On Sep. 14th, Edmund Phelps, Columbia University professor and 2006 Nobel Economics Prize Winner, delivered a speech entitled “The Source of Flourishing” at Tsinghua PBCSF Global Academic Leaders Forum. He exchanged ideas with guests, teachers and students present on how grassroots innovation has brought national prosperity.
Phelps shared his thoughts and talked about his book Mass Flourishing. He believes that innovation should include but not be limited to scientific invention. A new product or method can also be identified as innovation. He pointed out that innovation was not inspired by knowledge but by new ideas. Innovation derives from people's desire, ability and attitude as well as the rise of modern value, awakening of individual consciousness, sufficient guarantee of individual rights and aroused social vitality. He also believes that the recession of innovation is associated with the restoration of traditional values.
As to the current economic situation in China, Phelps thinks that China does face some problems in recent years - financial weakness, excessive construction and exports slowdown. On how to improve China's capacity for independent innovation, he offered the following suggestions: Firstly, improve the IPR protection mechanism to protect enterprises’ innovation activities; secondly, balance the relationship between private sectors and state-owned enterprises; thirdly, promote innovation through developing finance.
Tsinghua Vice President Xie Weihe and Tsinghua PBCSF Senior Associate Dean Nie Fenghua met with Phelps before the speech.
Edmund Phelps, 2006 Nobel economics prize winner, is honored as the founder of Employment and Inflation Theory, the "founder of modern macroeconomics"
and "one of the most important figures influencing the progress of
economics”. He analyzed the dynamic optimal path of economic growth
after Robert Solow and put forward the famous “Golden Rules of Economic
Growth”.
Tsinghua PBCSF Global Academic Leaders Forum is a public non-profit academic forum. The world’s most renowned speakers, including Nobel laureates, noted professors, and senior executives from foreign central banks and other financial regulators are invited to share their insights.
