Ha-Joon Chang
1 no free market all markets have regulations and rules. What can be traded. Political decisions. Like not selling people of letting 10 years old work 14 hours a day. How to get on stock exchange.

2. Not Run Company in interest if shareholders. Too mobile.  Don’t care about long term investment.  Less investments. Reduces long term growth. Manager problem. Include shareholder value maximization. That is how u reward ceo.  Give them stock options get ceo to think like shareholders. Much easier to cut cost than increase sales. Squuze everyone else. Cut jobs, wages, benefits. Rest stay. Investment lower. Fallen 25% to 18%Doesn’t even help Company. Buyback. But their own stock options instead of investing.  

4. Washing machines more impact than internet.  Things cheaper in us than people. We don’t need maids cause of machines. Washing machines drops work x6. 2 hours saved my pipped water.  Heating save Tim won wood coal.  No longer need workers.  Make it possible for women work outside the home.

5. Assume worst about people and u get worst.  Think that people always act in self interest. If so, all our time would spent on cheaters.  East Asia. Gov role was useful. FM says no cause Gov always self seeking.  Kobe Steel exec said economist don’t know how world works. He engineers but not know half of what is happening.  But accepted most proposals from employees. Has to know way to know.assume they operate in vest interest
Management books team building.  Collaboration create environments. Not control selfishness. Not watch and keep them from slacking. Many other motivation. Hidden seeming. Not stealing only cause of reputation. With no hidden rewards most act honestly  

6. Controlling inflation not make world more stable. Shakier many crisis. Full employment upset. Growth slowed. Below 10% inflation has no impact on growth in. Over assessing inflation hurts economy. Reduce inflation can lower investment. Only high risk financial investment left cause real world payback not good. 45-74 no cruises

7. Fm not make poor countries rich. Wegotrich thru protect. Africa better before reforms. Hamilton protectionists. Arch of system. Manufacturing. Industries on infrastructure need to be protected and supported by public investment. Banking support. All rich countries became rich by not following free market principals.  No country has ever become rich with ft

10.  Not highest standards.  Only if factor buying power.  Ignores in equality. So big here that skews avg.  also mostly due to cheap services.  We don’t pay well. Also. We work more time. How we get money.  Factor buying power / hr and we 8th. Not first. Immigration big factor in standards.  Services protected by controlling g immigration. Can t replace with cheap labor. Exchange rate set by traded goods but prices determined by traded and no traded goods such as taxi drivers and teachers.

11. Africa poor development due to free market policy not people, environment, etc.  60s and 70s Africa did well. Better than since.  

12. Gov pick winners.  Have better insight than self interested
Korea in 50. No comparative advantage. No raw material no other industries no knowledge.  Soe  state owned and military guy.  Should never worked. WB pulled out. Japan poured cash in.  Leading steel by 90s. Posco. LG forced to get into electronics.  Humdai shipping forced into business.
Many Europe’s countries support. R&d some state ownership. Gov and business. Companies often too close to make good decisions. 2000 aol buys Time Warner. 

13. Make Rich richer doesn’t help the rest of us. 
15. Need entrepreneur for growth.  Poor countries have much higher level.  West has few but they leverage existing system.  Much higher % of people in poor countries figure out way to make cash.  70% -88% I’m poor countries 8% of us self employed Most people in rich countries work for others. So many more problems in Supported by institution. Science. Law. Education. Capital. Markets. Able to Channel individual effort into communal effort. Mr. Peel

16. Don’t leave markets alone. Bounded rationality. We restrict options or can’t move. Gov regulation performs this role for us. We are not rational. LCM Gov made others invest to keep it going. Merton & shoals asset pricing models.  Failed twice. Need reg to both us. (Simon) world too complex.  Not lack of info but our ability to process. Lessen the variables. 
2008 no one knew what was happening. How much debt existed.  We control other products. Test them. Why not teat financial project.  Rule cause we not rational. Not cause Gov.

17. Edu not about economics directly.  About building citizens. Able to work together. But most systems don’t raise productivity. Asia didn’t invest in edu yet grew.  South a did invest in edu. Not grow.

18. Free market not even good for business.  Quality regulation matter not number or size.  GM bailout. Needed to keep market alive. Regulated companies grow. Un don’t. Indicative planning. Export. Infrastructure Rd. Where we le

19. Still planned economy. 
20.  Market leveler. Japanese workers in South Africa 
21. Big gov makes us more open to change.  More dynamic. Wealth State let workers take chances.  Free labor market. Not really Free. So much online when loose job, house and insurance. Significant political pressure to protect jobs.  Europe more agile in moving jobs. People more chill about it. 
Korea most doctors. Only job security. Engineering too precarious. Misallocation of resources.

22.  Less efficient financial markets. Move too quickly. No testing of markets.  Good at producing products for itself. But not enough long term trade center and then really .   Speed gap between financial markets and real markets.

23 good policy not need good economists. Layers in east Asia.  Free market economist not helping growth. Lawyers or engineers. What to do1. Free maker approach is issue unequal  slows down. 2 market a machine that needs steering3 acknowledgement human rationality limited 4 ba financial instruments until tested5 make people pay for big mess6 stop glorify individual effort. Coop social other than $. Value social goals7 not paid what we deserve. National control keeps prices high8. Take making things more seriously. Machinery and roads matter9 balance between finance and real things. Tax on 10 bigger more active gov.stable. Small gov countries don’t do well11. Favor developing countries