软预算约束下的产业内卷与治理扭曲
分析从新能源到AI等产业因软预算约束机制导致的产能过剩、低水平均衡及宏观经济失衡问题。
odus@odusChina’s Discounts and Three Paths: Why High-Profit Businesses Struggle to Survive in China
The New Three Products Price War；China’s Discounting and Profit Shredder
obiak@obiakSoft Budget Constraints: From Kornai to Jia Yueting, Incentive Distortions
Xu Jiayin and the three-high model of soft budget constraints；Comparing Jia Yueting and Xu Jiayin's soft budget constraints；Jia Yueting's incentive structure and soft budget constraints
obiak@obiak2022 blunt blade and 2026 new peak: age structure rewrites dynasty cycles
Comparison of Spanish champions and competitive forms；Evolution of Tiki-Taka and the tactical parabola of the Spanish team；Peak of Spanish football and patterns of coaching failure
odus@odusGaming Table Quotas: Asset Management Code Under the 6,000-Table Cap
Henry Fok's control game over the STDM concession；Macau's gaming oligopoly and geopolitical balance；Gaming table quota allocation and the mystery of vacancies
obiak@obiakNg Shih-jung and Wong Kum-ching: the tragic bankruptcy of angel investors
Sun Yat-sen’s dead end in Penang and the Penang Conference；The bankruptcy and tragic fate of Ng Shih-jung and Wong Kum-ching
obiak@obiakThe Iron Law of Involution: Growth Without Development Under Expansion and Convergence
Institutional gaps and the eruption of grassroots agency；Developmental state pathways and the convergence of agency；Involution frontiers and digital nomadism
obiak@obiakSoft Budget Constraints: Ex-Ante Expectation Structure Rather Than Ex-Post Bailout Facts
The Tension Between Industrial Policy and Soft Budget Constraints；The Expectation Structure and Cost Shifting of Soft Budget Constraints
Sdreavmer@SdreavmerLow profits in the middle tier of industrial economies: four paths beyond mere monopoly-driven clearing
Solutions to the low-profit predicament of mid-tier companies in industrialized countries；The formation of the German-Japanese niche-market model and institutional safeguards
Sdreavmer@SdreavmerSoft Landing for Mid-Tier AI Enterprises: The Tension Between Short-Term Stability and Long-Term Attrition
Comparison of China-US AI Industry Models and Western Giant Stop-Loss Mechanisms