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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
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
Culture changes with economic development.
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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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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
We are not smart enough to leave things to the market.
Ha-Joon Chang
95% of Economics is common sense deliberately made complicated.
Ha-Joon Chang
Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.
Ha-Joon Chang
Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
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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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.
Ha-Joon Chang
Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
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
There is no such thing as a free market.
Ha-Joon Chang
Low inflation and government prudence may be harmful for economic development.
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
People who live in poor countries have to be entrepreneurial even just to survive.
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
History is on the side of the regulators.
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
