that you may live for 100 years. whether or not you seek a career in the financial industry, you are required to have the motivation and curiosity to regularly update your knowledge in response to change. in concluding, let me share with you a quote from julian simon, an economist ( chart 11 ) : there are various studies on the effects of financial education. see campbell [ 2016 ] for details. the main fuel to speed the world's progress is our stock of knowledge ; the brakes are our lack of imagination and unsound social regulations of these activities. the ultimate resource is people - - especially skilled, spirited, and hopeful young people endowed with liberty - - who will exert their wills and imaginations for their own benefits, and so inevitably they will benefit the rest of us as well ( simon [ 1995 ], p. 27 ). thank you for your kind attention. references amamiya, masayoshi. 2018. " the future of money. " speech at the 2018 autumn annual meeting of the japan society of monetary economics, october 20, 2018. angrist, joshua, pierre azoulay, glenn ellison, ryan hill, and susan feng lu. 2017. " economic research evolves : fields and styles. " american economic review : papers & proceedings, 107 ( 5 ) : 293 - 297. athey, susan, and michael luca. 2018. " economists ( and economics ) in tech companies. " nber working paper no. 25064. backhouse, roger e. 2010. the puzzle of modern economics : science or ideology? cambridge : cambridge university press. backhouse, roger e., and beatrice cherrier, eds. 2017. the age of the applied economist : the transformation of economics since the 1970s, durham : duke university press. bank of japan, ed. 1982. nippon ginko hyakunen - shi [ the centennial history of the bank of japan ]. vol. 1. ( in japanese ) https : / / www. boj. or. jp / about / outline / history / hyakunen / hyaku1. htm / bank of japan research and statistics department. 2018. " [ minutes of the 7th joint conference organized by the university of tokyo center for advanced research in finance and the bank of japan research and statistics department :'new developments of macroeconomic analysis : interaction between business cycles and economic growth.'] " boj reports and research papers. ( in japanese ) https : / / www

october 25, 2018 bank of japan the post - crisis world : evolution of the economy, economics, and central banks keynote speech at " nippon no kakushin - ryoku " ( japan's innovation ) symposium co - hosted by the faculty of economics, keio university and nikkei inc. masazumi wakatabe deputy governor of the bank of japan ( english translation based on the japanese original ) introduction it is my pleasure to speak here today at keio university. as an alumnus and former professor at waseda university, an opportunity like this, given the longstanding fruitful relationship between the two schools, is a great honor. yukichi fukuzawa, founder of keio university, shigenobu okuma, founder of waseda university, and the bank of japan share a long and intimate history together. the fact that fukuzawa and okuma were close friends is a famous story. during the meiji restoration, okuma sought to lead reforms with the support of keio's alumni but failed, only to be expelled from the government - - an incident later known as the failed meiji - 14 coup of 1881. in the following year, okuma, emulating his friend fukuzawa, built a school, which served as the predecessor of waseda university. the bank of japan was established that very same year. truth be told, okuma, back when he was still a member of the government, proposed a plan for building japan's first central bank ( bank of japan [ 1982 ], pp. 77 - 79 ). although his plan was rejected, it is not far - fetched to consider part of his proposal as having been reflected in the bank of japan's charter in the form of liquidity provision. this year marks about 20 years since japan's financial crisis and the 10th anniversary of the global financial crisis triggered by the collapse of lehman brothers. milestones provide us with ample opportunity to look back on the past. in my speech today, i will begin with an overview of significant changes observed in economic society today. i will then discuss the evolution of economics and the role of central banks. my message to you is threefold : first, change holds the key ; second, it is important that we update our knowledge in response to change ; and third, understanding the basics is essential regardless of - - or because of - - changes. i. progress for humankind and challenges ahead before reflecting on japan's financial crisis of about