When Lu Zhou arrived at the No.1 lecture hall, the report had already begun.
An old man with white hair and beard stood in front of a PowerPoint slide. He pushed his glasses up the bridge of his nose and slowly spoke about something that Lu Zhou didn't understand at all.
However, even though Lu Zhou didn't understand what he was talking about, the scholars in the audience were listening attentively.
This reminded Lu Zhou of his own reports. Every time he gave a report, the audience in the audience would look at him the same way.
He's an expert.
Lu Zhou didn't stay at the entrance for long. He quickly found an empty seat in the last row and sat down.
In fact, Dr. Wisl was exaggerating. Even though there were a lot of people in the lecture hall, it wasn't to the point where they had to sit in the hallway.
The few people sitting on the ground below the podium all wore thick glasses and looked very, very young. These people came to the report with a question or purpose. Even if there were no seats in the lecture hall, they would still sit there.
Lu Zhou found a seat and sat down. He stretched his neck and looked around. He then took out his phone and searched for the thesis that he and Xiao Tong worked on. He also paid some attention to Professor Joseph's explanation.
He had basically forgotten the theory behind the Lu Bewley model. Even though this thing seemed to be a bit important to the economics community, for him, it was just something he made up, so he didn't take it seriously at all.
However, now that he took out the thesis and reviewed it again, he quickly picked up the core content of the thesis, which was the mathematical model.
For an ordinary person, this method of multitasking would most likely result in not being able to please both sides and not being able to take care of either.
However, for Lu Zhou, who often did this to save time, he was used to it.
He still remembered when he was a professor at Princeton. Not only could he multitask, but he could also multitask and ask questions while listening.
Professor Joseph was slowly speaking on stage. He suddenly frowned when he saw a flash of light from the back of the podium.
The light from the phone screen wasn't very obvious. If one didn't look at it, one wouldn't even notice it.
However, while everyone was staring at him, waiting for him to continue, there was one person in the lecture hall. Even though he was sitting in the last row, he was still very conspicuous in Lu Zhou's eyes.
Even though it wasn't uncommon for people to use their phones during a report, Joseph always hated this behavior. It made him feel like his phone wasn't as attractive as his own research results.
However, Joseph merely furrowed his brows and ignored the person who made him unhappy.
If this was his lecture, he would definitely ask the person to leave. However, this was an academic report. He couldn't waste other scholars' time because of this. Not to mention, he couldn't threaten other scholars with academic credits …
Lu Zhou didn't realize that he was hated by an economics expert because of this.
However, if he knew the reason, he would definitely not know whether to laugh or cry at the old man's eyesight.
Not to mention, he wasn't playing with his phone, he was reviewing the report!
However, even if he knew, Lu Zhou probably wouldn't care too much.
First of all, he wasn't a scholar in the field of economics. Secondly, at his level, there were at least a thousand people who were interested in him. One or two people wouldn't make a difference …
Lu Zhou read the thesis from beginning to end, whether it was the mathematical model part or the theoretical part.
After reading the thesis, Lu Zhou put away his phone. He was interested in listening to Professor Joseph's evaluation of his mathematical model. However, he didn't expect the old man to say something that almost made him vomit blood.
"We all know that a new mathematical model was recently born in the field of economics. Its creator is Professor Lu Zhou, a well-known Fields Award winner. By improving the classic Bewley model, it saves a lot of tedious calculations and makes the results of the model more accurate …
"I don't deny that this mathematical model is beautiful. Everyone, I don't deny that."
Professor Joseph looked around the lecture hall and said in a serious tone, "Even though I'm a supporter of the New Economic Trade Theory, and I often use mathematics as an auxiliary tool to support my quantitative research, I have to emphasize that mathematics is only an auxiliary tool in economics. It's like this is a 'Macroeconomics Forum', not an 'Accounting and Finance Forum'."
The venue was filled with friendly laughter.
Many people agreed with the old man's joke.
Indeed, economists were relying more and more on computers and mathematical tools. Even the Nobel Prize in Economics was becoming more and more like the "Nobel Prize in Mathematics".
In the eyes of conservative scholars, this is just plain stupid.
Professor Joseph paused for a second and spoke.
