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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.” quote by Ha-Joon Chang — Download Open image

“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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“In no country does the average income give the right picture of how people live but in a country with higher inequality it is likely to be particularly misleading. Given that the US has by far the most unequal distribution of income among the rich countries, we can safely guess that the US per capita income overstates the actual living…

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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…

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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…

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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…

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If we are really serious about preventing another crisis like the 2008 meltdown we should simply ban complex financial instruments, unless they can be…

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“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…

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Rational thinking is an important aspect of human nature, but we have imagination, we have ambition, we have irrational fear, we are swayed by…

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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…

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Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.

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The higher education system in these countries (US, Korea etc) has become like a theatre in which some people decided to stand to get…

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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…

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“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 set of coherent phenomena as a worth-while object of [his] analytic efforts’. He pointed out that ‘this vision is ideological almost by definition’, as ‘the way in which we see things can hardly be distinguished from…

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Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. I've adopted the term…

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