▲ Professor Stark proving his theory on migration economics in KU. Photographed by Song Yeonsoo.
At 5:00 P.M. on March 9, a special lecture by Professor Oded Stark was held in the International Studies Hall. The Korea University (KU) Korea Institute for International Economic Policy (KIEP) and the Seoul Broadcasting System (SBS) EU Centre hosted the event together. The lecture was held to prove the theory that migration may be a behavior seeking for social rank.
Professor Stark led the audience through his proof by using multiple mathematical equations and various economic concepts. Professor Stark is one of the most internationally acclaimed figures, renowned for his economics papers on applied microeconomic theory, development economics, population economics and the economics of migration.
The lecture started with clarifying the underlying assumptions of his theory. Professor Stark introduced the variables of his theory such as x that represented individuals with income. Moreover, he clarified the three major premises on which the theory was built upon. Stark claimed, “In order to build up a theory—as we always do in economics—we make assumptions and then get some results.”
Stark organized the rest of his presentation with seven claims. The first six claims were proven, one by one, with equations and economic theories. At the end of his lecture, Stark wrapped up his lecture by connecting his proven theory to the empirical world. The lecture provided its listeners with the most in depth, step-by-step guide to the way in which Stark had reached his conclusion that migration is in fact a rank-seeking behavior.
The astounding amount of insight the lecture, armed with the most logical and tightly constructed combination of math, economics, and sociology, provided was enough to inspire students. As one of the most distinguished scholars ever to visit Korea University (KU), Professor Stark has successfully enriched the minds of aspiring economists as well as many others.