Xiaokai Yang Memorial Fund

During his life Professor Xiaokai Yang was internationally recognized as a leading theorist in the field of economic analysis of endogenous specialization. His work largely relied on non-classical mathematical methods in a lifelong effort to investigate increasing returns to specialization. Yang's research is generally considered as resurrecting the Smithian view of division of labour in a modern body of formalism. The modelling approach that he proposed is generally known as the "new classical" or "inframarginal" framework of economic analysis. This framework has shown a remarkable potential in successfully investigating many important, and otherwise intractable, issues in a host of fields of the discipline of economics, including economic growth, urban economics, the theory of the firm, international trade, and many others.

Xiaokai Yang's work is highly regarded by fellow economists and has drawn considerable attention and international repute to Monash University. In a 2002 visit to our university, James Buchanan (Nobel Laureate, 1986) stated without qualification: "In my view, the most important and exciting research in economics in the world is done at Monash, and it is done by Xiaokai Yang".

Xiaokai Yang published numerous books and many well placed refereed journal articles. His death is a great loss not only to his family and friends but also, in the words of another Nobel Laureate, "to the world of economics" (Kenneth Arrow, Nobel Laureate, 1972).

Xiaokai Yang was the founding director of the Centre. He passed away on 7 July 2004 after fighting lung cancer for nearly three years.

Monash University has set up the Memorial fund in an effort to support Yang’s unfinished work which has now been inherited by students and colleagues alike. This support takes the form of scholarships for research students, research grants, a Memorial Award, and the Xiaokai Yang Memorial Lecture.

Please send contributions to Elizabeth Kwok, Department of Economics, Monash University, Clayton, Vic 3800, Australia and make checks payable to:

Monash University - Professor Xiaokai Yang Memorial Fund.