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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.
Ha-Joon Chang
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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
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Hyperinflation
Bigs
Acknowledging
Nature
Inflation
Better
Jump
Lower
Logical
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History is on the side of the regulators.
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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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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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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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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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Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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Making rich people richer doesn't make the rest of us richer.
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We are not smart enough to leave things to the market.
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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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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 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 Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
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