at a lower cost. These producers



receive producer surplus equal to the difference between the price at which they are willing to sell and the price at which they actually sell.

Total producer surplus is defined as the area above the supply curve, but below P* (the shaded area in the diagram). At equilibrium price P* the restaurants will not produce more than Qs*. Any reduction in either P* or Qs* would reduce the producer surplus.

The next article defines net social welfare and demonstrates that it is maximized at the equilibrium price and quantity.

12. TH TRNG V PHC LI NH SN XUT

Cc giao dch trn th trng gip c ngi mua v ngi bn cng c li. Bi vit trn y cho thy cch o lng li ch m ngi n ph nhn c. Bi vit k ny ni v cch cc nh kinh t o lng li ch m tim ph thu c t cc giao dch trn th trng.

Chng ta phn tch li ch ca nh sn xut theo ng cung ph hnh bn. Trc tung th hin gi (VND/t ph) v trc honh th hin lng cung (s t ph/thi im nht nh). ng cung cho ta bit s t ph s c cung ng mt mc gi bt k. Gi cng cao, cng c nhiu t ph c bn.



Trong mt th trng cnh tranh, cc nh sn xut u bn ti mc gi cn bng (P*). Nhng th cho thy mt s nh sn xut sn sng sn xut mt mc gi thp hn P*. Do c hiu qu cao hn, h c th sn xut thm lng hng vi gi thnh n v thp hn. Nhng ngi ny s thu c thng d nh sn xut bng vi chnh lch gia mc gi m h mun bn v mc gi h tht s bn c.

Tng thng d nh sn xut c xc nh bi din tch nm trn ng cung, nhng di ng gi P (phn din tch c t m trn th). Ti mc gi cn bng P* h s khng sn xut nhiu hn lng Qs*. Gi thp hn P' hay lng thp hn Qs* u lm gim thng d nh sn xut.

Bi tip theo nh ngha li ch x hi rng v chng minh rng n c ti a ha khi th trng trng thi cn bng.


13. Social Benefit (SB)

Market transactions make buyers and sellers better off. The last two articles analyzed consumer surplus (CS) and producer surplus (PS) in the pho market. This article explains social benefit (also economic welfare) as the sum of cs and PS, and demonstrates that social benefit is maximized at market equilibrium.

Market equilibrium is established at the price for which quantity demanded equals quantity supplied. On a market graph, the intersection of demand and supply gives the equilibrium point.



SB is the sum of the shaded areas on the graph.

Suppose that market quantity is Q1 instead of Q*. In this case, the price rises to P1, because that is what consumers are willing to pay. We see that some cs is transferred to PS but we also see that the small triangles of CS and PS between Q1 and Q* are lost. For quantities less than Q* SB is less than SB at Q*.

Now suppose that market quantity is Q2. For quantities greater than Q* the supply curve is above the demand curve. This indicates that the resource costs required to increase quantity from Q* to Q2 are greater than the value that consumers place on the additional units of the good. The SB at Q2 is calculated as the SB at Q* minus the area of the triangle ABC.

Social benefit is maximized at market equilibrium. In the discussion, we supposed that the market quantity deviated from the equilibrium quantity. In the next articles we will examine some reasons why that might occur, and we will discuss the consequences.

13. LI CH X HI (SB)

Cc giao dch trn th trng lm cho c ngi mua v ngi bn u c li. Hai bi vit trc phn tch thng d ngi tiu dng (CS) v thng d nh sn xut (PS) trn th trng ph. Bi vit ny cho thy li ch x



hi (cn gi l phc li kinh t) l tng ca CS v PS v chng minh rng li ch x hi t ti a khi th trng trng thi cn bng.

Cn bng th trng c thit lp ti mc gi m lng cung v lng cu bng nhau. Trn th biu din th trng, giao im ca ng cung v ng cu cho ta im cn bng.

Li ch x hi l tng din tch t m trn th.

Gi s lng hng trn th trng l Q1 thay v Q*. Khi gi tng ln P1 v y l mc gi m ngi tiu dng sn sng chi tr. Ta thy mt phn CS c chuyn sang PS nhng c hai tam gic nh thuc CS v PS trong khong Q1, v Q* mt i. Khi lng hng thp hn Q* th li ch x hi tng ng s thp hn li ch x hi ti Q*.

By gi gi s lng hng trn th trng l Q2 . Ti bt k lng hng no nhiu hn Q* ta thy ng cung nm bn trn ng cu. iu ny cho thy cc chi ph ngun lc cn thit tng lng hng t Q* ln Q2 l ln hn gi tr ca lng hng tng thm ny theo nhn nhn ca ngi tiu dng. SB Q* c tnh bng SB Q* tr cho din tch tam gic ABC.

Li ch x hi c ti a ha ti mc cn bng th trng. Trong phn phn tch, chng ta gi nh s lng hng trn th trng c th chch khi lng cn bng. Trong nhng bi vit sau y chng ta s xem xt cc nguyn nhn v kt qu ca hin tng ny.


14. Lets Not Forget The Full Costs



The recent Conference on Sustainable Development in South Africa highlighted the fact that in efforts to achieve higher rates of growth, countries have often found the cost of this goal to be damage to the environment. The question now being asked is what can be done to reverse this trend and why can't markets allocate resources efficiently.

The answer lies in understanding the concept of externalities. In the case of an externality, some costs (negative externalities) or benefits (positive externalities) of the use of a resource fall on individuals or groups that are external to the market transaction.

A simple example of negative externalities is higher pollution and noise levels that have resulted from the proliferation of motorbikes. These negative factors are felt by everyone regardless if they own a motorbike. Thus, the full costs of a motorbike are not reflected in the price paid by consumers.

While consumers' decisions are based on the market price (the private cost), resources will only be allocated efficiently if the full costs, the private plus social costs, are taken into account.

