Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing.
Ha-Joon ChangTo paraphrase Winston Churchill, capitalism is the worst economic system except for all the other forms.
Ha-Joon ChangPeople 'over-produce' pollution because they are not paying for the costs of dealing with it.
Ha-Joon ChangCountries are poor not because their people are lazy; their people are 'lazy' because they are poor.
Ha-Joon ChangOnce you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rick as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.
Ha-Joon ChangThe days are over when technology can be advanced in laboratories by individual scientists alone. Now you need an army of lawyers to negotiate the hazardous terrain of interlocking patents. Unless we find a solution to the problem of interlocking patents, the patent system may actually impede the very innovation it was designed to encourage.
Ha-Joon Chang