Luohan Academy Introduces 'Altered Econ' Concept

Chen Long, Secretary-General of Luohan Academy

Chen Long, Secretary-General of Luohan Academy, delivered the keynote speech at Altered Econ: Exploring the Future of the Digital Economy on December 26, 2019. He expressed that

"… if we are to get rid of the shackles of traditional academic research protocols, to help the human society better understand ongoing trends, and to take a farsighted glance, we need a blueprint, which, in a humorous sense, we call 'Altered Econ.' It will enable us to have an open mind to embrace changes and build a proactive community connecting global thinkers."

It was with this goal that led Academy to invite six accomplished scholars, Liyan Yang, Yanqing Hong, Wei Huang, Yi Huang, Guozhong Zhu, and Wenlan Qian, to attend the first of many seminars highlighting ongoing and cutting-edge research into privacy and finance. Luohan Academy scholars also contributed and shared their latest research into privacy and the digital economy. Here is the quick take on the exchange of ideas from the event.

Liyan Yang, Professor of Finance, Rotman School of Management, University of Toronto

Professor Liyan Yang introduces his working paper on personal data

Professor Yang, the Associates Foundation Chair in Investment Strategy of Peter L. Mitchelson/SIT Investment and Professor of Finance in the Rotman School of Management at the University of Toronto, briefly introduced his research in the field of behavioral finance. His talk mainly focused on a working paper Back-Running: Seeking and Hiding Fundamental Information in Order Flows published in the Review of Financial Studies. Additionally, he also commented on how data helps maintain economic growth under the lens of Macroeconomics. His research covers data, information, production, and data ownership with the support of both theoretical and empirical evidence.

Wei Huang, President's Assistant Professor, National University of Singapore

Wei Huang on the Digital Economy and Health

Wei Huang, President's Assistant Professor, National University of Singapore, introduced his recent work on the economics of health. More specifically, how education, access to information, and accessibility have a big part to play in healthcare improvement. In this sense, he believes that digital technology can expand channels of information control and ultimately improve the overall welfare of people, especially in rural areas.

Wenlan Qian, Dean's Chair and Associate Professor of Finance, National Unversity of Singapore

FinTech, Digitization, and the Real Economy

Professor Qian, also from the National University of Singapore, delivered a speech on FinTech, Digitization, and the Real Economy. Professor Qian emphasized that technological revolution and the new economy has increased information provision, lowered transaction costs, and improved productivity, but has also transformed consumer behavior and business practice. She elaborated on one of her recently finished papers, which analyzed the impact of introducing the QR code payment into Singapore, finding that the QR code promoted entrepreneurship and SME's development, which in return, translated into more inclusive growth for the overall real economy.

Yi Huang, Pictet Chair in Finance and Development, Graduate Institute in Geneva

The Digital Economy and Information Quality

Long known and well respected, Huang Yi, spoke to the advent of the digital revolution, which has made personal information gradually become as important as a production factor as capital and labor. He suggested that China should establish an information-sharing mechanism between the public and private sectors, emphasizing that the role of public-private partnership s essential for decreasing information asymmetries.

Jiangong Zhou, Consultant of Luohan Academy

Looking Ahead

Luohan Academy consultant Jiangong Zhou summed up things perfectly, stating that the Luohan Academy is not merely a research institute but rather an open research platform. In this sense, Luohan is both a think tank, finding solutions to real issues, and as a visionary research institution with an eye for the future of humanity. By creating a platform for the unbiased dissemination of ideas, research, and data sharing, we will continue to arouse better exchanges in China and globally that resonate among the world's most outstanding thinkers, scholars, and policymakers.

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