On 21st, September, Prof. Edward C. Prescott, a well-known American economist, gave a lecture on the topic of “Revolution in Aggregate Economics” in UPC campus. He shared his ideas on economics with students,

       Edward Christian Prescott is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles".

         In his lecture, Edward C. Prescott introduced the history of Dynamic Macroeconomics and Aggregate Economics and gave a comparison of their differences, as he said “Micro and Aggregate Theory are Fundamentally Different. Micro empirical knowledge is organized around supply and demand and aggregate empirical knowledge is organized around preference and technology.”He was also talking about Chinese and American economy in those years and raised several open questions for student, for example, how can the Chinese and other groups set up better sustainable governance and catch up to the West? Why was the Chinese industrial revolution aborted after the Song Dynasty? How can China improve its financial system to better serve its people? What is a good policy regime to deal with the aging Chinese population? Students got more knowledge and ideas from his lecture.

        Edward C. Prescott is also invited as the honorary professor of UPC. Vice-president Zha Ming showed thanks for his lecture and hoped that students can have more opportunities for communication with Prof. Prescott in the future.

      Editor: Bu Lingduo

      Source: UPC News Center