The China Center for Special Economic Zone Research (CCSEZR), Shenzhen University (SZU), held its first Academic Salon for Ph.D. Students in Theoretical Economics in 2018 (the 37th in history) at Meeting Room 1722 of SZU Liberal Arts Building on March 16, 2018. The keynote speaker was Prof. Liu Wei, director at the China Center for Cliometrics Studies and a professor at the School of International Economics and Trade, Guangdong University of Foreign Studies, and a visiting professor at the CCSEZR, an executive director at Chinese Association of Quantitative Economics and director at Chinese Economic History Society. He focuses his research on macro-economics and cliometrics, advocating and practicing the concept that "the ultimate goal of research on economic history is to revise, complement and discover the logical relations in economics" at the level of research object, and bringing up and exploring the methodology of "research with the combination of presumptions in cliometrics and economic theories" at the operational level. The attendees included the graduate students from the CCSEZR, College of Economics and College of Management, SZU.
Prof. Liu Wei is well versed in cliometrics and economics theories. He first introduced his research fields and shared what he has garnered from years of research. Prof. Liu Wei then began his speech titled "Presumptions in Mainstream Economic Theories: Applicability Judgments and When to Start Revising" by taking classic economic theories as examples. Prof. Liu Wei's speech was mainly divided into three parts. First, when an economic theory was "born" historically limits the upper bound presumptions. The world economy has gone through a three-stage evolution since the beginning of the Modern Era. The upper bound presumptions for micro-economy vary across different stages, so economic theories "born" at one stage cannot be directly applied across stages. Second, where an economic theory was "born" geographically limits the lower bound presumptions. Even under the same upper bound presumption, economic theories cannot be directly applied in every country and territory as they have variable effectiveness in interpreting economic phenomena in countries and territories other than their "birth places", where micro-economy operational conditions (including institutional, technical and resource conditions) are different. The third part discussed about the tools used for judging upper bound presumptions and backward reasoning of lower bound presumptions. In his speech, Prof. Liu Wei shed more light on the first and second parts and revealed that the world has been or is gradually moving from a supply-constrained to a demand-constrained economy. In the future, major developed countries will take the lead in moving or may have been moving from a demand-constrained to a "post-supply-constrained" or an "advanced-technology-constrained" economy. Hence, whether the economy is supply-constrained or demand-constrained becomes an upper bound presumption for research on cliometrics, in addition to another upper bound presumption -- advanced technology constraint. Meanwhile, Prof. Liu Wei also gave a summary of general methodologies for research on economics and shared with the students what he has acquired from his academic research.
Prof. Liu Wei's well-organized and informative speech abounding in quotes from classical works, sparkling humor and striking views, greatly inspired the students in respect of economic research, who commented that they benefited tremendously from it. At last, the speech culminated in the rapturous applause.
(Correspondent: Zhu Mengfei)
Prof. Liu Wei lectures by taking examples
The scene at the Salon