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Natural versus Social Sciences: On Understanding in Economics

In: Globalization, Economic Development and Inequality

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  • Wolfgang Drechsler

Abstract

The expert contributors gathered here approach underdevelopment and inequality from different evolutionary perspectives. It is argued that the Schumpeterian processes of ‘creative destruction' may take the form of wealth creation in one part of the globe and wealth destruction in another. Case studies explore and analyse the successful 19th century policies that allowed Germany and the United States to catch up with the UK and these are contrasted with two other case studies exploring the deindustrialization and falling real wages in Peru and Mongolia during the 1990s. The case studies and thematic papers together explore, identify and explain the mechanisms which cause economic inequality. Some papers point to why the present form of globalization increases poverty in many Third World nations.

Suggested Citation

  • Wolfgang Drechsler, 2004. "Natural versus Social Sciences: On Understanding in Economics," Chapters, in: Erik S. Reinert (ed.), Globalization, Economic Development and Inequality, chapter 2, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1570_2
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    File URL: https://www.elgaronline.com/view/9781858988917.00008.xml
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    Cited by:

    1. Reinert, Erik S., 2004. "How rich nations got rich. Essays in the history of economic policy," MPRA Paper 48147, University Library of Munich, Germany.
    2. Erik S. Reinert, 2009. "The Terrible Simplifers: Common Origins of Financial Crises and Persistent Poverty in Economic Theory and the new ‘1848 Moment’," Working Papers 88, United Nations, Department of Economics and Social Affairs.
    3. Rainer Kattel & Erkki Karo, 2010. "Is 'Open Innovation' Re-Inventing Innovation Policy for Catching-up Economies?," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 30, TUT Ragnar Nurkse Department of Innovation and Governance.

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    Keywords

    Economics and Finance;

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