Message from the Dean

The Keio University Graduate School of Economics will celebrate its 120th anniversary in 2026. Counting from the founding of the Department of Political Economy in 1890, Keio has led advanced economic education in Japan for over 136 years. The founder, Yukichi Fukuzawa, defined the mission of Keio University as “to cultivate leaders in society,” and indeed, many distinguished graduates of the Graduate School of Economics have gone on to play leading roles in academia, government, and the business world.

In recent years, advances in artificial intelligence have been remarkable. In particular, the rapid spread of generative AI technologies has led to their application across a wide range of professional fields, prompting extensive research into the question of what tasks remain uniquely human. Such research suggests that not only routine and repetitive work, but also certain occupations requiring decision-making, may increasingly be replaced by AI. Indeed, particularly in the United States, rising unemployment among graduates in computer science-related fields indicates that even highly skilled professionsーsuch as programmers and data scientists, once considered secure and well-compensatedーare beginning to be affected by AI. It is also likely that the role expected of educational and research institutions will continue to evolve in response to these developments.

However, it is precisely in such an era that the value of studying economics and conducting economic research is becoming greater.

Economics is a unique academic discipline that combines both a positive, empirical approachーanalyzing how scarce resources such as people, goods, capital, and information are allocatedーand a normative dimension that addresses how such resources ought to be distributed. At the same time, the behavior of real people and companies who create or use these resources is highly complex: they anticipate changing circumstances and the actions of others while pursuing their own objectives. As evidenced by events such as the global financial crisis and, more recently, the policy responses to the COVID-19 pandemic, people and companies often behave in ways that diverge from past patterns, and predictions based solely on historical data frequently fail. 

Current AI systems primarily rely on identifying patterns in past data to generate outputs. By contrast, tasks such as abstracting complex phenomena to model fundamental relationships, inferring causal mechanisms from data, and reconciling competing stakeholder interests from a normative perspective remain difficult for AI. These are precisely the areas in which advanced economic analysis demonstrates its greatest valueーfields that have long exerted significant influence on other social sciences, public policy, and business practice. In this sense, they represent capabilities that remain uniquely human.

Even before the war, Keio University, or “Mita no Rizai” (Mita's political economy), has been synonymous with economics. Reflecting this legacy, the Graduate School of Economics boasts faculty members whose research and teaching abilities are among the best in Japan. Moreover, our faculty members engage in a wide range of research areas that extend beyond the traditional boundaries of economics. We offer a curriculum that enables students to complete their studies entirely in English, as well as programs that open pathways to the world, including the CEMS Master in International Management (MIM) program, a double degree program with Brandeis University, and a unique exchange program exclusive to our Graduate School of Economics. 

We, the faculty members at the Graduate School of Economics, are committed to continuously enhancing our research and educational environment to provide intellectually stimulating and meaningful education. We welcome not only students aspiring to become researchers in economics, but also those who seek to acquire advanced knowledge that cannot be replaced by AI and to become leaders in various sectors of society, including business, government, and non-profit organizations.