Edward Prescott - 2004 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
I finished my grades yesterday!!! Whew, just in time to run for the 8 am bus
to Bao Shan and the Shanghai University Economic Conference put on by
the International Business and Management School. The Library, in which
the auditorium is that the conference was held, is an amazing building!
I'll have to post a picture of it soon.
The Conference opened with introductions, etc. Professor Wang Mengkui spoke from the State Planning Council first on "Basic Policy Tendency of the Chinese Sustainable Economy." We had lunch and then Professor Zhang Jun from Fudan University (one of the best economics universities in China) spoke on "The Trouble and Joy of Growth: Excess Liquidity and Financial Deepening of the Chinese Economy." Finally, Professor Francis Lui from Hong Kong spoke on "Globalization and Harmonious Society." They all spoke in Chinese and there was no translation - an interesting comment, especially as we had full translation last weekend at the Advertising Conference. I won't go into the specifics here but some very interesting comments were made by each speaker.
Then Professor Prescott spoke on "Economic Development and Social Harmony," in English - there was Chinese translation (which many did not need of course). The lecture was very interesting - all but one question afterwards was in English as well. Prescott was definitely pushing a free market, keep the government out of the way most of the time, approach to economic development. He also discussed the need for openness to FDI (Foreign Direct Investment) by an economy, if they wanted to develop readily at the 2% average rate long term trend. Prescott had researched his examples from the Song and Ming Dynasties as well as South America, Europe and the U. S. nicely.
I believe my colleagues and I had a very nice and very informative time (though they said it was tough to understand the third speaker who had a thick Hong Kongese accent! - very interesting).
Today we are off to a SILC research symposium at Bao Shan again at 8 am. So I must post quickly and hope there are no mistakes!
The Conference opened with introductions, etc. Professor Wang Mengkui spoke from the State Planning Council first on "Basic Policy Tendency of the Chinese Sustainable Economy." We had lunch and then Professor Zhang Jun from Fudan University (one of the best economics universities in China) spoke on "The Trouble and Joy of Growth: Excess Liquidity and Financial Deepening of the Chinese Economy." Finally, Professor Francis Lui from Hong Kong spoke on "Globalization and Harmonious Society." They all spoke in Chinese and there was no translation - an interesting comment, especially as we had full translation last weekend at the Advertising Conference. I won't go into the specifics here but some very interesting comments were made by each speaker.
Then Professor Prescott spoke on "Economic Development and Social Harmony," in English - there was Chinese translation (which many did not need of course). The lecture was very interesting - all but one question afterwards was in English as well. Prescott was definitely pushing a free market, keep the government out of the way most of the time, approach to economic development. He also discussed the need for openness to FDI (Foreign Direct Investment) by an economy, if they wanted to develop readily at the 2% average rate long term trend. Prescott had researched his examples from the Song and Ming Dynasties as well as South America, Europe and the U. S. nicely.
I believe my colleagues and I had a very nice and very informative time (though they said it was tough to understand the third speaker who had a thick Hong Kongese accent! - very interesting).
Today we are off to a SILC research symposium at Bao Shan again at 8 am. So I must post quickly and hope there are no mistakes!
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