October 16^th, 2016, The 2016 Summit on Western Classics and Austrian School of Economics & Entrepreneurship and Wealth Forum was held at New World Beijing Hotel. It was held by Unirule Institute of Economics with media support from the Phoenix Academics, and the Humanism Economic Society.

Many esteemed economists and experts attended this event, including, Mr. MAO Yushi, Honorary President of Unirule; Professor ZHANG Weiying form Peking University; Professor ZHANG Shuguang, Chairman of Unirule Academic Committee; Professor XIA Bin from the State Council; Mr. WU Si, President of Unirule; Professor GAO Yan, Deputy Director of Unirule; Professor FENG Xingyuan from Chinese Academy of Social Sciences; Professor WANG Jianxun from China University of Political Science and Law; Professor ZHU Haijiu from Zhejiang Gongshang University; Professor FENG Keli from Shandong University; Professor MO Zhihong from Beijing University of Technology; Professor LIU Yejin from Capital University of Economics and Business; Mr. JIANG Hao, Director of Unirule Center for Law and Public Governance; Mr. XIONG Yue, Co-Founder of HaoBTC; and Mr. LU Ke, Secretary General of Yuandao Institute; and Mr. LIU Xuanhua, CEO of Jiangnan Group. A total of over 60 participated in the event.

Mr. MAO Yushi, Honorary President of Unirule, gave an opening speech on “Hayek’s Economics and the Creation of Wealth”. He said that in 1944, Hayek had foreseen that the humanity would take the path of planned economy. One third of the whole population on earth undertook planned economy. Whereas John Locke proposed that property couldn’t be owned by the public, and power couldn’t be owned privately. Such debate still is relevant in today’s discussion. Only in an economy where everything can be purchased with money, can we know the real price of commodities. And that economy can be called a real market economy.

Professor ZHANG Weiying from Peking University presented on “Entrepreneurship, Wealth Creation, and the Failure of Policy”. He said that to understand the nature of profit, one could finally understand what entrepreneurship entailed. Profit itself shows that there is a lack of equilibrium. And then entrepreneurs function to make the profit disappear and by using innovation to create new wealth in the form of profit. He mentions that non-productive arbitrage and policy-driven arbitrage is a waste of wealth and should be avoided.

Mr. WU Si, President of Unirule, presented on “My View on the Creation of Wealth: Domestic and Foreign”. He said that ancient Chinese society believed the wealth was created by earth and heaven, whereas the classic western economists believed it was nature and labor that created wealth. However, the Austrian School of Economics believed the exchange value on the margin is the source of value and wealth creation. He also mentioned that in Qin and Han Dynasties, violence was a main measure to grasp wealth. And in modern societies, rules and regulations become the major measure to take possession of wealth.