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

Jinghai Zheng

Journal of Chinese Economic and Business Studies, 2019, vol. 17, issue 2, 103-122

Abstract: 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.

Date: 2019
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DOI: 10.1080/14765284.2019.1623470

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