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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
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Ha-Joon Chang
Age: 61
Born: 1963
Born: October 7
Economist
Seoul Teukbyeolsi
Free
Rules
Restrict
Doesn
Accept
Unconditionally
Looks
Exist
Restrictions
Every
Choice
Underlying
Failing
Restriction
Accepting
Boundaries
Choices
Fail
Freedom
Market
More quotes by 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.
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
Culture changes with economic development.
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
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
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.
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 Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
Ha-Joon Chang
Making rich people richer doesn't make the rest of us richer.
Ha-Joon Chang
History is on the side of the regulators.
Ha-Joon Chang
We are not smart enough to leave things to the market.
Ha-Joon Chang
People who live in poor countries have to be entrepreneurial even just to survive.
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
Democracy is acceptable to neo-liberals only in so far as it does not contradict the free 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
Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
Ha-Joon Chang
95% of Economics is common sense deliberately made complicated.
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
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
Countries are poor not because their people are lazy their people are 'lazy' because they are poor.
Ha-Joon Chang
