1. Investing in Human Capital: The Experiences of Keio with JJ/WBGSP Masatoshi KURATANI Keio University

2. Contents Ⅰ Introduction Ⅱ Theory of Human Capital and JJ/WBGSP Ⅲ The Keio Program: Master’s Degree Program in Taxation Policy and Management Ⅳ Performance of Scholars in the Keio Program Ⅴ My Responsibilities in the Keio Program ① - Teaching at the Gateway to the Program - Ⅵ My Responsibilities in the Keio Program ② - Guiding Scholars’ Growth of Learning toward the Exit - Ⅶ Conclusion Slide 2

3. Implications as seen from the Theory of Human Capital * The process of investing in human capital often alters the nature of a person. * In the era of an expanding knowledge economy, the value of higher education is rising. * A primary determinant of a country’s standard of living is its success in developing and utilizing the skills, knowledge and habits of its population. Slide 3

4. The JJ/WBGS Program at Keio: Master’s Degree Program in Taxation Policy and Management The Graduate School of Business and Commerce Chairperson Advisor on Faculty Programs Professor and World Bank Program Advisor Professor Professor and Academic Advisor International Center Coordinators Slide 4

5. A Photograph of Cohort 10 Scholars after the Degree Conferment Ceremony (March 2007) Slide 5

6. Titles of Cohort 10 Scholars’ Master Theses “Inequality and Poverty in Peru” “On Thin Capitalization: International Lessons for Indonesia” “An Analysis with Laffer Curve of Personal Income Tax in China” “Corporate Income Tax Compliance in Indonesia” “The Core Driver of Philippine Public Finance: Debt” Slide 6

7. Courses Offered in the Keio Program in Academic Year 2007 [Basics] Business Economics, Introduction to Econometrics [Economy and Finance] Japanese Economy, Business History, Finance, Money and Banking [International Perspectives] International Economy, International Relations, International Finance, Seminar on International Economic Policies [Subjects Connected with Taxation] Domestic Tax Law, International Tax Law, Tax Administration, Seminar on Tax Administration, Accounting, Public Finance [Workshops Related to MA Theses Research] Seminar on Public Finance, Seminar on Taxation and Economic Policies [Writing, Communication, Language] Academic Writing, Business Communication, Japanese Slide 7

8. Professor G. Becker’s Educational Style * He taught how to think and how to develop economic reasoning step by step. * He encouraged problem-solving efforts, or how to solve concrete problems which arise in our daily lives. * He stimulated intellectual curiosity of his students, and encouraged them to pick up well-focused and concrete problems for their research topics. Slide 8

9. [Spring 2006] Introduction to very basic concepts and principles (scarcity principle and demand curve, indifference system and choice behavior, production by firms, demand and supply, demand for factors by a firm and industries, general equilibrium) [Autumn 2006] A wider range of subjects (application of choice theory to household behavior, uncertainty and information, supply of human capital and other factors, economic growth, the basics of law and economics) “Business Economics” for Cohort 11 Scholars in Academic Year 2006 (1 st Year Scholars) Slide 9

10. Programs at the National Tax College This college combines formal education and on-the-job training * An interdisciplinary approach integrating law, accounting, and economics * Emphasis on small seminars led by professors (case studies, taking up examples such as tax evasions) * (In research programs) One-on-one guidance by professors to students in their theses writing Slide 10

11. “Seminar: Advanced Study of Taxation and Economic Policies” for Cohort 11 Scholars in Academic Year 2007 (2 nd Year Scholars) [Spring, 2006] ① Reading, reporting and discussion using literature written by economists, law school professors, and tax policy experts (The scholars also present research papers at NTA) ② Presentation of MA theses proposals (Summer: data collection, some empirical studies) [Autumn, 2006] ① Continuation of reading and discussion ② Presentation of progress report papers toward MA theses ③ Submission of MA theses Slide 11

12. ＊ The International Center ＊ The Library Slide 12