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Low inflation and government prudence may be harmful for economic development.

Ha-Joon Chang

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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Government
May
Harmful
Prudence
Inflation
Lows
Development
Economic

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People who live in poor countries have to be entrepreneurial even just to survive.
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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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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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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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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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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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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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There is no such thing as a free market.
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The invention of the printing press was one of the most important events in human history.
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History is on the side of the regulators.
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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 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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