Professor Chong-Yah Lim

Professor Chong-Yah LimProfessor Chong-Yah Lim is currently the Albert Winsemius Chair Professor of Economics and the Director of the Economic Growth Centre at the Nanyang Technological University (NTU), Singapore. Prior to joining NTU, he was a Senior Professor of Economics, the Head of the Department of Economics and Statistics, and the Dean of the Faculty of Arts and Social Sciences at the National University of Singapore. He has more than 200 books, chapters in books, refereed journal papers, and international conference papers to his credit. He is widely recognized in Singapore for his important role in the economic and national development of Singapore as founding Chairman of its tripartite National Wages Council and founding Chairman of its Skills Development Fund Advisory Council.

Papers Published in World Economics:

The Great Depression, the Great Recession and the Next Crisis

The paper discusses and pinpoints three strategic factors that led to the global Great Depression of the early 1930s. After the Great Depression, the lessons learned were encapsulated in Keynesianism and Monetarism. The unanticipated and unprecedented global Great Recession of 2008–09 did not degenerate into the global Great Depression. The paper maintains that this was because of the voluntary global adoption and implementation of Keynesianism, not Monetarism. By May 2010, world industrial production had recovered beyond its previous peak in March 2008. But has the world economy really recovered? Although the world succeeded in aborting the global Great Recession, high unemployment aggregates, bloated budgets and sky-high debts continue to dog many developed economies, including the United States, the Eurozone nations and the United Kingdom. The paper goes on to discuss if the growth path of the world economy would take the form of a W-shape. The paper concludes with the overall important lessons learned by the world in handling the global Great Recession and the Keynesian prescription.

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