People 'over-produce' pollution because they are not paying for the costs of dealing with it.
Ha-Joon ChangMots clés environment sustainability green
Equality of opportunity is not enough. Unless we create an environment where everyone is guaranteed some minimum capabilities through some guarantee of minimum income, education, and healthcare, we cannot say that we have fair competition. When some people have to run a 100 metre race with sandbags on their legs, the fact that no one is allowed to have a head start does not make the race fair. Equality of opportunity is absolutely necessary but not sufficient in building a genuinely fair and efficient society.
Ha-Joon ChangMots clés equality opportunity social-justice equity
A well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.
Ha-Joon ChangMots clés welfare-state
Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.
Ha-Joon ChangMots clés economics social-justice economy taxes taxation recession tax-cuts
Sometimes it is in the long-run interest of the business sector to restrict the freedom of individual firms so that they do not destroy the common pool of resources that all of them need, such as natural resources or the labour force.
Ha-Joon ChangMots clés sustainable-development
free trade economists have argued that the mere co-existence of protectionism and economic development does not prove that the former caused the latter. This is true. But I am at least trying to explain one phenomenon - economic development-with another that co-existed with it - protectionism. Free trade economists have to explain how free trade can be an explanation for the economic success of today's rich countries, when it simply had not been practised very much before they became rich.
Ha-Joon ChangMarkets weed out inefficient practices, but only when no one has sufficient power to manipulate them.
Ha-Joon ChangMots clés political-economy
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