On the afternoon of October 15, 2020, the lecture themed on the "Theory of the Firm and Theory of the State: Why do Firms Exist? How did the State Originate?" given by Dr. LIU Fanglong, Associate Professor of SOB was held in F108 of the teaching building in South Campus, and received the active participation of many teachers and students of SOB. During the lecture, Dr. LIU Fanglong explained the new institutional economics such as Property Rights Theory, Transaction Cost Theory, Contract Theory and Institution Change Theory in a gradual and in-depth manner based on the typical cases in our life. LIU Fanglong elaborated on the institutional advantages of state public property rights in a comparison between ancient and modern times, arguing that the unique property rights structure formed in China has brought efficiency to China's economic development and achieved China's success and prosperity. At the end of the lecture, LIU Fanglong answered students' questions in the Q&A session using humorous and simple examples from life, which drew rounds of applause. Through this lecture, the students gained a new understanding and insight into the Theory of the Firm and the Theory of the State. The lecture effectively broadened the academic horizon and knowledge structure of the students and provided a new understanding for the students of SOB on the development of their studies in this major.

Lecturer LIU Fanglong