Creating Balance: The Mission of Economic Policy

Lecture | November 13 | 4-5:30 p.m. | 180 Doe Library

 Laszlo Gyorgy, Minister of State for Economic Strategy and Regulation, Ministry for Innovation and Technology in Hungary

 Institute of Slavic, East European, and Eurasian Studies (ISEEES)

Hungary’s economic policy is currently in the process of restoring balance to a critical imbalance generated in the four decades between 1970 and 2010. Hungary can be considered a laboratory, where a conundrum is being resolved, step by step. Not all measures are equally successful or easy to implement, but the negative trends have reversed. Hungary, a country of 10 million people, broke away from the policy advice of international lending institutions fostering austerity measures after 2010 and followed its own unorthodox policies since then, decreasing its state debt by 10 percentage points, halving foreign indebtedness, creating close to 1 million jobs, increasing real wages by more than 40 percent, becoming one of the most attractive locations for FDI to create high value-added jobs, and growing 2 percentage points faster than the EU average since 2012. Many other developing countries find themselves in a similar plight and it is hoped that the experience of Hungary will be helpful in charting their own unique course of recovery.

László György is the Minister of State for Economic Strategy and Regulation at the Ministry for Innovation and Technology in Hungary. Previously, he was the Chief Economist at Századvég Group and the director of Pallas Athéné Domus Mentis Foundation, the public endowment fund of the John von Neumann University. György lectures on economic policy and international relations theory at the John von Neumann University and Eötvös Lóránd University. He earned an international Master’s degree at Hochschule St. Gallen, Switzerland (2004) in the framework of the Community of European Management Schools program, and MBA (2008) and PhD (2013) degrees at the Budapest University of Technology and Economics.