Study Of Lin Yifu’s Economic Thought

Professor Lin yifu is a famous economist in China, who is the apprentice of professor Schulz who had won the Nobel price and professor Johnson who is a famous agricultural economist. China’s changes in institution and technology has provide explicit and authentic materials for his researching, which helps him make an excellent contributions on agronomics, institutional economics and economics for development. He is called Chinese economic problem expert. He suggested standard research methods to develop China’s economics.At the beginning of Lin’s academic life he mainly researched China’s agriculture economics, he analysed the reasons and impacts of various changes of institutional change including from small farmers to collective rule, from small cooperative team to big cooperative team, from collective rule to family farm. In technology changes realm.he take hybrid rice as basic, summarized the reasons and effects of agriculture technology changes. Professor Lin also think China’s commissary have tremendous growth potential to meet population growth.The author summarize Lin’s opinions about economic development as comparative advantage strategy theory, which means one country should use their natural endowment to develop economy first, only by this way one country can get the most economic surplus to promote their technology. At the same time, the government should provide necessary information and draw up industrial policy for enterprises to update their technology. Professor Lin use this theory explain Washington consensus’s failure and the miracle of East Asia rationally. He also use the theory to analyse update industries in developing countries and China’s specific reformation. At last, he maintained that in 21 century China’s economic aggregate will surpass American, and then the most famous economist in the world will be Chinese people which means 21 century is the China’s economists’ century.