|Professor Ha-Joon Chang|
Tonight I asked Professor Ha-Joon Chang, world renowned economist, if he could name any time in history when austerity measures led to prosperity.
He said no.
See also Ha-Joon Chang's article in The Guardian: 'Austerity has never worked'
Ha-Joon also wrote: '23 Things They Don’t Tell You About Capitalism'
Thing 1: There is no such thing as a free market.
Thing 2: Companies should not be run in the interest of their owners.
Thing 3: Most people in rich countries are paid more than they should be.
Thing 4: The washing machine has changed the world more than the Internet.
Thing 5: Assume the worst about people and you will get the worst.
Thing 6: Greater macroeconomic stability has not made the world economy more stable.
Thing 7: Free-market policies rarely make poor countries rich.
Thing 8: Capital has a nationality.
Thing 9: We do not live in a post-industrial age.
Thing 10: The U.S. does not have the highest standard of living in the world.
Thing 11: Africa is not destined for underdevelopment.
Thing 12: Governments can pick winners.
Thing 13: Making rich people richer doesn't make the rest of us richer.
Thing 14: U.S. managers are overpriced.
Thing 15: People in poor countries are more entrepreneurial than people in rich countries.
Thing 16: We are not smart enough to leave things to the market.
Thing 17: More education in itself is not going to make a country richer.
Thing 18: What is good for General Motors is not necessarily good for the United States.
Thing 19: Despite the fall of communism, we are still living in planned economies.
Thing 20: Equality of opportunity may be not be fair.
Thing 21: Big government makes people more open to change
Thing 22: Financial markets need to become less, not more, efficient.
Thing 23: Good economic policy does not require good economists.