A Quote by Ha-Joon Chang
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.
Related Quotes
Yes, I think India's economy always has been a mixed economy, and by Western standards we are much more of a market economy than a public sector-driven economy.
The market economy of its own cannot destroy socialism. But to build socialism with success, it is necessary to develop a market economy in an adequate and correct way.
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.
Having seen a non-market economy, I suddenly understood much better what I liked about a market economy.
A market economy is a tool - a valuable and effective tool - for organizing productive activity. A market society is a way of life in which market values seep into every aspect of human endeavour. It's a place where social relations are made over in the image of the market.
The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [...] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.
Globalization, meaning the global expansion of a market economy, is the only way we can guarantee widespread prosperity and peace. A lot of nations are just so small, that unless they can sell their goods and services on the market they're never going to develop, they don't have an internal market that's big enough to sustain anything.
Today it's fashionable to talk about the New Economy, or the Information Economy, or the Knowledge Economy. But when I think about the imperatives of this market, I view today's economy as the Value Economy. Adding value has become more than just a sound business principle; it is both the common denominator and the competitive edge.
If you increase the number of rockets you build and you buy, then it's the scale of the economy, the price is going to come down. It may not come down in order of magnitude, but if several commercial ventures start being successful and there becomes a bigger market for these rockets, the price will naturally come down a bit. That's why I think Excalibur Almaz, we're a little bit unique in that we don't look at our so-called competition with disdain, we want them to succeed and it needs to have more than one player. Even if we are successful, we couldn't handle the entire market ourselves.
I agree with Dreher when he writes, 'we can't build anything good unless we live by the belief that man does not exist to serve the economy, but the economy exists to serve man...A society built on consumerism must break down eventually for the same reason socialism did'
Yes to market economy, no to market society.
This is not a zero-sum game. We know that if we provide access and education, particularly where there are gaps in the market, we will create more jobs, we will create more growth, and we will create more activity in the U.S. market, which will be good for our economy.
Globalization can be very unjust and unfair and unequal, but these are matters under our control. It?s not that we don?t need the market economy. We need it. But the market economy should not have priority or dominance over other institutions.
I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.
The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.
It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.
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