The foundation of economic development is the acquisition of more productive knowledge.
Ha-Joon ChangIt's not just about the current economic environment. History shows that slashing budgets always leads to recession.
Ha-Joon ChangThe best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.
Ha-Joon ChangEquality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.
Ha-Joon ChangThe widely accepted assertion that, only if you let markets be will everyone be paid correctly and thus fairly, according to his worth, is a myth. Only when we part with this myth and grasp the political nature of the market and the collective nature of individual productivity will we be able to build a more just society in which historical legacies and collective actions, and not just individual talents and efforts, are properly taken into account in deciding how to reward people.
Ha-Joon ChangEquality of opportunity is not enough. Unless we create an environment where everyone is guaranteed some minimum capabilities through some guarantee of minimum income, education, and healthcare, we cannot say that we have fair competition. When some people have to run a 100 metre race with sandbags on their legs, the fact that no one is allowed to have a head start does not make the race fair. Equality of opportunity is absolutely necessary but not sufficient in building a genuinely fair and efficient society.
Ha-Joon Chang