Nobel Laureate Myron Scholes revisits Guanghua
1997 Nobel Laureate in Economics and Myron S. Scholes paid a visit to the Guanghua School of Management on June 23, sharing his knowledge of financial economics and giving students the chance to learn from his vast experience inside Guanghua’s Alibaba Auditorium last week.
Dean Hongbin Cai of the Guanghua School of Management gave opening remarks for the talk, in which he mentioned the growing size and sophistication of China’s financial sector as well as the need to address financial overhaul as the next stage of government reforms for China.
After discussing the history behind the Black-Scholes model, Professor Scholes took individual questions from audience members. In his responses, he shared his thoughts about the world economy, discussing the global trends of spending and investment volatility in spite of fiscal austerity policies implemented by various national economies. He suggested the creation of an Asia-based IMF or World Bank in order to focus attention on the internationalization of the RMB and Asian currencies, as well as the need to incorporate the ongoing technological revolution into changes taking place in the global economy.
On giving advice to young people on how best to thrive in their careers, Scholes recommended that young people surround themselves with the best. “To be with the best people, you have to be the best yourself,” he said. He emphasized that the learning experience of building relationships and of life is more crucial than financial reward or achievements.
Scholes, who received his Ph.D in economics from the University of Chicago in 1969 and has also taught at MIT’s Sloan School of Management, previously delivered a lecture at the Guanghua School of Management in October 2009, where he discussed global economic recovery and risk management in the aftermath of the global financial crisis.
The Guanghua School of Management has consistently attached great importance to exchanges with the world’s leading scholars. Recently, Guanghua has hosted other award-winning scholars, such as 2012 Nobel Laureate in Economics Alvin E. Roth in March of this year.