Winston Chang


Winston Chang.

Winston Chang


Winston Chang


Director of Masters Program

Research Interests

International Trade and International Finance; Economic Growth


Winston Chang obtained his BA from National Taiwan University and PhD from the University of Rochester. He has served on a number of editorial boards, has received the State University of New York Chancellor’s Award for Excellence in Teaching, is listed in Who’s Who in the World, American Men and Women of Science, Biography International, and was a recipient of the Albert Nelson Marquis Lifetime Achievement Award in 2017. He has served as the dissertation supervisor of 24 Ph.D. students and also served on many PhD dissertation committees. Currently, he is the Director of the MA-MS Programs in Economics.

During 1986–1990, he was a Project Specialist for Chinese Economic Curriculum Reform. The project was jointly sponsored by the Chinese Education Commission, the U.S. National Academy of Sciences, the Ford Foundation and the World Bank. In addition to reforming the Chinese higher education economic curriculum, he also helped guide the drafting of new Economic Development and International Trade textbooks commissioned by the Chinese Education Commission. He was invited to teach a class of over 150 faculty members, sent from all major Chinese universities, at Nankai University to help train them to teach Western international economics.


  • PhD, Economics, University of Rochester
  • MA, Economics, University of Rochester
  • BA, School of Business, Summa Cum Laude, National Taiwan University

Academic Appointments

  • Professor of Economics, State University of New York at Buffalo, since 1978
  • Visiting Professor, Research Institute for Economics and Business Administration, Kobe University, Japan, 1992
  • Visiting Research Professor, Institute of Economics, Academia Sinica, Taipei, Taiwan, 1982
  • Associate Professor of Economics, State University of New York at Buffalo, 1970–1978
  • Assistant Professor of Economics, State University of New York at Buffalo, 1967–1970

Professional Services

  • Member, the Editors, Global Journal of Economics, 2012-present
  • Member, Editorial Board, Journal of Korea Trade, 2009-2012
  • Member, Editorial Board, GITAM Review of International Business, 2008-present
  • Member, the Educational Advisory Board, American Biographical Institute, 1984–1987
  • Member, the Research Board of Advisors, American Biographical Institute, since 1988
  • Project Specialist for Chinese Economic Curriculum Reform, sponsored by the Chinese Education Commission, the U.S. National Academy of Sciences, Ford Foundation and the World Bank, 1986
  • Project Specialist, Chinese University Development Project II, Nankai University, Tianjin, China, fall semester, 1987
  • Project Specialist, Chinese University Development Project II, People’s University of China, Beijing, China, summer 1990

Research Contributions

Professor Chang has published close to 80 academic articles in economics, many appearing in major journals such as American Economic Review, Quarterly Journal of Economics, Econometrica, Review of Economic Studies, Review of Economics and Statistics, International Economic Review, Journal of International Economics, and Oxford Economic Papers. (See ResearchGate and for more recent articles, SSRN.) They span a wide range of fields as the following:

  • International Trade
    This is the most extensive area of Professor Chang’s research. Numerous subjects have been covered such as patterns of production and gains from trade in Neo-Ricardian system, income distribution and optimum tariffs, dumping and anti-dumping issues, strategic trade theory and policy, competition in quality-differentiated products, export rivalry, optimal transfer pricing, the economics of offshoring, trade and privatization policies, trade liberalization and gains from trade, and trade theory with joint production. His paper "Some Theorems of Trade and General Equilibrium with Many Goods and Factors" (Econometrica 1979) was the first article enabling the neoclassical theory of trade to be studied under a unified framework with arbitrary numbers of goods and factors of production. His co-edited book, Imperfect Competition in International Trade (1995) helped to advance the new theory of trade.
  • Economic Growth
    He has published a number of papers covering one-sector and two-sector neoclassical models of economic growth, featuring saving, induced bias in technical change, intermediate products, time-phased economies, and consumption substitution in growth models. His 1970 American Economic Review article covers the neoclassical theory of technical change.
  • Macroeconomics
    Among several macroeconomic articles, one notable piece is "The Existence and Persistence of Cycles in a Non-Linear Model: Kaldor’s 1940 Model Re-examined." (Review of Economic Studies 1971). This paper shows the inadequacy of the famous Kaldorian business cycle model and provides the remedial conditions for cycles to exist. It was reprinted in 1993 in Non-Linear Dynamics in Economic Theory in the series of The International Library of Critical Writings in Economics. Another notable piece is the article "Liquidity Preference as Behavior toward Risk Is a Demand for Short-Term Securities—Not Money" (American Economic Review 1983) which exposes the inapplicability of James Tobin’s Nobel-winning article on liquidity preference upon the arrival of financial innovations. Other articles in the macro area include the stability and instability of IS-LM equilibrium, dynamic properties of the overlapping generations model, capital aggregation in a general equilibrium model of production, and the financial crisis of 2007–2010.
  • Microeconomics
    His publications in this area include topics on strategic managerial delegation and industrial policy, competition in vertically-related markets, pricing and benefit structure of a private club or public utility, tridiagonal matrices with dominant diagonals and applications, optimal transfer pricing, the theory of quantity discounts and optimal pricing, and monopolistic competition and product diversity.
  • Country and Regional Studies
    He has published a number of papers in this area, including "The EU and the Eurozone: Past, Present, and Future," "Brexit and Its Economic Consequences," and the recent working paper "Inner Workings of the Chinese Economy."
  • Environmental Economics
    His 2017 "World Trade and the Environment: Issues and Policies" (Pacific Economic Review) analyzes the important linkage between trade and environmental issues and policies. The working paper "Optimal Environmental Tax Scheme" is one of his recent works.

Selected Publications