Since the full costs are greater than that reflected in the market, resources will tend to be over allocated. Thus, too many motorbikes are purchased and society is burdened with the environmental hazards.

How to reallocate resources to better reflect the full costs of the production is an issue currently under debate by policymakers. The next article will provide more details on some economic solutions.



14. NG QUN KHI NIM CHI PH TON B

Cuc hi tho v Pht trin Bn vng Nam Phi gn y nu r thc t rng trong n lc t mc tng trng cao, cc nc qun i ci gi ca mc tiu ny l s tn hi i vi mi trng. vn t ra hin nay l cn phi lm g o ngc xu hng trn v ti sao th trng khng th phn b ngun lc mt cch c hiu qu.

Cu tr li nm trong s hiu bit v khi nim ngoi tc. Ngoi tc xy ra khi mt s chi ph (ngoi tc tiu cc) hay li ch (ngoi tc tch cc) ca vic s dng mt ngun lc ri vo cc c nhn hay cc nhm khng tham gia vo giao dch th trng.

Mt v d n gin v ngoi tc tiu cc l mc nhim v ting n do s lng xe gn my gia tng qu nhanh. Cc yu t tiu cc trn nh hng n mi ngi d h c xe my hay khng. Do , chi ph ton b ca mt xe gn my khng c phn nh y trong mc gi m ngi tiu dng tr.

Trong khi cc quyt nh ca ngi tiu dng da vo gi th trng (chi ph t nhn) th cc ngun lc ch c phn b mt cch hiu qu nu xt chi ph ton b tc l chi ph t nhn cng thm chi ph x hi.

Do tng chi ph ln hn chi ph th hin trn th trng nn cc ngun lc c xu hng c phn b qu mc. V vy, nu cng c nhiu xe my c mua th x hi cng phi gnh chu nhng him ha v mi trng.

Vic ti phn b ngun lc phn nh chnh xc hn ton b chi ph ca sn phm l mt vn ang c cc nh



hoch nh chnh sch tranh lun. Bi vit k tip s ni r hn v cc gii php mang tnh kinh t.


15. Internalizing The Externality

When negative externalities occur, full costs of production are not reflected in the market. This creates a divergence between the private cost and social cost resulting in resources being over allocated to the sector involved.

One common remedy to reducing consumption of a good that has negative externalities is to increase the cost of production so full costs - private cost of production plus the cost to society due to the externalities - are reflected in the market. This can be done through policies such as imposing taxes or restricting the use of a good. An illustration of such policies is the recent suggestion to double the consumption tax on motorbikes and create "off-limits" zones in a number of downtown streets in HCMC.

To better understand the effect of a tax policy, consider the diagram below. The supply curve, Sp, represents die private costs of production and does not include the negative externalities. Curve Dp is market demand for motorbikes.



The market solution would result in Qm motorbikes being purchased at price of Pm.

However, if a policy such as a tax is implemented to "internalize" the externalities the supply curve will shift to the left. The new supply curve will be St. This results in a lower quantity of motorbikes being consumed (QT) and, hence, lower level of air and noise pollution. The tax revenue could also be used to pay for improving air quality or health-related expenses of motorbike use.

15. "NI HA" NGOI TC

Khi ngoi tc tiu cc xy ra, chi ph ton b ca sn xut khng c phn nh trn th trng. iu ny to ra chnh lch gia chi ph t nhn v chi ph x hi m kt qu l ngun lc b phn b qu mc cho ngnh lin quan.

Mt bin php ph bin nhm hn ch tiu dng mt mt hng, khi vic tiu dng ny gy ra ngoi tc tiu cc, l lm tng chi ph sn xut. Mc ch l ton b chi ph - bao gm chi ph sn xut t nhn cng vi chi ph i vi x hi do ngoi tc - c phn nh trn th trng. Bin php ny c th c thc hin thng qua cc chnh sch nh nh thu hoc hn ch tiu dng. n c l mt ngh gn y cho rng nn tng gp i thu tiu th xe gn my v hn ch lu thng xe my trn mt s tuyn ng trung tm Thnh ph H Ch Minh.

hiu r hn tc ng ca mt chnh sch thu, ta xem xt th trn y. ng cung Sp th hin chi ph sn xut t nhn v cha bao gm ngoi tc tiu cc. ng Dp l cu th trng xe gn my. Nu theo gii php th trng th lng xe gn my bn ra l Qm ti mc gi Pm .



Tuy nhin, nu thc hin chnh sch thu nhm ni ha" ngoi tc th ng cung s dch sang tri. V tr mi ca ng cung l St. Kt qu l lng tiu th xe gn my t hn (QT) dn n mc nhim v ting n cng thp hn. S thu thu c c th dng ci thin cht lng khng kh hay trang tri cho nhng ph tn y t c lin quan n vic s dng xe gn my.


16 . Marginal Analysis: Why the farmer should care, and everybody else too

In economics and management theories, marginal analysis plays a crucial role. This is one of the basic approaches in business decision-making.

Let's take paddy rice production as an example. One farmer on one hectare of land might produce 5 tons of paddy rice by using 6 bags of urea fertilizer. Holding other inputs such as labor and land fixed, if the farmer added one more bag of urea, the yield would be 5.5 tons. Economists call the increase of 500kg in output being the marginal product of the seventh bag of urea. In general, marginal product is the additional output produced as an input is increased by one unit (holding other inputs constant).

Why should the farmer be concerned with marginal product? If he continually added urea to his one-hectare land, he might produce more output per extra bag of urea, but at a lower rate. After adding bag number 8, for example, the additional output may increase only 300kg and if a ninth bag is added, too much urea poisons the



paddy and output may decline. At that point the marginal product becomes negative. Thus, the marginal product of urea will eventually diminish as the farmer uses it more and more.

