Many people think that the U.S. is ahead in the frontier technology sectors as a result of private sector entrepreneurship. It's not. The U.S. federal government created all these sectors. Ha-Joon Chang aheadcreateentrepreneurship Change image and share on social
Imagine if all those kings and dukes hadn't commissioned those crazy cathedrals, paintings and music... we'd still be living in sticks and mud. Because none of those things made any economic sense. Human beings' capacity to 'waste time' is a miracle - but that's exactly what art is for. Ha-Joon Chang artbeingcapacity share on social
People tend to think that numbers are quite objective, but numbers in economics are not like this. Some economists say they're like sausages: you don't know what they really are until you cut into them. Ha-Joon Chang cuteconomicseconomist share on social
Many financial and industrial companies have been bailed out with the public's money, but very few of those who had run those companies have been punished for their failures. Yes, the top managers of those companies have lost their jobs - but with a fat pension and mostly with a handsome severance payment. Ha-Joon Chang bailcompanyfailure share on social
To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex. Ha-Joon Chang bluntlycapitalismcombine share on social
I've read quite a few readers' reviews of my book on Amazon, saying, 'Ah, he criticises the free market, he advocates central planning.' I don't do that for a minute! But this is our black and white, dichotomous way of thinking - which has really been harmful. Ha-Joon Chang advocateamazonblack share on social
It is impossible to objectively define how free a market is. This is a political definition. Government is always involved, and those free marketers are as politically motivated as anyone. Ha-Joon Chang definedefinitionfree Change image and share on social
Markets are, in the end, man-made devices for utilitarian purposes, not a force of nature that we should not try to resist. If they end up serving the interests of only a tiny minority, as is increasingly the case, we have the right - and indeed the duty - to regulate them in the interest of greater social good. Ha-Joon Chang casedeviceduty share on social
I think this notion that public enterprises do not work and therefore nationalization will be a disaster, I mean, it's not supported by evidence. Ha-Joon Chang disasterenterpriseevidence Change image and share on social
I don't drink at lunchtime because I'm very weak at alcohol like most Asians. Ha-Joon Chang alcoholasiandrink Change image and share on social