At the recent International Congress of Basic Science held in Beijing, Nobel Prize-winning economist Eric Maskin shared his insights on China’s remarkable economic journey, the challenges of global trade barriers, and the unifying potential of scientific collaboration.
In an exclusive interview with CMG’s Zou Yun, Professor Maskin, who teaches economics and mathematics at Harvard University, reflected on the profound impact of China’s opening up over the past four decades. “China’s opening up has been critical to its stunning progress,” he remarked. “The economic reforms and integration into the global economy have propelled the country’s development in unprecedented ways.”
Maskin, awarded the Nobel Prize in Economics in 2007 for his foundational work in mechanism design theory, emphasized the importance of aligning individual goals with societal aims. “Markets, however powerful, do not always work efficiently when externalities interfere with social objectives,” he explained. “Mechanism design theory seeks to reconcile these discrepancies, creating systems where individual incentives lead to outcomes beneficial for society as a whole.”
Addressing current global economic tensions, Maskin expressed concern over rising trade barriers. “There are forces that seem to drive the world apart,” he noted. “Trade barriers are counterproductive; they hinder economic growth and collaboration. Open trade is essential for the prosperity of all nations.”
He highlighted the role of science in bridging divides between countries. “Science can bring us all together,” Maskin said. “The pursuit of knowledge transcends borders and cultural differences. Beautiful ideas, simple to express yet powerful in their applications, have the capacity to unite us.”
Maskin praised the International Congress of Basic Science as a platform fostering global scientific exchange. “Events like this encourage collaboration and innovation,” he stated. “They provide opportunities for scholars from around the world to share ideas and advance our understanding of fundamental scientific principles.”
Concluding the interview, Maskin reiterated his optimism for the future. “By embracing openness in both economics and science, we can address the challenges we face and work towards a more connected and prosperous world.”
Reference(s):
cgtn.com
