Several eminent economists discussed the impact of globalization, technological advancement and politics on the global economy during the opening event of the Economic Development Symposium held at the Yale School of Management on Tuesday.
The symposium is an annual event organized by the Economic Development Club at the SOM that brings together scholars, action agents and opinion leaders to debate and provide actionable recommendations on pressing economic development issues. This year’s theme, “Strengthening Economic Development Systems to Adapt to Emerging Challenges and Threats,” focuses on strategies for prudent, resilient and sustainable economic development in developed and developing countries alike and how business, government and communities can be leveraged toward that end.
During his welcome address at the start of the event, Acting SOM Dean Anjani Jain said he was glad to support student-run events such as the symposium, which bridges the gap between curricula and “what students need to know.” After the welcome remarks, Kaushik Basu, former chief economist of the World Bank and a professor of international studies at Cornell, delivered his keynote speech, focusing on the state of the global economy and the implications of globalization for developed countries including the United States.
“Two things in technology are changing the world landscape: labor-saving technology and labor-linking technology,” Basu said. The former includes artificial intelligence and robotics, and the latter includes outsourcing and communications.