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Nobel Laureate Prof Edward Prescott speaks on "Asia Booming, US Depressed, Europe Stagnating"

17 August 2010

LIM CHONG YAH PROFESSOR: Nobel Laureate in Economics Prof Edward Christian Prescott, W P Carey Chair, Arizona State University

FULL HOUSE: The lecture saw a good turnout from faculty and students excited to hear Prof Prescott speak on economic conditions in Asia, the United States and Europe

Nobel Laureate in Economics Prof Edward Christian Prescott, W P Carey Chair, Arizona State University, gave a lecture at NUS on 16 August 2010 in his capacity as Lim Chong Yah Professor at NUS’ Faculty of Arts and Social Sciences (FASS). Prof Prescott is also Senior Monetary Adviser of the Federal Reserve Bank of Minneapolis.

His lecture topic was “Asia Booming, US Depressed, Europe Stagnating”. Speaking to a packed audience, he traced the growth of Asian economies such as Hong Kong, Japan, Singapore, South Korea, Taiwan which are swiftly catching up with the United States and Western Europe. He also elaborated on China’s continued rapid growth, United States’ present experience of a minor depression, and on how the 2010 financial crises in the Euro Zone could lead to positive change. The lecture was chaired by Prof Basant Kapur from the NUS Department of Economics.

Prof Prescott is known for his seminal work in policy analysis, business cycles, economic development, general equilibrium theory and finance. In 2004, Prof Prescott was awarded the Nobel Prize in Economics jointly with Norwegian Economist Prof Finn Erling Kydland, for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.

The Lim Chong Yah Professorship in Arts and Social Sciences was launched in 2001 and established at the FASS in honour of NUS Emeritus Professor Lim Chong Yah, one of Singapore’s eminent policy economists, outstanding academicians and pioneers of the Faculty.