Alumnus Zhang Weiying Came Back to Give an Academic Lecture

On the afternoon of October 19th, Zhang Weiying, famous economist and an alumnus of class 1977, gave an academic lecture on Economic Transformation in Chang'an Campus. Professor Zhang’s lecture is the 21st lecture of Guanzhong Forum and the 6th one of Specialist Forum of Graduate Academic Month, both held bySchoolofEconomyand Management. More than 300 teachers and students attended the lecture. In the lecture, Professor Zhang claimed that economics is often stuck in a dilemma that economics can hardly explain business practice on the theoretical level and meanwhile help little in working out the optimal economic policies. Therefore, economics has to be transformed in four aspects. First, economics has to be transformed from the theory of resource allocation to the theory of human cooperation. The theory of resource allocation is static while the cooperation theory is dynamic, and market economy happens to be the best system for human cooperation. Second, economics has to be steered from utilitarianism into rights and interests of human beings. After defining utilitarianism and rights from the perspective of economics, Professor Zhang gave an example of external factors and justice to illustrate in details. Third, economic research has to be shifted from materialism to overall happiness while the focus should be put on dimensions of time and space and mechanism of the transformation. Fourth, transformation from interests to ideas is under way. Professor Zhang thought traditional economics focuses on interests but neglects ideas. By enumerating viewpoints of David Hume, Keynes and Mises, he brought into the importance of ideas in contemporary economics. At last, he analyzed the function of economics and the importance of establishing a market for ideas. Professor Zhang, with his profound theoretical knowledge of economics, gave an impressive lecture to teachers and students from the perspective of economic philosophy. After the lecture, Professor Zhang had communication with teachers and students.