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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.

Ha-Joon Chang

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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Well
Open
Take
State
People
Chance
Actually
Chances
Less
Encourage
Jobs
Designed
States
Welfare
Wells
Changes

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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 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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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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There is no such thing as a free market.
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Culture changes with economic development.
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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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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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Making rich people richer doesn't make the rest of us richer.
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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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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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People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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The invention of the printing press was one of the most important events in human history.
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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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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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We are not smart enough to leave things to the 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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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 foundation of economic development is the acquisition of more productive knowledge.
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95% of Economics is common sense deliberately made complicated.
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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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