Five Constants philosophy

Author: Xiang Songze
Publisher:
Publish Date: 2006-08-01
Features: He is always focused on understanding why an economic system works the way it does, rather than starting from what an economic system should be or how it can achieve such operation. In analyzing the operation of a system, he supports his arguments with keen factual observations. His works are detailed, insightful, and illuminate the issues he examines. —Ronald Coase, The Theory of the Firm
The argument is novel, the material is substantial, and it speaks of what no one before has said, becoming a seminal work in modern contract economics and establishing Zhang Weichang as one of the leading figures in modern new institutional economics. —Zhang Peigang
We need not exaggerate the profound and extensive impact Zhang Weichang has had on China's recent economic reforms. Even in terms of awareness, he has strengthened the consideration of property rights definition, transaction costs, and contract conditions among the Chinese people. From the planned economy of "big" to the current market development where state-owned enterprises, have you ever considered how much unnecessary detour and fruitless effort has been saved? —Lin Xingzhi
I admire very few people, but I truly admire him. Few in China can match Zhang Weichang, one of the original creators of three mainstream literature (The Theory of the Peasant Economy, Endogenous Externalities, and Contract and Firm Theory). I am very surprised that in the Western system, such an independent-minded Chinese person could organically stand out and make outstanding contributions to the history of world economic thought. Such a thing is unlikely to happen again. —Yang Xiaokai
Zhang Weichang is undoubtedly a model of applying economics to practice. However, he may have gone even further— while using theory to explain the world. From this perspective, the professor should be someone who follows the "" path.
Zhang Weichang is undoubtedly a model of applying economics to practice. However, he may have gone even further— while using theory to explain the world. From this perspective, the professor should be someone who follows the "" path. He is always focused on understanding why an economic system works the way it does, rather than starting from what an economic system should be or how it can achieve such operation. In analyzing the operation of a system, he supports his arguments with keen factual observations. His works are detailed, insightful, and illuminate the issues he examines. The argument is novel, the material is substantial, and it speaks of what no one before has said, becoming a seminal work in modern contract economics and establishing Zhang Weichang as one of the leading figures in modern new institutional economics.