The Investigation and Correction of the Mainstream Macroeconomics Theory in China’s Economic Practice

Abstract

Revealing the causes and mechanism of economic growth has always been a hot and core issue concerned and studied by economists and governments all over the world. To analyze the causes of "miracle of economic growth" in China's 40 years of reform and opening up has gone beyond the scope of the determinism of production factors of economic growth in mainstream macroeconomics. Based on the analysis of the representative views on "China's economic miracle", this paper studies the influencing factors of economic growth from multi-level, multi perspective and multi dimension. It holds that in mainstream economics, capital, labor, natural resources and technology are only the direct causes of a country' economic growth. However, the system and its changes, culture and national characteristics, government and its intentionality, which have been ignored by mainstream economics, are the internal reasons or basic support that determines the sustained economic growth and social prosperity of a country.