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Nobel Laureate on Economic Growth and Structural Change

Prof. Sir Christopher A. Pissarides (left), 2010 Nobel Laureate in Economic Sciences, spoke on 'The New Normal in China: Lessons from Europe in the Transition to a Post-Industrialized Society' on 16 October. The lecture drew a full house of close to 350.

Economic growth takes place through improvements in technology. This can take two forms, the implementation of new techniques and ideas in the production of goods and services, or the reallocation of labour and capital from low productivity activities to higher productivity ones. Whichever way it is achieved, growth brings with it a structural transformation to the economy. In the lecture, Professor Pissarides addressed questions related to the structural transformation and the policies that it requires to achieve most good for the country.

Europe went through a structural transformation during the 20th century. There are many lessons that can be learned from Europe's experience, especially as they relate to social and economic policies and their implications for economic development. These issues are especially relevant today when it comes to welfare support for disadvantaged groups, dealing with inequalities and managing an economic union. Many of these questions are now occupying China. Professor Pissarides highlighted the lessons that can be learned about such policies and the action that needs to be taken to avoid the mistakes made in many European countries.


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