Analysis on the Needham’s Question
The Impact of Political Rent-Seeking and Creative Destruction on Western Economics
*Corresponding author. Email: Jxue2@ualberta.ca
Available Online 1 June 2022.
- 10.2991/assehr.k.220504.065How to use a DOI?
- Malthusian equilibrium trap; Innovation; Middle-income traps; scientific mindset
Needham’s Question is probably the most critical discussion in the 20th century, regarding why western economies exceeded Eastern countries in terms of macroeconomics. This report will analyze this discussion from both macroeconomic and microeconomic perspectives. Firstly, Western economies were the first (ever, in all of history) to escape the Malthusian equilibrium trap. Also, Western economies were the first to adopt and stick with free-market economics and creative destruction‐sustaining financial systems. Thirdly, Western economies were the first in which a scientific mindset became widespread? Finally, Western economies developed social norms that encourage trust in strangers and trustworthy behavior by strangers.
- © 2022 The Authors. Published by Atlantis Press SARL.
- Open Access
- This is an open access article distributed under the CC BY-NC 4.0 license.
Cite this article
TY - CONF AU - Jiacheng Xue PY - 2022 DA - 2022/06/01 TI - Analysis on the Needham’s Question BT - Proceedings of the 2022 8th International Conference on Humanities and Social Science Research (ICHSSR 2022) PB - Atlantis Press SP - 351 EP - 354 SN - 2352-5398 UR - https://doi.org/10.2991/assehr.k.220504.065 DO - 10.2991/assehr.k.220504.065 ID - Xue2022 ER -