He was also an influential advisor to the Taiwanese government on economic policy. He was awarded the Order of Brilliant Star, second rank, for his contributions to the country's development.[2]
Born in Peking on October 27, 1914, he earned a degree in civil engineering from the Chiao Tung University (Chinese: 交通大学) in 1936.[3] He initially went to Cornell University to study railway engineering. Influenced by Fritz Machlup, he switched to economics. Liu earned a PhD degree in 1940 under Donald English.[4] His dissertation was titled A Study in the Theory of Planning by the Individual Firm under Dynamic Conditions.[5]
Both Liu and his wife committed suicide in 1975.[8] He died at the Tompkins County Hospital in Ithaca, New York on August 14, 1975.[3][9] A book, Quantitative Economics and Development: Essays in Memory of Ta-Chung Liu, was published in his honor by his colleagues.[10]
Liu had a close working relationship with the government of Taiwan, and high ranking members of politics consulted him on economic policy. He served for several years as President Chiang Kai-shek's chief economic adviser in the 1960s.[8] Together with his colleague at Cornell Sho-Chieh Tsiang, he advocated against central planning and for creating an environment that encouraged private enterprises to compete on world markets.
Liu took a leave from Cornell University in the 1969 academic year to serve as chairman of the Commission for Tax Reform for the Taiwanese Government.[11]