What happened above is called the law of diminishing marginal product. It holds not only for fertilizer, but also for other inputs and other production processes in the economy.

The marginal concept also applies to revenue, profit, cost, and tax rates, etc. These may follow different rules. Upcoming articles will discuss some of these concepts.

16. PHN TCH CN BIN: TI SAO T BC NNG DN N TT C MI NGI U PHI CH

Trong l thuyt kinh t cng nh qun tr, phn tch bin t c vai tr thit yu. y l mt trong nhng c s cn bn khi a ra quyt nh kinh doanh.

Ly sn xut la lm v d. Trn mt hcta t, mt bc nng dn s dng 6 bao phn ur v thu hoch c 5 tn la. Vi cc yu t u vo khc nh lao ng v t ai khng i, nu bc nng dn tng thm mt bao ur na th sn lng l 5,5 tn. Cc nh kinh t gi mc sn lng tng thm 500 kg l nng sut bin ca bao phn th by. Tng qut, nng sut bin l phn sn lng gia tng khi s dng thm mt n v yu t u vo (vi iu kin cc u vo khc khng i).

Ti sao bc nng dn phi quan tm n nng sut bin? Nu tip tc tng s phn ur trn tha rung mt hcta, mi bao ur c th gip tng sn lng, nhng mc tng s khng cao nh trc. Chng hn khi bn thm bao phn



th 8 sn lng la ch tng thm 300 kg, n bao th 9 th qu nhiu phn ur li gy ng c cho cy la, do sn lng c th gim i. Lc ny nng sut bin tr thnh m. Nh vy, nng sut bin ca ur s gim dn khi ngi nng dn c tip tc s dng nhiu ur hn.

Hin tng trn c gi l qui lut nng sut bin gim dn. Quy lut ny khng ch ng cho phn bn, m cn ph bin i vi nhiu loi u vo v nhiu ngnh sn xut khc trong nn kinh t.

Khi nim bin cn c s dng trong nhng ch tiu nh doanh thu, li nhun, chi ph, thu sut... v c th tun theo nhng qui lut khc nhau. Mt s s c cp trong nhng bi sau.


17. Choosing The Level of Output That Maximizes Profit

Firms face the question of how many units of output should be produced to maximize profit. The response depends on two important economic indicators: marginal cost and marginal revenue.

Suppose that on his one-hectare land, a farmer spends VND8 million to produce 55 quintals of paddy rice, which he sells at the market price of VND200,000/quintal. If our farmer wants to increase output by one quintal, he must employ more inputs such as labor and fertilizer, and total cost will increase by say VND140,000. This extra expense is called the marginal cost of producing the 56th quintal of paddy rice, or the increase in cost resulting from the production of one more unit of output.



But let's say that to increase output further to 57 and 58 quintals, it will cost the farmer an extra VND200,000 and VND220,000 respectively. This increase in marginal cost is due to the diminishing marginal product of inputs.

On the other hand, the price that our individual farmer can get for his product is a market price, which does not change when he produces a different quantity of output. The market price of paddy rice is also the marginal revenue that the farmer will receive as he sells one extra quintal of paddy rice.

Balancing cost and revenue, the farmer realizes that with the 56th quintal sold his profit goes up by VND60,000; with the 57th quintal, the profit is unchanged. But selling the 58th quintal would actually lower his profit by VND20,000. Thus, the farmer reaches maximum profit when marginal cost equals marginal revenue, and his output is 57 quintals of paddy rice.

17. CHN LA MC SN LNG MANG LI LI NHUN TI A

Cc doanh nghip thng phi i mt vi cu hi nn sn xut bao nhiu sn phm t li nhun ti a. Cu tr li da vo hai ch tiu kinh t quan trng: chi ph bin v doanh thu bin.

Gi s trn khonh t mt hecta, mt bc nng dn b ra chi ph 8 triu ng trng la v thu hoch c 55 t. Gi la trn th trng l 200 ngn ng/t. tng sn lng thm mt t, bc nng dn phi s dng thm lao ng v phn bn, nn tng chi ph tng thm 140 ngn ng. Khon tng thm ny c gi l chi ph bin ca t



la th 56, hay chi ph tng thm sn xut thm mt n v sn lng.

Nhng nu bc nng dn tng sn lng ln 57 ri 58 t, chi ph phi b ra cho mi t la tng thm ny s ln lt l 200 ngn ng v 220 ngn ng. S gia tng ca chi ph bin l do cc yu t u vo c nng sut bin gim dn.

Mt khc, gi bn ca ngi nng dn l gi th trng, mc gi ny khng thay i d bc ta c sn xut cc mc sn lng khc nhau. Do , gi la cng chnh l doanh thu bin m bc nng dn nhn c nu bn thm mt t la.

Cn i gia chi ph v doanh thu, bc nng dn thy khi bn t la th 56 li nhun tng thm 60 ngn ng; t la th 57 khng lm thay i li nhun; nhng khi bn n t la th 58 li nhun b gim 20 ngn ng. Do , bc nng dn t li nhun ti a khi chi ph bin bng doanh thu bin vi mc sn lng l 57 t la.


18. Monopolies: How Do They Thrive?

Monopoly, in simple terms, means a market with only one seller. A monopoly occurs when there is one producer but many buyers in an industry whose products have no close substitutes. *

Monopoly exists due to several factors. First, firms become monopolists for holding patents on production technology, or having access to strategic resources. Microsoft and some oil companies are typical examples. Secondly, a government may grant monopoly power to



one firm by not giving business licenses to others. VNPT was the sole company allowed to manage and conduct activities in the long distance and international telecom system in Vietnam. Finally, a firm may have invested heavily in capital goods so that it can produce the entire output of the market at a cost that is lower than what it would be if there were several firms. This is called natural monopoly and is often found in railroad, power, and gas industries.

