题   目：Endowment Structure and Role of State in Industrialization

嘉   宾：王勇 副教授 北京大学

主持人：文一 教授 上海交通大学安泰经济与管理学院

时   间：2023 年 11 月 8 日（周三）10:00-11:30

地   点：上海交通大学（徐汇校区）安泰楼 A503 教室

内容摘要：

Why do some economies fail to industrialize, some only reach incomplete industrialization, while others manage to achieve complete industrialization? Why is the industrialization in China much more successful than that in Russia during their market-oriented economic reforms? To answer these questions, we develop a dynamic general-equilibrium model of industrialization to illustrate the critical roles played both by the state and the factor markets. We show that due to the pecuniary externality, industrial policies consistent with a country’s time-varying endowment structure are the key to successful industrialization. We show that starting from the same initialendowment structure with abundant labor and scarce capital, (i) a Laissez-faire development policy could render a country stuck in the insufficient industrialization due to the coordination failure; (ii) a big-push development strategy, when violating the comparative advantage governed by the endowment structure, could only result in short-lived industrialization or even a fatal collapse of the entire economy; (iii) a"market-led-and-state-facilitated" approach that is consistent with the time-varying endowment structure would enable an economy to achieve complete industrialization or more successful market-oriented reforms, because the state could not only avoid premature big push by fully taking into account the factor market prices but also fix the coordination failure which impedes industrialization. Our model also shows that the role of state is crucial in economic reforms when a country tries to rectify its mistake of pre-mature big push.

演讲人简介：

Professor Yong Wang is Academic Deputy Dean of the Institute of New Structural Economics at Peking University. Before joining PKU, he worked at the Department of Economics at Hong Kong University of Science and Technology and the World Bank. Yong obtained his Ph.D. in Economics from the University of Chicago. His main research fields are Economic Growth, Industrial Upgrading, Macro Development, China and India’s Economy and New Structural Economics. He publishes academicpapers on leading international journals such as Journal of Development Economics and Journal of Monetary Economics and is an author of eight books. Yong currently serves as a co-editor for China and the World Economy (SSCI) and Latin American Journal of Central Banking. He also serves as Secretary General of the New Structural Economic Research Alliance, Consultant of the World Bank, and Research Associate of Federal Reserve Bank of the United States, Vice Chairperson of China’s Development Economics Association. He is a recipient of the First Prize of National Academic Research in Humanities and Social Sciences in Chinese Universities by the Ministry of Education of China (2020), the Inaugural Peikang Chang Young Scholar Award in Development Economics (2018), Franklin Best Teaching Award at HKUST (2014), and Martin and Margaret Lee Prize in Price Theory at the University of Chicago (2004). Personal Website: www.yongwangecon.com.