EXCLUSIVE INTERVIEW • 人物專訪 2022 UMAGAZINE 25 • 澳大新語 42 are somewhat difficult for undergraduate students.’ In Prof Chu’s class, further down the road students will need to study dynamic general equilibrium modelling and learn how to analyse these complex models with mathematical tools that are less common. The mathematical tools involved will be more difficult, but they must be mastered if students were to study for a master’s or PhD degree. ‘It is for this reason that we encourage students to lay a firm foundation in dynamic general equilibrium modelling during undergraduate studies,’ says Prof Chu. To make the math concepts in macroeconomics easier to digest for students, Prof Chu has written Advanced Macroeconomics: An Introduction for Undergraduates. He has also worked with scholars both in China and abroad in the writing of Introduction to Advanced Macroeconomics and Intermediate Macroeconomics. Published by World Scientific Publishing, Tsinghua University Press, and Cengage Learning, respectively, the books aim to increase students’ understanding of micro-foundations in macroeconomics and to improve their ability to think logically and intuitively about economic concepts that are based on math. Aspiring to Build a Better World and Help People Research is fundamental in pushing the frontier of fundamental knowledge even further. In his quest for new knowledge, during his PhD studies at the University of Michigan Prof Chu studied the pioneering theory of optimal taxation proposed by Sir James Mirrlees, a Nobel laureate in economics and an honorary doctor of UM. Mirrlees developed the theory in the 1970s, but it was so ahead of its time that Prof Chu became an admirer of Mirrless. ‘Sir Mirrlees proposed how to design an optimal tax system for a “heterogeneous population” in the 1970s, while macroeconomics did not embrace models with heterogeneous agents until the 1990s,’ says Prof Chu. ‘His profound mathematical skills and vision were far ahead of his peers.’ According to Prof Chu, economists are expected to think ahead and anticipate problems of society before they arise. He quotes Inner Chapters of Baopuzi, a book written in ancient China, to explain the responsibilities of economists: ‘Economy has a direct impact on people’s lives. Through pragmatic research, economists can identify and solve problems Key to Studying Macroeconomics From the perspective of research methodology, it is nearly impossible to study economics without mathematics and statistics. For example, economic theories developed by authors of classics such as The Wealth of Nations and A Treatise of Taxes and Contribution can be presented as mathematical analyses. According to Prof Chu, introductory courses in macroeconomics only require students to master the typical Keynesian model, which focuses on the demand side of the goods market when examining the amount of equilibrium output on the market. He adds that the model emphasises the impact of effective demand on national income and is relatively easy to use because of its graphical nature. Nevertheless, this model may not be sufficient when one wants to go deeper into contemporary macroeconomics. Studies of macroeconomics today mainly focus on micro-foundations, often taking into account how individual behaviour maximises one’s own utility with the use of complex dynamic general equilibrium models,’ says Prof Chu. ‘I would gradually increase difficulty level when teaching students. For example, I would teach introductory theories first, such as the Keynesian model, before moving on to more difficult topics such as static general equilibrium modelling that involves complex mathematical analyses. They 朱智豪教授獲國際權威的經濟書目數據庫IDEAS列為全球前10%經濟學家 Prof Angus Chu is ranked among the top 10 per cent of economists by IDEAS, an authoritative international database for economics publications
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