Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries… — Ha-Joon Chang Copy Share Image
“Gore Vidal, the American writer, once famously described the American economic system as ‘free enterprise for the poor and socialism for the rich’.” — Ha-Joon Chang Copy Share Image
“In no country does the average income give the right picture of how people live but in a country with higher inequality it is… — Ha-Joon Chang Copy Share
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… — Ha-Joon Chang Copy Share
Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying… — Ha-Joon Chang Copy Share
Indeed, willingness to challenge professional economists and other experts is a foundation stone of democracy. If all we have to do is to listen… — Ha-Joon Chang Copy Share
If we are really serious about preventing another crisis like the 2008 meltdown we should simply ban complex financial instruments, unless they can be… — Ha-Joon Chang Copy Share
“Harry S. Truman, in his typical no-nonsense style, once said that ‘An expert is someone who doesn’t want to learn anything new, because then… — Ha-Joon Chang Copy Share
Rational thinking is an important aspect of human nature, but we have imagination, we have ambition, we have irrational fear, we are swayed by… — Ha-Joon Chang Copy Share
The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved… — Ha-Joon Chang Copy Share
Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it. — Ha-Joon Chang Copy Share
The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get… — Ha-Joon Chang Copy Share
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… — Ha-Joon Chang Copy Share
“Joseph Schumpeter emphasized that all analysis in economics is preceded by a pre-analytical cognitive act, called vision, in which the analyst ‘visualise[s] a distinct… — Ha-Joon Chang Copy Share
“All technical professionals have an incentive to make themselves look more complicated than they are so that they can justify the high fees their… — Ha-Joon Chang Copy Share
“all technical professions have an incentive to make themselves look more complicated than they really are so that they can justify the high fees… — Ha-Joon Chang Copy Share
