Research Seminar by Prof. Vimut Vanitcharearnthum

Posted on February 19, 2021 by administrator

A research seminar by Prof. Vimut Vanitcharearnthum was held on February 18, 2021.

Topic – Macroeconomic Problems vs. Development Concerns: Case Study of Thailand

Abstract of the talk:
High cost of living and lack of jobs bring misery to all walks of life. To help us monitoring
the severity of economic problems, Arthur Okun constructed the so-called “misery index”, a
sum of inflation rate and unemployment rate. Thailand is often regarded as the least
miserable country in the world, thanks to its extremely low unemployment rate and low
inflation rate. In this seminar, I will discuss about the misery index of Thailand and its
development in recent years.

The inverse relationship between inflation rate and unemployment rate is a cornerstone of
modern macroeconomic theory. It in effect places limitation to public policies aimed to
curb the misery index. I will share my thoughts on the effectiveness of Bank of Thailand’s
policies over the past decades.

Fighting inflation and unemployment has implications on economic development in
Thailand, in particular, poverty reduction and income distribution. I will provide some
thoughts on growing inequality in Thailand in this seminar