Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them. Ha-Joon Chang acceptboundarychoice Change image and share on social
Patent monopoly creates a lot of problems. It allows the patentee to charge the maximum to consumers. This may not be a problem if the patented product is a luxury item, like parts that go into a smartphone, but can violate basic human rights if it involves things such as life-saving drugs. Ha-Joon Chang basicchargeconsumer share on social
Overcoming the myth that there is such a thing as an objectively defined 'free market' is the first step towards understanding capitalism. Ha-Joon Chang capitalismdefinefree Change image and share on social
We need to accept that consumption is not the end goal of our life and stop measuring our well-being simply on the basis of earnings. We need to explicitly take the quality of our work-related life into account in judging our well-being. Ha-Joon Chang acceptaccountbasis share on social
Very often, the judgments by ordinary citizens may be better than those by professional economists, being more rooted in reality and less narrowly focused. Ha-Joon Chang citizeneconomistfocus Change image and share on social
What free-market economists are not telling us is that the politics they want to get rid of are none other than those of democracy itself. When they say we need to insulate economic policies from politics, they are in effect advocating the castration of democracy. Ha-Joon Chang advocatecastrationdemocracy share on social
The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market. Ha-Joon Chang bigbuildeconomy Change image and share on social
Charities are now working to give people in poor countries access to the Internet. But shouldn't we spend that money on providing health clinics and safe water? Aren't these things more relevant? I have no intention of downplaying the importance of the Internet, but its impact has been exaggerated. Ha-Joon Chang accesscharityclinic share on social
If we are really serious about preventing another crisis like the 2008 meltdown, we should simply ban complex financial instruments unless they can be unambiguously shown to benefit society in the long run. Ha-Joon Chang banbenefitcomplex share on social
Instead of reading a paper, we now read the news online. Instead of buying books at a store, we buy them on-line. What's so revolutionary? The Internet has mainly affected our leisure life. Ha-Joon Chang affectbookbuy Change image and share on social