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" Imagine if all those kings and dukes hadn't commissioned those crazy cathedrals, paintings and music... we'd still be living in sticks and mud. Because none of those things made any economic sense. Human beings' capacity to 'waste time' is a miracle - but that's exactly what art is for. "

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" As someone from a developing country, I have a problem with rich countries thinking they can tell us anything, simply because they are giving money. "

Ha-Joon Chang

Problem

Thinking

Rich

" In the 19th century, a lot of people were against outlawing child labour, because to do so would be against the very foundations of a free market economy: 'These children want to work, these people want to employ them... what is your problem? It's not as if anyone has kidnapped them...' "

" Instead of reading a paper, we now read the news online. Instead of buying books at a store, we buy them on-line. What's so revolutionary? The Internet has mainly affected our leisure life. "

" We need to accept that consumption is not the end goal of our life and stop measuring our well-being simply on the basis of earnings. We need to explicitly take the quality of our work-related life into account in judging our well-being. "

" By liberating women from household work and helping to abolish professions such as domestic service, the washing machine and other household goods completely revolutionised the structure of society. "

" I'm not an anti-capitalist, or anarchist. I want capitalism to work. "

" Few countries have become rich through free-trade, free-market policies, and few ever will. "

" Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism. "

" When we assess the impact of technological changes, we tend to downplay things that happened a while ago. "

" Without there being some national strategy, it is difficult for educators to know what kinds of engineers or technicians to produce and for potential students to know what professions to study for. "

" 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

Free

Choice

" People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they're like sausages: you don't know what they really are until you cut into them. "

" Indeed, willingness to challenge professional economists and other experts is a foundation stone of democracy. If all we have to do is to listen to the experts, what is the point of having democracy? "

" Economics should be defined in terms of what it is about. It should be about how people produce things, how people exchange them, how people earn income, how they pay taxes, how the government provides infrastructure with tax revenue, and how it conducts monetary policy. The subject has to be defined in terms of the object of inquiry. "

" I used to joke that I came to England - not to the U.S. where most Koreans go - because I like Arthur Conan Doyle and Agatha Christie. "

" Gone are the days when the upper classes were terrified of the angry mob wanting to smash their skulls and confiscate their properties. Now their biggest enemy is the army of lazy bums, whose lifestyle of indolence and hedonism, financed by crippling taxes on the rich, is sucking the lifeblood out of the economy. "

" People always think they're in the middle of a revolution while they tend not to realize the enormity of a change that has happened in the past. The telegraph was a revolution, but who looks at it that way these days? The telegraph sped up the transportation of messages over long distances by a huge factor. "

" The invention of the printing press was one of the most important events in human history. "

" Basically, the myth is that America has been founded on the free market; the government has done very little; it has thrived under free trade. But actually, if you look at the history, this is actually the country that has succeeded most with protectionist policies. "

" If we are really serious about preventing another crisis like the 2008 meltdown, we should simply ban complex financial instruments unless they can be unambiguously shown to benefit society in the long run. "

" It is time that we dispensed with the myth that the market is a force of nature that should not be meddled with. Markets are social creations that can be, and have been, modified for social purposes. "

" I think this notion that public enterprises do not work and therefore nationalization will be a disaster, I mean, it's not supported by evidence. "

" Markets are, in the end, man-made devices for utilitarian purposes, not a force of nature that we should not try to resist. If they end up serving the interests of only a tiny minority, as is increasingly the case, we have the right - and indeed the duty - to regulate them in the interest of greater social good. "

" I like all kinds of music - classical, pop, rock, electronic. "

" A lot of things that we cannot buy and sell in markets used to be totally legal objects of market exchange - human beings when we had slavery, child labour, human organs, and so on. So there is no economic theory that actually says that you shouldn't have slavery or child labour because all these are political, ethical judgments. "

" Unfortunately, a lot of economists wanted to make their subject a science. So the more what you do resembles physics or chemistry, the more credible you become. "

" I am one of the most successful economists, according to what markets tell us, though most of my professional colleagues, who are much keener to accept market outcomes than I am, would dismiss me as a crank or - the worst of all abuses among economists - a 'sociologist.' "

Ha-Joon Chang

Tell

Professional

" Charities are now working to give people in poor countries access to the Internet. But shouldn't we spend that money on providing health clinics and safe water? Aren't these things more relevant? I have no intention of downplaying the importance of the Internet, but its impact has been exaggerated. "

" Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused. "

" What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy itself. When they say we need to insulate economic policies from politics, they are in effect advocating the castration of democracy. "