A Quote by Ha-Joon Chang
The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.
Related Quotes
I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.
Even North Korean people who are not necessarily happy with economic policies are still loyal to the state itself. It's a military-first state, so whether it does very well on the economic front or not, is not central to public support for it.
It's our job as economic developers in the state to make sure any prospect receives all available incentives.
Positive market incentives operating in the public interest are too few and far between, and are also up against a seemingly never-ending expansion of perverse incentives and lobbying.
China's economic transformation began with the introduction in the 1980s of market incentives in the agricultural sector. These reforms were followed by a gradual opening to the global economy, a process that accelerated in the early 1990s.
There are tradeoffs between independence and co-operation, between regulatory autonomy and market access. This means that compromises are necessary to deliver a pragmatic Brexit that protects jobs and living standards while respecting the referendum result.
Transactional politics requires us to be pragmatic about current realities and the state of public opinion. It's all about getting the best result possible given the circumstances here and now.
I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?
Free-market capitalism doesn't pick economic winners and losers based on the president's economic nostalgia, and limited-government conservatism isn't marked a top-down ideological conformity strictly enforced by state media organs.
If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.
A state does not simply fall apart as a result of depression... [Weimar Germany] was not destroyed by economic depression or widespread unemployment, though these naturally contributed to the atmosphere of doom, but because the Weimar Right was resolved to abolish the parliamentary state in favour of a vaguely conceived authoritarian state.
Over the past three decades, markets and market thinking have been reaching into spheres of life traditionally governed by non-market norms. As a result, we've drifted from having a market economy to becoming a market society.
Workers and their families may starve to death in the New World Order of economic rationality, but diamond necklaces are cheaper in elegant New York shops, thanks to the miracle of the market.
Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.
The creation of today's market society was not the result of a sequence of spontaneous events but rather of state interference and violence.
But the dollars spent on economic incentives and new investment strategies are wasted unless we seriously address the two most important economic issues in Kansas: education and health care
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