澳大新語 • 2022 UMAGAZINE 25 41 人物專訪 • EXCLUSIVE INTERVIEW modern macroeconomic models assume that depressions are caused by exogenous shocks (such as productivity, consumer preferences, and labour supply) and cannot fully explain the formation and prevention of financial crises. To gain a different point of view, Prof Chu began to study the work of another Nobel laureate in economics, namely Paul Romer’s endogenous growth theory. ‘The research works of Paul Krugman gave me an initial understanding of the causes of financial crises. In my opinion, rather than dwelling on exogenous shocks whose effects on financial crises are difficult to conclude, it is better to explore the theory of endogenous growth, that is, the ability of an economy to grow sustainably without relying on external forces to improve people’s livelihoods,’ says Prof Chu. ‘The economic development of mainland China after its economic reform is a good example.’ A Driven College Student Just as there are ups and downs in economic development, Prof Chu’s life as a student was never smooth sailing. At the age of 16, Chu moved to Canada from Hong Kong alone to pursue further studies. In 1997, the sudden Asian financial crisis caused a change in his family’s circumstances and put financial pressure on his life. Instead of feeling disheartened by this twist of fate, Chu valued his learning opportunities even more. In order to support himself through undergraduate studies, he worked as a part-time tutor. In his fourth year at university, he was selected by his professors to be a teaching assistant, teaching weekly in the university’s business economics and management science tutorials. After graduation, Chu obtained scholarships for his master’s studies at the University of British Columbia in Canada and later for his PhD studies at the University of Michigan in the United States. He also worked as a teaching assistant during both periods, garnering hands-on experience that would later prove invaluable in his teaching career. ‘Looking back on my time as a student in Canada and the United States, I feel very fortunate to have met several important mentors,’ says Prof Chu. ‘They opened up many opportunities for me and have had a profound influence on my teaching style. I am simply following in their footsteps to impart my knowledge to students.’ Economics is the study of economic activities and patterns in human society. It is stated in Inner Chapters of Baopuzi, an ancient Chinese text written by Ge Hong from the Eastern Jin dynasty, that economists need to have the heart to ‘serve their nations and help their people’. Angus Chu, a distinguished professor at the University of Macau (UM) and head of UM’s Department of Economics, shares the same belief. As a student, he encountered the Asian financial crisis, which sparked his interest in financial crises. Today, as an accomplished economist ranked among the top 10 per cent in the world, Prof Chu aspires to build a better world. He believes that an economist’s job is to anticipate problems that may arise in society and address these problems through research. A Spark of Interest in Financial Crises At its roots, economics is a discipline that explores economic activities and patterns in human society. In the 21st century, its influence continues to increase in social sciences, with people’s subjective consciousness and behaviour included in its sphere of study, and with economic analysis widely applied in areas such as business, finance, and public administration. According to Prof Chu, when studying economic issues, apart from solid theoretical knowledge and mathematical models, one should also have a good understanding of the world in order to analyse the relationships between human nature and external variables. So far, Prof Chu has published nearly 60 influential papers in prestigious international journals. He is ranked among the top 10 per cent of economists by IDEAS, an authoritative international database for economics publications, with a global ranking of top 70 in innovation. What propelled Prof Chu to study economics? He explains that it was a result of the Asian financial crisis in 1997. At that time, the economies of many countries were hit hard. As a student at Simon Fraser University in Canada, Chu and his family were not immune to the impact of the crisis and were under immediate financial pressure, but it was also this experience that inspired him to study financial crises. Later on, he read The Return of Depression Economics, a book written by the 2008 Nobel laureate in economics Paul Krugman, and became intrigued by Krugman’s bold predictions of the Asian financial crisis before its arrival. However,
RkJQdWJsaXNoZXIy MTQ1NDU2Ng==