Proceedings of the 2022 8th International Conference on Humanities and Social Science Research (ICHSSR 2022)

Analysis on the Needham’s Question

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

Authors
Jiacheng Xue1, *
1University of Alberta, School of Business, Edmonton, AB, Canada, T5K 2E5
*Corresponding author. Email: Jxue2@ualberta.ca
Corresponding Author
Jiacheng Xue
Available Online 1 June 2022.
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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Volume Title
Proceedings of the 2022 8th International Conference on Humanities and Social Science Research (ICHSSR 2022)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
1 June 2022
ISBN
978-94-6239-580-0
ISSN
2352-5398
DOI
10.2991/assehr.k.220504.065How to use a DOI?
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.

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  -