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The top 10 per cent of the US population appropriated 91 per cent of income growth between 1989 and 2006, while the top 1 per cent took 59 per cent.

Ha-Joon Chang

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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Appropriated
Cent
Cents
Inequality
Income
Population
Took
Growth

More quotes by Ha-Joon Chang

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95 percent of economics is common sense made complicated, and even for the remaining 5 percent, the essential reasoning, if not all the technical details, can be explained in plain terms.
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There is no such thing as a free market.
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The foundation of economic development is the acquisition of more productive knowledge.
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History is on the side of the regulators.
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People who live in poor countries have to be entrepreneurial even just to survive.
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Self-interest, to be sure, is one of the most important, but we have many other motives - honesty, self-respect, altruism, love, sympathy, faith, sense of duty, solidarity, loyalty, public-spiritedness, patriotism, and so on - that are sometimes even more important than self-seeking as the driver of our behaviors.
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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get a better view, promoting the others behind them to stand. Once enough people stand, everyone has to stand, which means no one is getting a better view, while everyone has become more uncomfortable.
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Culture changes with economic development.
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Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
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Between the Great Depression and the 1970s, private business was viewed with suspicion even in most capitalist economies. Businesses were, so the story goes, seen as anti-social agents whose profit-seeking needed to be restrained for other, supposedly loftier, goals, such as justice, social harmony, protection of the weak and even national glory.
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95% of Economics is common sense deliberately made complicated.
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The free market doesn't exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them.
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Making rich people richer doesn't make the rest of us richer.
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The invention of the printing press was one of the most important events in human history.
Ha-Joon Chang
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Low inflation and government prudence may be harmful for economic development.
Ha-Joon Chang
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The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
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There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.
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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.
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