A monopolist is in a unique position to manipulate market price by limiting output. The price it sets is always higher than its marginal cost, thus enabling the monopolist to earn extra profit. In a competitive market, this practice is not possible because other firms will enter the market and drive down the price towards the marginal cost. In a noncompetitive market, however, thanks to entry barriers to the industry such as patents and licenses, the monopolist does and will continue with its practice. Consequently, higher price and lower quantities earn the monopolist larger profits than would be the case in a competitive environment.

Is a monopoly a good thing or bad thing? If bad, what measures can the government take to control it? The next article will address this issue.

* Oligopoly means a market where only a few firms account for most or all of total industry's production.

18. C QUYN PHT TRIN THNH VNG NH TH NO?



c quyn theo cch ni n gin l mt mnh mt ch. c quyn xy ra khi trong ngnh ch c mt doanh nghip duy nht cung ng sn phm cho nhiu ngi mua v khng c sn phm khc thay th tt.*

c quyn tn ti do mt s nguyn nhn. Th nht, doanh nghip tr thnh c quyn do s hu bng sng ch cng ngh sn xut hay nhng ngun lc chin lc, v d nh Microsoft hay cc cng ty du kh. Th hai, Nh nc ch ng to th c quyn cho mt doanh nghip khi khng cp php hot ng cho cc doanh nghip khc. V d VNPT tng c c quyn khai thc v qun l h thng vin thng quc t v ng di Vit Nam. Th ba l khi mt doanh nghip u t ti sn c nh rt ln v c th cung cp hng ha cho c th trng vi gi thnh thp hn so vi cc doanh nghip khc trong ngnh. Hin tng ny gi l c quyn t nhin v ph bin trong cc ngnh nh ng st, nng lng v kh t.

Doanh nghip c quyn c v th c bit nh vo kh nng thao tng gi trn th trng bng cch hn ch sn lng. Doanh nghip ny lun nh gi cao hn chi ph bin tng li nhun. Trong mt th trng cnh tranh, hnh vi ny l khng th thc hin c v cc doanh nghip khc s tham gia vo th trng khin cho gi gim xung gn vi chi ph bin. Tuy nhin, trong mt th trng phi cnh tranh, do tn ti nhng ro cn gia nhp ngnh nh bng sng ch v giy php nn doanh nghip c quyn vn v s tip tc thc hin c hnh vi trn. Kt qu, doanh nghip ny thu c li nhun siu ngch v gi cao hn v sn lng thp hn so vi khi cnh tranh.



Vy c quyn c li hay c hi ? Nu c hi, chnh ph c bin php g kim sot c quyn ? Bi sau s tr li nhng vn ny.

* Cn c quyn nhm l khi phn ln hay ton b sn lng ca mt ngnh ch do mt vi doanh nghip cung ng.


19 . Regulating Monopoly

In a competitive market, equilibrium price and output show the levels of production and consumption that result in optimum economic efficiency. In a monopolistic market, however, since output is lower and price is higher than the competitive equilibrium there is a loss to society. The government therefore often takes measures to regulate or control monopolies.

One measure is to make the market more competitive. A few years ago, for example, Honda motorbike producers could be considered monopoly in the Vietnamese market and the unit price was close to US$2,500. However, since the government allowed imported and domestically assembled motorbikes of different brands to be sold, the resulting competitive pressure forced Honda motorbike producers to lower their prices by 50%.

With regard to monopolies that have exclusive access to strategic resources such as energy and gas, the government can use taxes to reduce their excess profits. The corporate income tax, for example, levied on oil companies in Vietnam is 50% while the typical rate applied to other industries is 32%.



Price control is another measure that the government uses to regulate natural monopolies such as railroad, power, and water supplies. In this case, a maximum price is allowed based on a fair rate of return that the monopolist will earn from its capital investment and the risk that it will face.

Yet, eliminating monopoly can at times be adverse to social welfare if governments do not have additional measures to prevent negative externalities. The motorbike problem in Vietnam traffic today is an example. Therefore, the need and method of regulating monopolies is a topic still under debate in economics.

19. KIM SOT C QUYN

Trong th trng cnh tranh, sn lng v gi cn bng th hin mc sn xut v tiu dng c hiu qu kinh t ti u. Tuy nhin, trong th trng c quyn, do sn lng thp hn trong khi gi th cao hn so vi mc cn bng cnh tranh nn x hi lun b tn tht. V th chnh ph thng p dng cc bin php iu tit hay kim sot c quyn.

Bin php u tin l cho php th trng tr nn cnh tranh hn. Chng hn, vi nm trc cc nh sn xut xe my ca hng Honda c th xem l c quyn trn th trng Vit Nam, gi mi chic ln n 2.500 -la M. Th nhng t khi cho php bn cc loi xe mang nhn hiu khc c nhp hay lp rp trong nc, sc p cnh tranh buc cc nh sn xut xe my Honda phi gim gi bn hn 50% so vi trc.

i vi nhng ngnh c c quyn khai thc cc ngun lc chin lc nh nng lng v kh t, chnh ph c th



nh thu gim bt li nhun siu ngch ca nh c quyn. V d, thu thu nhp p dng cho cc cng ty du kh Vit Nam l 50%, trong khi thu sut ph bin cho cc ngnh khc ch l 32%.

Kim sot gi l mt bin php khc m chnh ph thng p dng cho cc ngnh c quyn t nhin nh ng st, in, nc. Lc ny, mt mc gi ti a s c n nh trn c s xc nh mt sut sinh li hp l ca nh c quyn, c xt n vn v ri ro trong u t ca h.

