On 13th November, 2019, we welcomeAssociate Prof. Walter Scherrer to our series lecture on “Economics andBusiness”, as well as his speech on Insights from "Long Waves" of Economic Development for Innovation and Economic Policy. Walter Scherrer is directorof the Programs MBA, Business School of University of Salzburg, Austria. Hisresearch interests include Long Wave Theory, Innovation Economics and InnovationPolicy. The lecture was hosted by Prof. Xiangdong Chen from School of Economicsand Management at Beihang University.
In the following lecture,AssociateProf. Walter Scherrer starts with anoverview of contributions of early writers and of major empiricalcharacteristics of the long waves. Conceptual requirements, the dynamics, andthe phases of long waves are discussed and it is shown that innovation patternsvary between the phases of an individual long wave and between different longwaves. It is argued that the long wave-concept – although stipulating arecurrent process of development – is non-deterministic as it allows foreconomic policy having an impact on the course of economic development, andconsequently suggests an active role of government in supporting technologicaldevelopment.
During and after the lecture, more than 20 scholars and students from BUAA SEM discussedthe key points of the talk with Associate Prof. Walter Scherrer and also raisedquite a few relevant questions,which provoke further thinking on the issue from both parties.
