Eric Maskin Speaks at Academic Masters Lecture Series

Mr. Eric Maskin, an American economist and a 2007 Nobel laureate in economics, was invited to deliver a speech entitled “Why Has Inequality Increased in China?” on April 10 at Zhejiang  University. It marks the beginning of the Academic Masters Lecture Series in celebration of the 120th anniversary of the university.

Eric Maskin is recognized with Leonid Hurwicz and Roger Myerson “for having laid the foundations of mechanism design theory”. He is the Adams University Professor at Harvard  University.

On that day, Zhejiang  University bestowed an Honorary Professorship on Eric Maskin in recognition of his global reputation and outstanding contributions to his field. President Wu Zhaohui awarded him the certificate. “Zhejiang  University is committed to creating a world-class comprehensive, research and innovative university marked by its Chinese characteristics. It has long given priority to research in social sciences and endeavored to bring into full play its competitive edge in interdisciplinary research. I hope that Prof. Maskin’s speech will act as a catalyst for original research into social sciences and high-caliber transfer of research findings,” said Wu Zhaohui.

Xia Bin, Honorary Director-General of the Financial Research Institute of the Development  Research Center of the State Council and Director of the National Economics Foundation (NEF), also attended the Academic Masters Lecture Series. “Zhejiang University is endowed with a convivial academic atmosphere in a wide spectrum of fields, which is perfectly compatible with the tenets of the NEF—Promoting theoretical innovation and Developing Economic Sciences,” said Xia Bin.

Prof. Maskin pointed out that the ever-widening gap between the rich and the poor is intimately bound up with globalization and that the issue of inequality is concerned with justice and political stability. He formulated a theoretical model to outline why an expansion of international trade may aggravate inequality in developing countries such as China. He stressed that what needs to be done is to offer rigorous skill training programs for laborers rather than dodge or prevent globalization.

 Luo Weidong, Vice President of Zhejiang University, presided over the lecture.