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People who live in poor countries have to be entrepreneurial even just to survive.

Ha-Joon Chang

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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Poor
Live
Country
Even
People
Entrepreneurial
Survive
Countries

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Making rich people richer doesn't make the rest of us richer.
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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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Low inflation and government prudence may be harmful for economic development.
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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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People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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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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In manufacturing, where mechanization and the use of chemical processes are much easier, it is easier to raise productivity than in services. In contrast, by their very nature, many service activities are inherently impervious to productivity increase without diluting the quality of the product.
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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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95% of Economics is common sense deliberately made complicated.
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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.
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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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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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There is no such thing as a free market.
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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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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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We are not smart enough to leave things to the market.
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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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The foundation of economic development is the acquisition of more productive knowledge.
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