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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.
Ha-Joon Chang
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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Best
Boost
Way
Proportion
People
Income
Tend
Spend
Higher
Redistribute
Wealth
Downward
Economy
Poorer
More quotes by Ha-Joon Chang
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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We are not smart enough to leave things to the market.
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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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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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95% of Economics is common sense deliberately made complicated.
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The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
Ha-Joon Chang
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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Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
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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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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 invention of the printing press was one of the most important events in human history.
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Culture changes with economic development.
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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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People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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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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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.
Ha-Joon Chang
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.
Ha-Joon Chang
There is no such thing as a free market.
Ha-Joon Chang