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As one of the world's leading applied theorists, Professor Philippe Aghion is the recipient of the prestigious 2001 Yrjö Jahnsson Award in Economics. His research spans a broad array of fields including corporate finance, industrial organization, political economy and macroeconomics. In two path-breaking contributions, he and his co-author Patrick Bolton laid out the principles for the allocation of control rights in financial arrangements, and unveiled the mechanics of long-term contracting as a barrier to entry. His current research agenda is to provide a unified framework to study the impact of economic institutions on growth, and the interplay between technical change and institutional change. Much of his past work on growth is synthesized in his joint book on Endogenous Growth Theory (MIT Press, 1998) with Peter Howitt.
This lecture confronts Schumpeterian Growth Theory, in which growth is driven by entrepreneurial innovations each of which improves on previous technologies, with alternative growth theories based on capital accumulation. In particular it argues that the Schumpeterian approach does a better job at explaining observed cross-country convergence patterns, and at analyzing the interplay between long-run growth and important economic aspects such as market structure and the nature of competition policy, macroeconomic volatility, the management of natural resources, the dynamics of wage inequality, and the design of organizations and firms.
Interested parties are cordially invited to attend. For further enquiries, please contact Ms. Mabel Woo of HKU's School of Economic and Finance at 2859 2192.
Professor from Harvard University to speak at HKU
31 May 2002
Professor Philippe Aghion of Harvard University is to deliver a Distinguished Public Lecture entitled The Challenges of Schumpeterian Growth Theory at 5:30pm on Wednesday, June 5, 2002 at Rayson Huang Theatre, the University of Hong Kong (HKU). The lecture is organised by HKU's School of Economics and Finance.
As one of the world's leading applied theorists, Professor Philippe Aghion is the recipient of the prestigious 2001 Yrjö Jahnsson Award in Economics. His research spans a broad array of fields including corporate finance, industrial organization, political economy and macroeconomics. In two path-breaking contributions, he and his co-author Patrick Bolton laid out the principles for the allocation of control rights in financial arrangements, and unveiled the mechanics of long-term contracting as a barrier to entry. His current research agenda is to provide a unified framework to study the impact of economic institutions on growth, and the interplay between technical change and institutional change. Much of his past work on growth is synthesized in his joint book on Endogenous Growth Theory (MIT Press, 1998) with Peter Howitt.
This lecture confronts Schumpeterian Growth Theory, in which growth is driven by entrepreneurial innovations each of which improves on previous technologies, with alternative growth theories based on capital accumulation. In particular it argues that the Schumpeterian approach does a better job at explaining observed cross-country convergence patterns, and at analyzing the interplay between long-run growth and important economic aspects such as market structure and the nature of competition policy, macroeconomic volatility, the management of natural resources, the dynamics of wage inequality, and the design of organizations and firms.
Interested parties are cordially invited to attend. For further enquiries, please contact Ms. Mabel Woo of HKU's School of Economic and Finance at 2859 2192.
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