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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

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95% of Economics is common sense deliberately made complicated.
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A well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.
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Low inflation and government prudence may be harmful for economic development.
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The foundation of economic development is the acquisition of more productive knowledge.
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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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Making rich people richer doesn't make the rest of us richer.
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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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The invention of the printing press was one of the most important events in human history.
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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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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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History is on the side of the regulators.
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The days are over when technology can be advanced in laboratories by individual scientists alone. Now you need an army of lawyers to negotiate the hazardous terrain of interlocking patents. Unless we find a solution to the problem of interlocking patents, the patent system may actually impede the very innovation it was designed to encourage.
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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 best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.
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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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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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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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People who live in poor countries have to be entrepreneurial even just to survive.
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We are not smart enough to leave things to the market.
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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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