Peter Arthur Diamond, a US economist and recipient of the Nobel Prize in Economic Sciences 2010, visited the University of Macau (UM) and delivered a talk titled ‘Good Pension Design’ last week, according to a statement released by the public university yesterday.
Friday’s event attracted a full-house, including UM faculty members, students, and guests.
Diamond, a professor at the Massachusetts Institute of Technology (MIT) in Cambridge, discussed the purpose of a pension system, its key elements, and the pros and cons of various pension systems around the world, including those in Macau and Hong Kong. He said because of the significantly improved average life expectancy and an increasingly ageing population worldwide, it was very important for all economies to establish a good and healthy pension system to ensure sustainable development. According to the statement, the 78-year-old economist also provided insightful suggestions about the execution of the pension systems in Hong Kong and Macau. He pointed out that while Macau is a prosperous city, with the Non-Mandatory Central Provident Fund System having become effective on January 1 this year, the government should make an effort to explain its characteristics and operation to local residents in order to increase its transparency.
Economics Nobel Prize laureate Peter A. Diamond gives a talk on a “good pension design” on the University of Macau (UM) campus on Friday. Photo: UM
