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Ha-Joon Chang Quotes

I like all kinds of music - classical, pop, rock, electronic Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market Picture Quote #1

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 Picture Quote #1

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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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

To put it bluntly, there isn’t one economic theory that can single-handedly explain Singapore’s success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex Picture Quote #1

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 Picture Quote #1

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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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

It’s not just about the current economic environment. History shows that slashing budgets always leads to recession Picture Quote #1

I’ve read quite a few readers’ reviews of my book on Amazon, saying, ‘Ah, he criticises the free market, he advocates central planning.’ I don’t do that for a minute! But this is our black and white, dichotomous way of thinking - which has really been harmful Picture Quote #1

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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 Picture Quote #1

Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused Picture Quote #1

Few countries have become rich through free-trade, free-market policies, and few ever will Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

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 Picture Quote #1

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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 Picture Quote #1

I don’t drink at lunchtime because I’m very weak at alcohol like most Asians Picture Quote #1

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 Picture Quote #1

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.’ Picture Quote #1

Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them Picture Quote #1

Rich countries have ‘kicked away the ladder’ by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past Picture Quote #1

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Text Quotes

I like all kinds of music - classical, pop, rock, electronic (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market. (Ha-Joon Chang Quotes) 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 Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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 Quotes) To put it bluntly, there isn’t one economic theory that can single-handedly explain Singapore’s success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) It’s not just about the current economic environment. History shows that slashing budgets always leads to recession (Ha-Joon Chang Quotes) I’ve read quite a few readers’ reviews of my book on Amazon, saying, ‘Ah, he criticises the free market, he advocates central planning.’ I don’t do that for a minute! But this is our black and white, dichotomous way of thinking - which has really been harmful. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused. (Ha-Joon Chang Quotes) Few countries have become rich through free-trade, free-market policies, and few ever will (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) 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. (Ha-Joon Chang Quotes) I don’t drink at lunchtime because I’m very weak at alcohol like most Asians (Ha-Joon Chang Quotes) 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 (Ha-Joon Chang Quotes) 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 Quotes) 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 Quotes) Rich countries have ‘kicked away the ladder’ by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past (Ha-Joon Chang Quotes)