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" It is one thing to tell the citizens of some faraway country to go to hell, but it is another to do the same to your own citizens, who are supposedly your ultimate sovereigns. "
Ha-Joon Chang
Tell
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" The feeling of insecurity is inimical to our sense of wellbeing, as it causes anxiety and stress, which harms our physical and mental health. It is no surprise then that, according to some surveys, workers across the world value job security more highly than wages. "
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" The truth is that the free movement of goods, people, and money that developed under British hegemony between 1870 and 1913 - the first episode of globalization - was made possible, in large part, by military might rather than market forces. "
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" Contrary to what professional economists will typically tell you, economics is not a science. All economic theories have underlying political and ethical assumptions, which make it impossible to prove them right or wrong in the way we can with theories in physics or chemistry. "
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" 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. "
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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. "
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" 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. "
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" Many people think that the U.S. is ahead in the frontier technology sectors as a result of private sector entrepreneurship. It's not. The U.S. federal government created all these sectors. "
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" I'm not an anti-capitalist, or anarchist. I want capitalism to work. "
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" 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. "
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" As a consumer, I don't create art, but I think whatever the message is, art has to touch you. "
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" 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. "
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" 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.' "
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" Democracy, despite its limitations, is in the end the only way to ensure that policies do not simply benefit the privileged few. "
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" I like all kinds of music - classical, pop, rock, electronic. "
Ha-Joon Chang
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" 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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" Patent monopoly creates a lot of problems. It allows the patentee to charge the maximum to consumers. This may not be a problem if the patented product is a luxury item, like parts that go into a smartphone, but can violate basic human rights if it involves things such as life-saving drugs. "
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" 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? "
Ha-Joon Chang
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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. "
Ha-Joon Chang
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" 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. "
Ha-Joon Chang
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" 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. "
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" Many financial and industrial companies have been bailed out with the public's money, but very few of those who had run those companies have been punished for their failures. Yes, the top managers of those companies have lost their jobs - but with a fat pension and mostly with a handsome severance payment. "
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" When I was growing up in South Korea in the '70s and early '80s, the country was too poor to buy original records. Everything was bootlegged. "
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" 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. "
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" 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. "
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" It is impossible to objectively define how free a market is. This is a political definition. Government is always involved, and those free marketers are as politically motivated as anyone. "
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" Sometimes people with strong ideology, whether left-wing or right-wing, refuse to do something simply because they believe it is wrong, when doing it actually benefits them. For some people, it's not just about money and political power. "
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" Free market economists frequently see minimum wage legislation as mere political intervention. However, there are decent economic theories which show that, under certain circumstances, minimum wages can be beneficial, as it makes workers more productive. "
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" Why do tax havens exist? Because rich countries allow them to. If the U.S. came down on tax havens in the same way they come down on countries that trade with Iran and Cuba, we'd have no tax havens in the world. "
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" Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism. "
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" 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. "
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