"The meaning of economics is to study the laws of human economic activities, which is the creation, transformation, and realization of value. It's not a game of numbers. We're economists, not financial accountants. "
"Even though this report is about the Lu Bewley model, what I'm going to say next might disappoint a lot of people." Joseph looked at Professor Krugman, who was sitting in the front row. He then looked at Krugman, who was also a Nobel Prize laureate, and said, "I will focus the report on the shortcomings of the Lu Bewley model.
"In my opinion, these shortcomings are fatal!"
The moment he finished speaking, there was a burst of whispers in the lecture hall.
Lu Zhou almost vomited blood when he heard Professor Joseph's criticism. However, after hearing what Joseph said, his expression returned to normal.
He was a mathematician, but he was a complete layman in the field of economics. Even if there were fatal shortcomings, it was understandable.
Not to mention that Professor Joseph only criticized the economic value of the Lu Bewley model. He didn't say that there were problems with Lu Zhou's mathematical theory.
Lu Zhou didn't care at all.
Let him say what he wants.
Just as he leaned his head back against the chair, he heard two young scholars sitting next to him whispering to each other.
"Didn't Professor Krugman discuss the Lu Bewley model in his new thesis? His attitude seems to be the opposite of Professor Joseph's? "
"Isn't that obvious? Professor Krugman and Professor Nash have always had a good relationship! He's a supporter of mathematical economics. He believes that a beautiful economic model must have a mathematical sense of beauty … But he doesn't seem to be a good mathematician. "
"This report is going to be interesting."
"Yeah, yeah, Professor Krugman is here! Maybe Professor Joseph's words were directed at him … It's a response to his previous paper! "
"Unfortunately, compared to Professor Joseph, Professor Krugman is still a bit inferior! Even Samuelson, the author of 'Economics', is ashamed! "
As Lu Zhou listened to these people, he raised his eyebrows.
Professor Krugman is in the lecture hall?
Did Joseph say these words just for him to hear?
Even though Lu Zhou didn't understand the debate in the economics community, he felt like things were getting interesting …
Professor Krugman sat in the lecture hall and had a stiff expression on his face.
Professor Joseph's words were like a slap in the face.
Xiao Tong couldn't help but ask, "Professor, is the Lu Bewley model … really flawed?"
"Hard to say," said Professor Krugman as he shook his head and said, "I don't think it's flawed … But Joseph, he's more knowledgeable about economic models than I am. Maybe he found some problems that I didn't."
Professor Angus nodded and agreed with his old friend, Professor Krugman.
"We have to listen to it, maybe it's not that bad."
Professor Krugman had a serious expression on his face.
"Yeah, we have to listen to it."
Professor Joseph continued to speak on stage. He used the marker in his hand to write on the whiteboard from time to time to highlight the important parts of the lecture.
"As we all know, the Bewley model overcomes the inherent shortcomings of the stochastic dynamic general equilibrium framework. Therefore, it has gradually become the mainstream macroeconomic research method. The Lu Bewley model has been improved on this basis. For example, it uses the" endogenous grid method "and other mathematical tools to replace the Lagrange multiplier method to solve each step of the optimization process …
"However, this also makes the Bewley model lose its original rigor.
[f (x, y, z) = ag3,1 + bg3,2 + cg3,3 … where x, y, z ≥ 0 …]
[…]
As his explanation continued, lines of calculations were written on the whiteboard.
Professor Joseph put down the marker in his hand and looked back at the lecture hall as he spoke.
"If we introduce the KPR utility function to equation 3, we can clearly find the problems in the model.
"Just as I said, the Lu Bewley model has a fatal flaw in theory. At the very least, it needs to be greatly modified."
"That's the end of my presentation. If you have any questions, feel free to ask."
The venue was dead silent.
It was so quiet that one could hear a pin drop.
Professor Joseph looked at Professor Krugman. When he saw how muddled Krugman was looking at the blackboard, Joseph couldn't help but smirk.
It was clear who was better.
This guy couldn't even keep up with Joseph's explanation speed.
Even though Joseph didn't plan on comparing himself to Joseph, he was quite dissatisfied with Joseph's opinion of the Lu Bewley model.
He thought this guy would be able to say something, but he couldn't even ask a question.
Thinking of this, Joseph's face showed a hint of disappointment, as well as the loneliness of an expert.
Not a single person can fight!
He took the thesis and stacked it on his desk. Just when he was about to wait for no one to raise their hand, an unexpected hand rose from the back row.
"I have some questions."
This voice came from the back row of the lecture hall. The lecture hall instantly became lively …
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