Case Quote by Ha-Joon Chang
“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.”
About This Quote
Source Book: Economics: The User's Guide, Ha-Joon Chang, 2014
Markets are human constructs, not immutable forces; they can be shaped to serve broader society, not just elites.
In simple terms: Markets are created by people and can be regulated for the common good.
Key Takeaway
Regulate markets to benefit the many, not just a few.
Themes
economics
social justice
regulation
power
inequality
Mood
critical
thoughtful
Type
analytical
policy‑oriented
When to use this quote
- government policy
- corporate governance
- public advocacy
- economic reform
Key Concepts
public policy
market design
social welfare
Questions to Reflect On
- How can we balance market freedom with social equity?
- What safeguards prevent regulatory capture?
A Different Perspective
Regulation may stifle innovation or lead to unintended consequences.
![“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…” quote by Ha-Joon Chang](https://sms4smile.com/quotes/img-quotes/828/ha-joon-chang-3497_dreams_joseph-schumpeter-emphasized-that-all-an_438236.jpg)
