The panel will provide a comprehensive overview of the following: (i) the critical issues of population aging in developed Asia-Pacific countries, e.g., China, Japan, Korea, Singapore, and Australia; (ii) the similarities and differences and what we can learn from these countries' experiences; and (iii) the pending research we need to attend to.

Even a relatively mild form of government failure - bureaucrats just being average and not omniscient - could have significant effects on the success or failure of an industrial policy. We will look at an example of China’s pro-innovation policy that helps to accelerate the growth of patent quantity but may have reduced the average patent quality.