People who live in poor countries have to be entrepreneurial even just to survive.

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

The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.

Financial markets need to become less, not more, efficient.

The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.

There is no such thing as a free market.

It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.