It's reported that Chinese academic Ju Jiandong has been put forward for next year's Nobel Prize in Economics for discovering what's been described as "an ingenious solution to two paradoxes1 of international capital flows".
Ju's theories combined the dynamic inter-temporal model of macro international economics with the structure analysis model in micro international economics, and established a dynamic structure analysis method.
He applied2 the method to the theory of balance of payments, proposing that emerging countries' surplus is an equilibrium3 phenomenon, created out of the differences between the economic structures of developing and developed countries. He also applied the method to the theory of industry structure, which led to a dynamic model of industrial upgrading and economic restructuring.
Ju currently serves as the economics professor at Tsinghua University and Shanghai University of Finance and Economics. He was a tenured professor of the University of Oklahoma before coming back to China in 2014.
Ju was nominated by Professor Xie Danyang at the Hong Kong University of Science and Technology and Wuhan University.
The Nobel Committee sends nomination4 forms to about 3,000 individuals, usually in September the year before the prizes are awarded. These individuals are generally prominent academics working in a relevant area. The committee then makes a short list of about 300 potential laureates from these forms, along with additional names.
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