Analysis on the Needham’s Question

The Impact of Political Rent-Seeking and Creative Destruction on Western Economics

DOI

10.2991/assehr.k.220504.065How to use a DOI?

Keywords

Malthusian equilibrium trap; Innovation; Middle-income traps; scientific mindset

Abstract

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.

Copyright

© 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.

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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  -