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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
Way
Proportion
People
Income
Tend
Spend
Higher
Redistribute
Wealth
Downward
Economy
Poorer
Best
Boost

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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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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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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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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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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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95% of Economics is common sense deliberately made complicated.
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The foundation of economic development is the acquisition of more productive knowledge.
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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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History is on the side of the regulators.
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