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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
Deliberately
Economics
Complicated
Common
Sense
Made

More quotes by Ha-Joon Chang

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There is no such thing as a 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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Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
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People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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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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The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
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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 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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[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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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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Culture changes with economic development.
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Making rich people richer doesn't make the rest of us richer.
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History is on the side of the regulators.
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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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The foundation of economic development is the acquisition of more productive knowledge.
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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 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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Low inflation and government prudence may be harmful for economic development.
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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
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We are not smart enough to leave things to the market.
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