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The fallacy of Washington consensus and the role of the Government: interpreting some Chinese contributions to development policy from aspects of Chang'e 4

Artikel i vetenskaplig tidskrift
Författare Jinghai Zheng
Publicerad i Journal of Chinese Economic and Business Studies
Volym 17
Nummer/häfte 2
Sidor 103-122
ISSN 1476-5284
Publiceringsår 2019
Publicerad vid Institutionen för nationalekonomi med statistik
Sidor 103-122
Språk en
Länkar dx.doi.org/10.1080/14765284.2019.16...
Ämnesord Chang'e 4, Development, three-body-problem, Washington consensus, government intervention, economic-growth, markets, Business & Economics
Ämneskategorier Ekonomi och näringsliv

Sammanfattning

Students of economics may have heard of that economics, especially the kind of mainstream neoclassical economics taught in most universities on earth today, is an imitation of physical science in some fundamental fashion. However, few economists would imagine that economics can be as effective as physical science, not even in the remote future. China's Chang'e 4 mission to the far side of the Moon provides a golden opportunity for economists to explore this fascinating possibility from the aspect of astrodynamics. This article, inspired by thoughts of Justin Yifu Lin and Angang Hu among others regarding China's economic reform, demonstrates that physics explaining the Three-Body Problem of classical mechanics may as well be understood as guiding principles when dealing with issues in development economics. Several aspects of Washington consensus' are examined in relation to the concerns raised by Chinese scholars. The study concludes that neoliberal interpretations of modern economics are basically inconsistent with the neoclassical framework outlined in standard economics textbooks.

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