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The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
Ha-Joon Chang
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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Economic
Korean
State
Incentives
States
Clever
Direction
Market
Miracle
Pragmatic
Result
Mixture
Results
Mixtures
More quotes by Ha-Joon Chang
Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
Ha-Joon Chang
Low inflation and government prudence may be harmful for economic development.
Ha-Joon Chang
95% of Economics is common sense deliberately made complicated.
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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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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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.
Ha-Joon Chang
There is no such thing as a free market.
Ha-Joon Chang
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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Culture changes with economic development.
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.
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
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.
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
People 'over-produce' pollution because they are not paying for the costs of dealing with it.
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.
Ha-Joon Chang
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
We are not smart enough to leave things to the 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
The foundation of economic development is the acquisition of more productive knowledge.
Ha-Joon Chang
