Ha-Joon Chang
Ha-Joon Chang
Ha-Joon Changis a South Korean institutional economist specialising in development economics. Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective. Chang was ranked by Prospect magazine as one of the top 20 World Thinkers in 2013...
NationalitySouth Korean
ProfessionEconomist
Date of Birth7 October 1963
british developed episode free large market might money movement rather truth
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.
according among crank dismiss economists keener markets outcomes though worst
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.'
certain decent economic economists free frequently market mere minimum political theories wage wages workers
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.
assess tend
When we assess the impact of technological changes, we tend to downplay things that happened a while ago.
defined myth step towards understanding
Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism.
country holiday mean
Above a certain level of income, the relative value of material consumption vis-a-vis leisure time is diminished, so earning a higher income at the cost of working longer hours may reduce the quality of your life. More importantly, the fact that the citizens of a country work longer than others in comparable countries does not necessarily mean that they like working longer hours. They may be compelled to work long hours, even if they actually want to take longer holidays.
development culture economic
Culture changes with economic development.
development foundation acquisition
The foundation of economic development is the acquisition of more productive knowledge.
people good-man secret
[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.
government development may
Low inflation and government prudence may be harmful for economic development.
environment economic currents
It's not just about the current economic environment. History shows that slashing budgets always leads to recession.
littles too-much corruption
Corruption exists because there is too much, not too little, market.
country giving-up technology
It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.
sides regulators
History is on the side of the regulators.