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Yu Mingde: Don’t Invent Wheels Anew

Sep 29-2021   



On the occasion of the inauguration of Cheng Ze Garden as the new campus of the NSD, Prof. Yu Mingde sends his congratulations in a video and shares his thoughts on national development, which has been a topic of heated debate.

 

Prof. Yu was among the six scholars who founded China Center for Economic Research (CCER) in the early 1990s. Beginning with three crammed offices, CCER developed in leaps and bounds and was up-leveled to be the National School of Development in 2008. Prof. Yu says that as an academic institution using multi-disciplinary cooperation to research into national development issues, the NSD has been over the years providing China with unique solutions.

 

With regard to national development, he shares his thoughts from the perspectives of common sense, logic, and historical experience. He first admonishes against the attempts to invent wheels from scratch, which goes against common sense because wheels have long existed and can be acquired at a lower cost through market transactions. Meaningful inventions tend to be driven by talents and not pooling of resources, he says, adding that a low-efficient path won’t bring a happy life to everyone.

 

He also tries to put the relationship between capital and labor in a new light, reminding that the Chinese government won’t tolerate the excessive ‘exploitation’ of anyone on labor. Therefore, it’s not logically appropriate to apply Marxist exploitation concept to the relationship between the two in a simplistic manner. Capital and labor are in a dynamic and developmental relationship, he says. One way to increase workers’ income is to generate more demand for labor, which will come about when more entrepreneurs are at work.

 

Entrepreneurs and workers are both builders of China. Prof. Yu advises ensuring property rights to instill confidence in the public to create and accumulate wealth and assure foreign investors to expand investments in China. Population isn’t just a market factor and a source of growth dividend; respect for each and every individual, creation of an environment for people’s all-round development, and implementation of people- and family-themed development strategy will give rise to the right GDP and peaceful coexistence with the rest of the world, which will be a blessing for the Chinese nation.

Yu Mingde: Don’t Invent Wheels Anew

Sep 29-2021   



On the occasion of the inauguration of Cheng Ze Garden as the new campus of the NSD, Prof. Yu Mingde sends his congratulations in a video and shares his thoughts on national development, which has been a topic of heated debate.

 

Prof. Yu was among the six scholars who founded China Center for Economic Research (CCER) in the early 1990s. Beginning with three crammed offices, CCER developed in leaps and bounds and was up-leveled to be the National School of Development in 2008. Prof. Yu says that as an academic institution using multi-disciplinary cooperation to research into national development issues, the NSD has been over the years providing China with unique solutions.

 

With regard to national development, he shares his thoughts from the perspectives of common sense, logic, and historical experience. He first admonishes against the attempts to invent wheels from scratch, which goes against common sense because wheels have long existed and can be acquired at a lower cost through market transactions. Meaningful inventions tend to be driven by talents and not pooling of resources, he says, adding that a low-efficient path won’t bring a happy life to everyone.

 

He also tries to put the relationship between capital and labor in a new light, reminding that the Chinese government won’t tolerate the excessive ‘exploitation’ of anyone on labor. Therefore, it’s not logically appropriate to apply Marxist exploitation concept to the relationship between the two in a simplistic manner. Capital and labor are in a dynamic and developmental relationship, he says. One way to increase workers’ income is to generate more demand for labor, which will come about when more entrepreneurs are at work.

 

Entrepreneurs and workers are both builders of China. Prof. Yu advises ensuring property rights to instill confidence in the public to create and accumulate wealth and assure foreign investors to expand investments in China. Population isn’t just a market factor and a source of growth dividend; respect for each and every individual, creation of an environment for people’s all-round development, and implementation of people- and family-themed development strategy will give rise to the right GDP and peaceful coexistence with the rest of the world, which will be a blessing for the Chinese nation.