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95% of Economics is common sense deliberately made complicated.
Ha-Joon Chang
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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Made
Deliberately
Economics
Complicated
Common
Sense
More quotes by Ha-Joon Chang
[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 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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People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing.
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The invention of the printing press was one of the most important events in human history.
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We are not smart enough to leave things to the market.
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Low inflation and government prudence may be harmful for economic development.
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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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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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.
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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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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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There is no such thing as a free market.
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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.
Ha-Joon Chang
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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Making rich people richer doesn't make the rest of us richer.
Ha-Joon Chang
Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
Ha-Joon Chang
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
Culture changes with economic development.
Ha-Joon Chang