Tuy nhin vic xa b c quyn i khi c th gy tc ng bt li cho phc li x hi nu chnh ph khng c thm nhng bin php ngn nga cc ngoi tc tiu cc. Vn nn xe my trong giao thng Vit Nam ngy nay l mt v d. V th, s cn thit cng bin php iu tit c quyn hin vn l mt ch gy tranh ci trong lnh vc kinh t.


20. Uncertainty And Risk

The presence of uncertainty means that more than one outcome is possible. Tossing a com presents a situation of uncertainty since two outcomes are possible. If no information is available on the nature of the coin, we then cannot make any ex-ante estimation of the probability of receiving one outcome or another. Economists call this situation unmeasurable uncertainty. In contrast, measurable risk is what we have when probability estimates can be attached to a range of possible outcomes. In tossing a fair coin, we know that there is a 50 percent chance of getting heads or tails.



It seems that we are not living in a very certain world with more economic boom and burst, more natural catastrophe, and more man-made threats ranging from the environment to terrorism. Take an example of the on-going bird-flu outbreak in Asia which is causing havoc to not only farmers but.also restaurants and tourism. This is pure uncertainty since no historical data are available to estimate the probability that the disease occurs. This makes the task of insuring against and managing this type of uncertainty extremely difficult.

Unsurprisingly, we therefore prefer a situation in which we can obtain probability estimates based on accumulated historical data so that risk can be quantified and managed.

The bright side is that with increased use of information technology and sophisticated markets, this task can now be done with greater ease. Nevertheless, research has shown that misjudging risks is in human nature. Over-optimism is a common factor leading to mistakes. People have high hopes for the future. In a real-estate bubble, investors tend to discount the risk of market collapse and believe in ever-rising prices. Likewise, in financial distress, panic sets in causing investors to make irrational decisions to unload their investments as soon as possible.

20. RI RO V BT TRC

Bt trc hay s khng chc chn ngha l c th c hai hay nhiu kt qu khc nhau. Vic tung mt ng xu l th hin mt tnh hung khng chc chn v c th c hai kt qu. Nu chng ta khng c thng tin g v bn cht ca ng xu, chng ta khng th d kin trc xc sut nhn c mt ny hay mt kia. Cc nh kinh t gi tnh th l s



khng chc chn khng o lng c. Ngc li, ri ro o lng c l tnh hung khi m chng ta c th c tnh xc sut ca mi kt qu c th xy ra. Khi tung mt ng xu thng thng, chng ta bit l mi c hi c mt nga hay mt sp u l 50%.

Dng nh th gii chng ta ang sng y ry nhng bt trc, khi m kinh t tri st tht thng hn, thin tai nhiu hn v hng lot nhng mi e da do con ngi gy ra t mi trng n khng b. Mt v d l dch cm g hin nay ang hnh honh chu , gy ra tn tht kinh t khng ch cho nng dn m c nhng nh hng hay ngnh du lch.

y hon ton l s khng chc chn bi v khng c s liu no trc c tnh xc sut nn dch c th xy ra. Do vy vic bo him hay i ph vi loi hnh khng chc chn ny l ht sc kh khn.

Tt nhin chng ta mun tnh hung m xc sut c th c tnh c trn c s s liu tch ly c trong lch s, t c th lng ha v qun l c ri ro. Ngy nay, cng vic ny d dng i rt nhiu nh vo vic p dng cng ngh thng tin cng nh cc th trng cao cp. Tuy nhin, cc kt qu nghin cu cho thy nh gi sai ri ro vn l bn cht ca con ngi. Qu lc quan l mt yu t thng dn n sai lm. Ngi ta qu k vng vo tng lai. Trong mt v bong bng bt ng sn, cc nh u t c xu hng coi nh ri ro th trng sp m c tin l gi s tng mi. Tng t, khi c khng hong ti chnh, cc nh u t trong hong lon thng c quyt nh khng hp l l rt vn v cng nhanh cng tt.




21. Flying Dangerously

All things being equal, workers in more hazardous environments are paid more money than other workers. From an economist's viewpoint, this wage differential exists to compensate the workers for the higher risks they face. Market efficiency is achieved when the wage is set so that workers are willing to trade their safety for extra money.

Piloting airplanes is a risky job and almost everywhere around the world civilian pilots earn high incomes. According to some estimates, the total income of a Vietnam Airlines' Boeing 777 pilot is around VND 40 million a month. We can use the concept of risk to determine whether the pilot's extra income is justified.

The probability that an airplane may be lost during a certain period of time is based on the accident rate per cruise hour. To adjust for increased risk during takeoff and landing, 3.7 hours of cruising are added for each flight. Thus, a 1.75-hour flight between Hanoi and Ho Chi Minh City will be equivalent to 5.45 hours of cruising. Statistical surveys show that on average one plane is lost per 1,566,000 "equivalent hours."

A Vietnam Airlines Boeing 777 pilot normally flies 227 equivalent hours in a month. His probability of being killed because his plane is lost in the course of a month is, therefore, equal to 227/1,566,000 = 0,0145%.

Let's assume that if the pilot worked in a safe environment with the same degree of technical requirements and stress level as piloting a plane, he would earn VND20 million per



month. Therefore the other VND20 million of his income is the risk premium for accepting the risk of flying. The value he puts on his life is 20/0.0145% = VND138,000 million or US$8.8 million.

Is the above figure too high for a working person in Vietnam? According to some international estimates, the price that people put on a life varies from as little as US$800,000 for South Koreans to US$4 million for Western Europeans, US$7 million for an Americans, and US$10 million for risk-averse Japanese.

