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

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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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The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
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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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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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We are not smart enough to leave things to the market.
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The invention of the printing press was one of the most important events in human history.
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History is on the side of the regulators.
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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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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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There is no such thing as a free market.
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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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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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