On the afternoon of October 29, 2024, the fourth session of the Theoretical Economics Doctoral Salon in 2024 (the 71st session in total) hosted by the China Special Economic Zone Research Center of Shenzhen University was successfully held in the 1500 conference room of Huiwen Building. This salon specially invited Professor PAPK Cheol Soo of the Department of Economics of Kumamoto Gakuen University in Japan as the keynote speaker to conduct in-depth discussions on the theme of "Structural Change, Risk and Liquidity: Policy Implications for Japan and Northeast Asia". The salon was hosted by Assistant Professor Leng Xuan of the Special Economic Zone Center, and Professor Kirk Masden of the Department of Economics of Kumamoto Gakuen University and some teachers and graduate students of the center participated in this academic exchange.
Professor Park Cheol-su is a professor at the Department of Economics, Kumamoto Gakuen University, Japan, and vice president of the Japan Economic Policy Association. He received a Ph.D. in economics from Iowa State University in the United States. He has served as a visiting researcher at Harvard University, Stanford University's Hoover Institute, the Chinese Academy of Social Sciences, and the Department of Economics at Iowa State University. He is also vice president of the Korean Business History Society and an exchange professor at Shenzhen University. He has published many books, including "21st Century Type·New Citizen Wealth Theory: Towards Inclusive Macroeconomic Society and Diversity".
Professor Park Cheol-su's lecture includes: The Lost 30 Years-Key Issues of Japan's Long-term Economic Recession, Cause Analysis of the Complex Situation, and Policy Enlightenment Discussion. Professor Park Cheol-su first elaborated on the evidence of Japan's economic recession in the past 30 years, including stagnant production, nominal GDP and per capita GDP are both stagnant; contractionary policies, deflation of 2%; in terms of consumption, education costs have increased but personal wages have not risen. Professor Park Cheol-su believes that structural changes are the real cause of Japan's economic recession, and conducted in-depth analysis from the perspectives of the private sector (enterprises, households) and public policies. In terms of enterprises, there is an imbalance between wages and productivity. Long-term low wages have led to economic stagnation. Excessive savings and internal retention by enterprises and distorted capital flows due to government policy errors have formed a vicious cycle. Although the rigid wages and stable employment of the household sector have certain guarantees, they also limit consumption capacity. In terms of public policy, structural risks and financial factors have caused problems with capital flows, exacerbating economic complexity. Changes in population structure and new technologies have brought both opportunities and challenges. The aging of the population has put pressure on economic development. Although new technologies provide possibilities for transformation, there are difficulties in grasping and coping with them. Differences in social cognition have led to constant debates on economic arguments and policies. Finally, Professor Park Cheol-soo discussed policy implications, emphasizing that policy adjustments and innovations are crucial, and that it is necessary to rethink the virtuous cycle model and promote economic development through innovative policies. In terms of macro-distribution, it is necessary to focus on the balance of capital and labor factors and solve distribution problems to improve economic efficiency and vitality.
In the interactive exchange session, teachers and students of the center had in-depth discussions with the keynote speakers on issues such as risk and liquidity and enterprise development. Professor Park answered everyone's questions from the perspectives of economic theory, population structure and new technologies. This academic lecture not only provides students with new perspectives on research methods and fields, but also has strong guiding significance and inspiration in content. It also provides an opportunity for teachers and students of the center to broaden their academic horizons and understand cutting-edge academic knowledge.
Correspondent: Wu Qiong
