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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
Economic
Government
May
Harmful
Prudence
Inflation
Lows
Development

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Culture changes with economic development.
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95% of Economics is common sense deliberately made complicated.
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People who live in poor countries have to be entrepreneurial even just to survive.
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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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There is no such thing as a free market.
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History is on the side of the regulators.
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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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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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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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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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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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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 foundation of economic development is the acquisition of more productive knowledge.
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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.
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Making rich people richer doesn't make the rest of us richer.
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The invention of the printing press was one of the most important events in human history.
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