21. HIM NGUY TRN KHNG

Vi mi yu t tng ng th nhng ngi lm vic trong mi trng nguy hi hn s c tr nhiu tin hn so vi ngi khc. Di ci nhn ca mt nh kinh t, chnh lch v tin lng nh vy l n b cho ri ro cao hn ca ngi lao ng. Khi tin lng t n mc m ngi lao ng sn lng nh i s an ton vi thu nhp vt tri, l th trng hiu qu.

Li my bay l mt cng vic ri ro v hu nh khp th gii cc phi cng dn s u c thu nhp cao. Theo mt s c tnh, mt phi cng Boeing 777 ca Hng khng Vit Nam c tng thu nhp khong 40 triu ng mt thng. Chng ta c th s dng khi nim ri ro xem thu nhp vt tri ca phi cng c hp l khng.

Xc sut ri my bay trong mt khong thi gian nht nh c tnh bng t l tai nn theo gi bay. xt n c ri ro khi ct cnh v h cnh, mi chuyn bay c cng thm 3,7 gi bay. Do , mt chuyn bay ko di 1,75 gi gia H Ni v TPHCM s tng ng 5,45 gi bay. Cc



kho st thng k cho thy bnh qun c mi 1.566.000 gi bay tng ng" th c mt my bay b ri.

Mt phi cng Boeing 777 ca Hng khng Vit Nam mi thng c khong 227gi bay tng ng. Do vy xc sut thit mng do ri my bay trong mt thng l 227/1.566.000 = 0,0145%.

Gi nh ngi phi cng c thu nhp 20 triu ng mt thng nu lm vic trong mi trng an ton vi cng yu cu chuyn mn v mc cng thng nh li my bay. Th th 20 triu ng cn li chnh l khon n b cho ri ro khi chp nhn li my bay. Ngi phi cng nh gi tnh mng ca mnh tng ng 20/0,0145% = 138 t ng hay 8,8 triu -la.

Liu con s trn c qu cao i vi mt ngi lao ng Vit Nam? Theo mt s c tnh quc t, ngi ta t gi cho sinh mng ca mnh t mc thp nh 800 ngn -la i vi ngi Hn Quc n 4 triu -la cho ngi Ty u, 7 triu -la cho ngi M v 10 triu -la cho ngi Nht khng thch ri ro.


22 . Asymmetric Information

One of the reasons markets fail sometimes, is asymmetric information, and this phenomenon has recently emerged as a major concern to many economists.

Asymmetric information occurs when one party to a deal knows more than the counterpart. A seller offering a product whose quality a buyer cannot easily judge. An employer seeking to fill a vacancy who cannot easily



identify the most qualified applicant in the pool. Or consider borrowers, they know their ability to repay a loan better than their creditors ever will. Information gaps can be costly and can prevent many goods and services from accessing the market.

Take market for Chinese motorbike as an example. Presumably, there are only two types of motorbikes in the market: the good quality motorbikes and the poor quality motorbikes (also called lemons). Suppose a quality Chinese motorcycle costs US$700, while a "lemon" costs only US$300. should the buyers be able to spot the quality difference, they might be willing to pay US$800 for a high quality motorcycle and US$400 for a low-end one. Yet in reality, sellers know the quality of their inventory, what the buyers will merely obtain once they have purchased and used die goods. This is often the case in nascent markets such as this one, in which information between the parties is uneven and untested. Thus, a seller of lemons has every incentive to lie about the true quality of his motorbikes. Buyers, who know that, will be willing to pay only the average price of a good motorbike and a lemon, such as US$550. This price forces the good motorcycles out of the market, since it is significantly lower than their cost, leaving the market to be dominated by low-end motorbikes.

Above is the classic case of "adverse selection" due to hidden information. The next article will show how there is room for good motorcycles in a market where sellers can signal the true quality of their products and/or buyers can screen the gems from the lemons.



22. THNG TIN BT CN XNG

i khi mt l do khin cc th trng tht bi l thng tin bt cn xng. Hin tng ny tr thnh mi quan tm chnh ca cc nh kinh t trong thi gian gn y.

Thng tin bt cn xng xy ra khi mt bn tham gia tha thun bit nhiu hn bn kia. Mt ngi bn a ra mn hng m ngi ta khng d nh gi cht lng. Mt ngi tuyn dng lao ng kh c th bit trong s cc ng vin ai l ngi c nng lc nht. Ngi cho vay khng bao gi bit r hn ngi i vay v kh nng thanh ton n. S cch bit thng tin c th gy tn km v lm cho nhiu hng ha hay dch v khng th tham gia th trng.

Ly th trng xe my Trung Quc lm v d. Gi nh ch c hai loi xe trn th trng ny: loi cht lng tt v loi cht lng km (hay hng dm). Cng gi nh gi thnh mt xe Trung Quc cht lng tt l 700 -la M, trong khi xe dm ch c 300 -la. Nu ngi mua c kh nng nhn bit s khc bit v cht lng, h c th sn lng tr 800 -la cho xe tt v 400 -la cho xe xu. Thc t, ngi bn bit v cht lng hng ca mnh, cn ngi tiu dng ch bit c sau khi mua v s dng. iu ny thng xy ra nhng th trng mi xut hin nh v d ang c cp, ni thng tin ca hai bn l khng tng ng v cha c kim chng. V th, ngi bn xe dm lun c ng c ni di v cht lng tht ca chic xe. Bit vy nn ngi mua ch chp nhn gi mc trung bnh gia hai loi xe, khong 550 -la. Mc gi ny thp hn hn gi thnh ca xe tt nn y loi xe ny ra



khi th trng, khin th trng ch cn ton xe cht lng thp.

Trn y l trng hp kinh in v s la chn bt li" do thng tin b che y. Bi vit sau s cho thy lm th no xe my cht lng tt vn tr c trn th trng, khi ngi bn c th pht tn hiu v sn phm ca h v ngi mua c th phn bit c vng thau.


