The Enlightenment of Nobel Prize in Economics to China

On October 10th, the 2016 Nobel Prize in Economics was announced. Oliver Hart of Harvard University and Bent Holmstrom of MIT contributed to the research on contract theory. Received this honor.
After Mo Yan won the Nobel Prize in Literature and the Nobel Prize in Physiology, the Chinese people are not so worried about the Nobel Prize itself. After the meaning of the topic fades, more attention should be paid to the guidance of the results of the Nobel Prize. significance. As far as China's economics awards are concerned, China's guiding significance is even more obvious. In recent years, Nobel laureates in economics are generally interested in China's development. In 1991, Nobel laureate in economics. Coase even has an indissoluble bond with China. This may explain from the side that advanced economic theory fits into China's development reality and is an urgent need for the Chinese economy to absorb and digest.
The contract theory recognized in this year's Economics Prize has extraordinary value in China. At present, China urgently needs to popularize the cognition of contract theory, and at the same time strengthen the system construction in this respect. In the past, the dispute of Vanke's equity has appeared in the public opinion field, which is very ignorant but popular. This kind of viewpoint excessively confuses personal feelings, and ignores the ethical norms of business, that is, shows the indifference of the people to the contract. For another example, the overseas acquisition of Chinese enterprises has been in full swing in the past two years, and equity transactions are frequent. However, if there is a lack of deep understanding of the contract, the integration problems after the acquisition and acquisition that are too blind and lack of consideration may cause the Chinese capital to face a dilemma.
In fact, the scope and application of the contract is by no means limited to the economic field. Many researches and practices in the fields of law, politics, and society cannot circumvent this value base. Modern society is a contractual society, while the West has a contractual tradition. The Chinese people’s lack of contractual spirit is universal. When China bids farewell to extensive development and seeks more progress in the future, it must work hard from the institutional spirit of contractual spirit. .
Like contract theory, the theoretical contributions of the Nobel Prize in Economics in recent years have mostly come from real problems and have direct guiding significance for economic reality. China is the most important and dynamic economy in the world. One of the economic problems that emerged is broad and representative, and therefore requires advanced economic theory to guide its own economic changes. In the past, present and for some time to come, China is the most important experimental field in the global economy. To a certain extent, the theoretical results of the Nobel Prize in Economics are mainly derived from the problems of economists reflecting on the developed economies of Europe and the United States. For China and other developing countries, these theoretical achievements are not only realistic but also advanced. The foresight, paying attention to these achievements, and not just following the economic practices of the developed countries in the same way, will help China's economic reforms to make less detours and more effective.
At the same time, it should be noted that the western economy is relatively high, the model is relatively mature, and the economic accumulations are still in a period of mild exposure and accumulation. Therefore, although there are many theoretical reflections, the dynamics of change are small and the resistance is high, and the Chinese economy is changing. Just halfway through, the vitality of the economic body is still relatively abundant. At the same time, many economic problems remain unresolved in the path selection, which also determines the space for advanced economic theory to be applied in China. The Bell Economics Prize winners are very concerned about China's economic reforms, which is an important reason.
In my opinion, by studying advanced theories, China may dig more growth potential and eventually become the most powerful economy in the world, while latecomers outside China, including India and Vietnam, are not. It is possible to replicate the miracle of high economic growth that China has created over the past decade or so. It is even more extravagant to go beyond China. There are two reasons. First, the role of the Chinese government in economic development cannot be duplicated. Second, and more importantly, China has seized the opportunity of the rise of the new economy, and the rise of the new economy means The future society's dependence on traditional factor resources will not be so strong--the development of Industry 4.0 will make the manufacturing industry no longer have a cold on labor costs, and the low-end industrial production will satisfy the basics of all mankind like the past agriculture. Demand, become a surplus industry, high-end manufacturing and service industries are truly competitive, so in the foreseeable future, the traditional late-comer advantage will be greatly weakened.
The United States was able to stand in the world because it seized the opportunity of the second industrial revolution and completely dominated the third industrial (technical) revolution. At the moment, the new economy with a new round of scientific and technological revolution has not been inferior to Europe and the United States in its vitality. Our real shortcoming lies in the system. Therefore, it can be said that the opportunity of the times requires us to learn advanced economic theories. (Text / Yang Guoying (WeChat public number: Yang Guoying observation))

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