Phd students had begun discussing this on Facebook and other economics forums.
[Who is at the Shanghai conference?! Please live stream Professor Krugman’s report!]
[L-Z model? F*ck sake! It took me two months to learn the Lu Bewley model, now you’re telling me the Lu Bewley model is outdated?!]
[I’m at the report right now, everyone in the lecture hall has gone crazy! Not only will the L-Z model become the most popular research field in macroeconomics, but apparently, the Chinese guy Lu Zhou created the model in one afternoon…]
[Jesus! Some people could achieve more in an afternoon than others could achieve in a week… This world is too cruel.]
One impressive research result wasn’t anything special, plenty of great economics research were being done every day. However, being able to create such an impressive research result in one afternoon was a bit scary…
Everyone that heard the news was in disbelief.
One afternoon…
Is he even human?
Of course, other people began discussing this model from a macroeconomics perspective.
The more they dove into the model, the more they began to doubt themselves.
Just like Professor Joseph said at the conference, even though the Lu Bewley model was built on the basis of the Bewley model, it was completely different from the Bewley model.
Not just that, but the L-Z model was more applicable in many cases compared to the Lu Bewley model. From the income savings model to fixed assets and social welfare, the L-Z model was applicable to a range of macroeconomics topics.
In theory, it was applicable!
These applications would have never been done with the Bewley model.
Of course, there were also shortcomings of the L-Z model. Because the flexibility of the model had increased, its difficulty also increased. Anyone that wanted to master this model would have to have a deep understanding of functional analysis and partial differential equations, as well as an economics background.
However, its shortcomings were well worth its functionality.
A famous economics professor at Stanford published a tweet after reading the paper.
[If the Nobel Prize committee considers this for a Nobel Prize, I wouldn’t be surprised at all. It is obvious which area of macroeconomics will become popular over the next decade. I am certain that the greatest achievements in macroeconomics over the next decade will be tied to the L-Z model.]
After he published the tweet, he received a ton of likes and retweets from his peers in his field.
Within a day, the L-Z model had shocked the entire economics field.
Right after Professor Krugman’s report, a video of his report was uploaded to YouTube.
The video spread like a virus, and its link was being shared on Twitter, Facebook, and other social media platforms.
Lu Zhou had no idea what kind of impact his thesis was making. He didn’t even know that the Lu Bewley model was renamed to the L-Z model.
He definitely wouldn’t have agreed to this name.
The reason was simple; it was because the L-Z name was already used in other fields!
How are these guys so lazy?
Can’t they come up with a more creative name?
Lu Zhou would have preferred a cooler sounding name. Of course, he wasn’t arrogant enough to name the model himself, but he would have gladly let others name it for him.
A Maybach parked at the Sheraton hotel entrance.
Lu Zhou yawned as he walked out of the hotel.
Because of the formal occasion, the clothes he wore were much more formal than yesterday. He put on the most expensive suit he packed for the trip.
An expensive car, a beautiful girl… and a handsome guy. Lu Zhou was bound to receive attention.
Lu Zhou, who was still feeling a little sleepy, was surrounded by envious eyes of tourists walking into the hotel. He couldn’t help but smirk.
A soft pale hand pushed open the front passenger door of the Maybach as the driver said, “Come on, hurry up.”
“What’s the hurry…” Lu Zhou walked next to the car and asked, “Where’s Mrs. Yang?”
“Oh, my auntie? She’s already there. She doesn’t want to hang with us young folks.” Chen Yushan raised her eyebrows and said, “Hurry up, I’ll drive you there.”
Lu Zhou was about to get in the car, but he realized a serious problem.
“Wait a second, are you sure about driving? Should I ask my driver…”
Chen Yushan suddenly furrowed her eyebrows.
“Are you doubting my driving skills?”
“No…”
Lu Zhou sweated and looked at Wang Peng as a cry for help.
Wang Peng paused for a second and made eye contact with Lu Zhou.
“Ms. Chen can drive. You’ll have more space… I’ll follow you guys from behind.”
Lu Zhou: “???”
It’s a four-seater Maybach, there’s plenty of space.
There’s only three of us…
Lu Zhou reluctantly sat in the passenger seat.
As Chen Yushan smiled proudly, Lu Zhou coughed and warned her for the sake of his safety.
“I believe in your driving skills, but… Just drive slow.”
“Shut up, just put on your seatbelt!” Chen Yushan turned on the engine and stepped on the gas pedal. “Sit tight!”