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Ha-Joon Chang

Ha-Joon Chang Quotes

Economist

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Famous Ha-Joon Chang Quotes

“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.”

IfsWantNeedsGivingCountryChanceTechnologyProductsIndustryPeriodsGiving UpPaidCompetitionInternationalProtectionProducersTake TimeCheaperNew TechnologyImportsIt Takes Time
Book:Bad Samaritans: The Guilty Secrets of Rich Nations and the Threat to Global Prosperity
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“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.”

PeopleIfsAbleActionPoliticalIndividualEffortTakenTalentAccountsPaidHistoricalRewardsMythProductivityAcceptedLegacyCollectivesAssertionCollective ActionIndividual Talent
Author:Ha-Joon Chang
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“Above a certain level of income, the relative value of material consumption vis-a-vis leisure time is diminished, so earning a higher income at the cost of working longer hours may reduce the quality of your life. More importantly, the fact that the citizens of a country work longer than others in comparable countries does not necessarily mean that they like working longer hours. They may be compelled to work long hours, even if they actually want to take longer holidays.”

IfsWantMayMeanLongDoeCountryFactsCertainValuesHoursLevelsQualityMaterialsHigherCitizensCostIncomeHolidayRelativeLeisureConsumptionEarningCompelledLong HoursLeisure TimeRelative Value
Author:Ha-Joon Chang
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“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. This is what we do all the time with other products-drugs, cars, electrical products and many others.”

IfsShouldLongRunningBusinessCarSeriousProductsDrugBenefitsCrisisInstrumentsComplexesFinancialFinanceLong RunsBansPreventingElectricalMeltdowns
Author:Ha-Joon Chang
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