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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
People
Chance
Actually
Chances
Less
Encourage
Jobs
Designed
States
Welfare
Wells
Changes
Well
Open
Take
State
More quotes by Ha-Joon Chang
People 'over-produce' pollution because they are not paying for the costs of dealing with it.
Ha-Joon Chang
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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Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
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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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There is no such thing as a free market.
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[Good managers] know that people have 'good' sides and 'bad' sides and that the secret of good management is in magnifying the former and toning down the latter.
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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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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 foundation of economic development is the acquisition of more productive knowledge.
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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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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 who live in poor countries have to be entrepreneurial even just to survive.
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We are not smart enough to leave things to the market.
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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
The invention of the printing press was one of the most important events in human history.
Ha-Joon Chang
95% of Economics is common sense deliberately made complicated.
Ha-Joon Chang
Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
Ha-Joon Chang
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.
Ha-Joon Chang
Culture changes with economic development.
Ha-Joon Chang
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.
Ha-Joon Chang