23. Signaling

In a market, adverse selection occurs when low quality products push high quality products out of the market because of an information gap. In the previous motorbike example, we showed how the low-quality motorcycles dominated the Chinese motorcycles market as a result.

However, the story doesn't end here. In an effort to reposition their product, the sellers of the good motorcycles will try to expose the true quality of their product to the potential buyers. In other words, they will devise a signal for customers to differentiate their product from others.

Warranty is one of those common signals that a seller can offer. Sellers of the bad products cannot afford to provide a warranty, the cost would be too high to them.

In the labor market, educational degrees and certificates are other types of signal that employers normally look for when they recruit new employees. This encourages the potential employee to invest in education and training to signal her real productivity to employers and distinguish



herself from those without similar degrees, who by implication are deemed to have lower-productivity. The degree-holders, therefore, have a better chance of getting jobs and enjoy higher wages.

Thus, investment in signaling can help solve asymmetric information problems. Yet, this activity entails costs, which can be quite significant. In addition, the signal only works if it is credible and cannot be imitated by the providers of bad products or services. The next article will discuss the screening process by which consumers in different markets detect the bad products from the good ones.

23. PHT TN HIU

Trong mt th trng, hin tng chn la bt li xy ra khi cht lng km y sn phm cht lng tt ra khi th trng, do nguyn nhn chnh lch thng tin. Trong v d xe my bi trc, chng ti cho thy kt qu lm th no xe cht lng km thng tr th trng xe Trung Quc.

Tuy nhin, cu chuyn vn cha kt thc. Trong n lc ginh li v tr cho sn phm ca mnh, ngi bn xe cht lng tt s c gng th hin cho ngi mun mua xe thy cht lng tht hng ca mnh. Ni cch khc h s to ra mt tn hiu phn bit hng ca mnh vi hng ha khc.

Bo hnh l mt trong nhng du hiu thng dng m ngi bn xe my tt c th a ra. Ngi bn xe dm s khng c kh nng a ra m bo ny v chi ph s rt tn km.



Trong th trng lao ng, bng cp v chng ch gio dc l cc loi tn hiu khc m ch lao ng thng tm kim khi tuyn nhn vin mi. iu ny khuyn khch ngi lm thu tng lai u t vo gio dc v o to pht tn hiu v nng sut tht ca mnh, ng thi tch bit bn thn c ta vi nhng ngi khng c bng cp tng t. Theo ng th y l nhng ngi c nng sut thp hn. Ngi c bng do s c mt c hi tm c vic lm tt hn v hng lng cao hn.

V vy, u t vo vic pht tn hiu c th gip gii quyt cc vn thng tin bt cn xng. Nhng hot ng ny c th tn kh nhiu chi ph. Hn na, mt tn hiu ch thnh cng khi tn hiu ng tin cy v khng th b gi mo bi nhng ngi cung cp hng ha hay dch v dm. Bi vit k tip s tho lun qu trnh sng lc, theo ngi tiu dng trong cc th trng khc nhau c cch phn bit hng xu vi hng tt.


24. Screening: Risk Levels Detection

Asymmetric information affects many kinds of market transactions. Yet, a player $an sometimes capture the information of the counterpart through screening, a technique which consists in offering a number of alternative arrangements.

A monopoly insurance company for example, may offer owners of motorcycles an insurance policy against theft. People who have to park their motorbikes in insecure places will be particularly interested in such coverage. Since the insurance company does not have information



on the parking places of these potential applicants, it cannot know levels of risk of different customers in order to charge different premiums. But setting a "blanket" average premium would be insufficent to cover claims associated with high risk motorcycles and would be deemed too expensive by owners who are always cautious with their parking places. ,

The rational thing to do for the insurance company, is to screen its clients by offering different policies. Type A Policy will cover the entire value of the insured motorbike at a high insurance premium rate designed to meet the expected claims of those with a high theft risk. Type B Policy will cover only part of the insured motorbike's value at a reasonably lower premium rate.

Those with low risk will be deterred by the high price of the first policy, despite the fact that the compensation would cover the entire value of the motorcycle in the unlikely event of a theft. Likewise, high-risk owners will find the second policy insufficient as only a part of the motorcycle is insured. As a result, customers with different levels of risk will choose different policies.

The insurance company thus can detect the truth about its customers' level of risk. However, that approach works only if the company has market power, i.e. it cannot be used if a customer has the ability to take advantage of the cheap rates by insuring some parts of his motorcycle with one company and other parts with another company.

24. SNG LC: TM HIU MC RI RO



Thng tin bt cn xng nh hng n nhiu loi giao dch trn th trng. Tuy vy, i khi mt i tc c th ly thng tin t pha bn kia nh vo quy trnh sng lc, trong c th thut a nhng gii php khc nhau cho pha i tc chn.

V d nh mt cng ty bo him c quyn c th cho cc ch xe my mt hp ng bo him mt trm. Nhng ngi thng phi xe my ni khng an ton s c bit thch cch bo him ny. Do khng c thng tin v ni u xe ca cc khch hng trn, cng ty bo him khng th bit mc ri ro ca nhng khch hng khc nhau tnh mc ph bo him khc nhau. Mt mc ph bo him trung bnh c p dng "ng lot"s khng trang tri cho nhng ngi ri ro cao, trong khi li qu cao i vi nhng khch hng lun cn thn trong vic u xe.

iu hp l cng ty bo him cn phi lm l sng lc khch hng bng cch cho nhng hp ng khc nhau. Hp ng A s bo him ton b chic xe vi t l ph bo him cao c tnh thanh ton mc bi thng d kin cho nhng ngi b ri ro mt cp cao. Hp ng B s ch bo him mt phn gi tr chic xe vi mt t l ph bo him tng i thp hn.

