The 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 ChangA well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.
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 ChangIn manufacturing, where mechanization and the use of chemical processes are much easier, it is easier to raise productivity than in services. In contrast, by their very nature, many service activities are inherently impervious to productivity increase without diluting the quality of the product.
Ha-Joon Chang