Nhng ngi ri ro thp s khng th chp nhn mc ph cao ca hp ng th nht, mc d h c th nhn li ton b gi tr chic xe trong trng hp him hoi l b mt cp. Tng t, nhng ch xe c ri ro cao s thy hp ng th hai khng tha ng v ch c mt phn gi tr chic xe c bo him. Kt qu l nhng nhm khch hng c mc ri ro khc nhau s t chn cc hp ng khc nhau.



Nh vy cng ty bo him c th pht hin s tht v mc ri ro ca khch hng. Tuy nhin phng php ny ch p dng c nu cng ty c sc mnh c quyn. Phng php ny khng th p dng nu mt khch hng c kh nng tn dng t l ph bo him thp bo him mt phn chic xe cng ty ny v, bo him phn cn li mt cng ty khc.


25. The Principal-Agent Dilemma

In a typical business structure, owners (principals) hire managers (agents) and delegate to the agents a certain amount of authority to run the business. Since the owners are not directly involved in the running of the firm, they are less informed than the managers. As a result, the agents may have actions that do not serve the principals interests. This can occur in several ways.

Usually, a manager's wage does not vary with the effort he expends in serving the ultimate interest of the owners: maximizing the value of their investment. Therefore the manager has no incentive to expend his best efforts in attaining this goal. Neither an increase nor a decrease in the firm's stock price as the result of its business performance will affect the payment to the manager. This problem is often referred to as "moral hazard."

A more serious problem is the conflict of interest between the principal and his agent. The manager of a firm may pursue his own goals. He may indulge in perks at the expense of the company, such as constructing luxurious facilities or undertaking other excessive spending sprees.



He may look for sale bonuses rather than optimum sale prices of the company. He may seek to take on large projects in order to expand his power, even when the projects are not profitable or too risky. These goals may not help increase, and may even decrease, the market value of the owners' equity.

The most obvious mechanism for limiting these agency problems is for the principal to engage in direct monitoring of the agents to ensure that the agents act in the principal's interest. However, monitoring is costly and can be unfeasible. In the next article, we will consider an indirect mechanism that uses stock options to align the interests of principals and agents.

25. VN GIA NGI Y NHIM V NGI THA HNH

Trong mt c cu doanh nghip thng thng, ch s hu (ngi y nhim) thu cc nh qun l (ngi tha hnh) v trao cho h mt s quyn iu hnh doanh nghip. Do ch s hu khng trc tip iu hnh cng ty nn h c t thng tin hn cc nh qun l. Kt qu l ngi tha hnh c th c cc hnh ng khng phc v cho li ch ca ch s hu. iu ny c th xy ra theo nhiu cch.

Thng thng, lng ca mt nh qun l khng thay i ty theo n lc ca anh ta dnh cho li ch cao nht ca ch s hu, l ti a ha gi tr vn n t. Do , nh qun l khng c ng c c gng t c mc ch ny. Vic gi c phiu ca cng ty tng hay gim khng nh hng n s tin tr cho anh ta. Vn ny thng c cp n nh l tm l li".



Vn nghim trng hn l mu thun v li ch gia ngi y nhim v ngi tha hnh. ngi qun l ca mt cng ty c th theo ui cc mc ch ring ca mnh. Anh ta c th thc hin cc c quyn gy tn km cho cng ty, chng hn lp t tin nghi xa x hay chi tiu hoang ph qu mc. Anh ta s tm kim tin thng theo s hng bn hn l gi bn ti u cho cng ty. Anh ta c th chy theo cc d n ln nhm m rng quyn lc ca mnh, d cc d n khng c li hay qu ri ro. Nhng mc tiu ny khng lm tng, thm ch cn lm gim gi tr ca vn ch s hu trn th trng.

Nhm hn ch cc vn v tha hnh nh vy, c ch hin nhin nht l ngi ch trc tip gim st ngi tha hnh m bo h hnh ng theo li ch ca mnh. Tuy nhin, vic gim st l tn km v c th khng kh thi. Trong bi k tip, chng ta s xem xt mt c ch gin tip trong quyn chn c phiu c s dng hi ha cc li ch ca ngi ch v ngi tha hnh.


26 . Transfer Pricing

Today, most production processes cross national borders. As we can see, a cell phone assembled in one country may contain parts produced in several other countries. When such an international supply chain belongs to one corporation, the issue of transfer pricing arises. "Transfer pricing" refers to the price at which subsidiaries of a single company "sell" goods or services to each other. The practice affects not only the performance of subsidiaries but also national tax revenues.



Transfer prices can be based on market price, cost, or determined by negotiation. Oftentimes, however, minimizing tax liabilities is a central factor. For example, if corporate income tax rates in Taiwan and Malaysia are 20% and 40% respectively, a company's Taiwanese subsidiary can overcharge its Malaysian subsidiary for goods or services transferred. If the overcharge amount is $100,000, the profit reported in Taiwan is increased by $100,000 and the tax paid to the Taiwanese government is increased by $20,000. At the same time, the profit reported in Malaysia is reduced by $100,000 and the tax paid to the Malaysian government is reduced by $40,000. Over all, the company realizes a $20,000 tax savings.

Governments find it difficult to control transfer pricing. In 1993, Nissan was fined $170 million by the United States for "unreasonably inflated" transfer prices of automobiles imported from Japan. Japan retaliated by fining Coca-Cola $150 million for "overcharging" its Japanese subsidiary on inputs imported from the us.

One might conclude that the low tax rates employed by many developing countries would help the governments boosting tax revenues, since multinationals would attribute as much profits as possible to their operations in those countries. Unfortunately in reality, this is not always the case. The next article will examine how developing countries often find themselves losers in the transfer pricing game.

26. NH GI CHUYN GIAO NI B

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Cc Khi Nim C Bn V Kinh T (Song

Documents

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