This is quite an insightful lecture. I've discovered industrial policy not that long ago and I've found it quite interesting. This lecture definitely helped me grasp the concept and is much more intuitive than reading articles meant for practicing economists. Now, would industrial policy be considered macroeconomic like monetary or fiscal policy, or would it be considered it's own kind of policy?
Industrial policy can work for second-rate economies where you can buy talent and technology from outside the country. For the leading edge, it consistently fails. The US and EU created mRNA vaccines and China tried to buy or steal the IP. They had all the basic research and copies of patents but now they are buying from the West.
We are not talking about a few % tariffs, but the ability to make the product when they know what it is and how it is made. Bureaucrats and spies don't know how to actually do it. Remember, these companies went from the RNA of the new virus to testing in months and China has had 3 years just to copy and fail. Of course our bureaucratic equivalent the FDA and CDC couldn't even test for the virus and dropped the ball all over the place.
You can never lead the world with a planned economy. Chang is right if your objectives are always being second-rate. Innovation is hard and old bureaucracies are risk-averse and only marginally competent and don't have a very good mechanism for failure for ideas that don't work out (the art of VC is the quick kill).
Camera should be focussed on slides throughout, with few insertions of audience – audience are not native English speakers, but can follow by reading from screen
Would you mind releasing a transcript with the video as many of us are using your material in college classes and would benefit from being able to scan through the lectures?
Las palabras finales del Dr. Ha-Joo Chang son dignas de repetirse: mucho del avance experimentado por las economías más exitosas no fueron resultado de los economistas (sean del Fondo Monetario, hasta de la academia pura internacional), cuyo marco teórico general es limitado (como se desprende de la exposición). Por lo tanto, se tiene que tener humildad (para los economistas en general) para hacer recomendaciones al respecto del desarrollo de las economías. Refiere a la importancia del pragmatismo y a las particularidades de cada economía en la toma de decisiones que fueron hechas en la marcha (ensayo y error) como parte de la creación de conocimiento y nuevas realidades en la evolución del desarrollo. Magistral, felicidades al Dr. Ha-Joo Chang.
Master Ha-Joo Chang breaks the myths of free-market success. He gives us the light at the end of the tunnel and its hope at the right time to make the right decisions to promote high-quality economic growth. that means promoting high economic growth with a more equal distribution of income. In the middle of the process, it requires the direct intervention of the state, like a political and industrial policy to set the right road to development in the long run. Congratulation to the Master or Ph Ha-Joo Chang and tanks to teach what not to do, and mainly what to do in our economies in development.
Holographic Principle => all Spinfoam Spacetime is qualitatively emitter-receiver, inflation-condensation, fight or flight, attack or defend by AM-FM Communication in the "Event Horizon" here-now of QM-TIME existence, ..in which we are coherence-cohesion embedded Modulation Mechanism proportioning-positioning, time-timing objectives in Perspective. A general background Education from First Principle is technically.., condensed matter nodal differentiates of axial-tangential orthogonality integration. Geometrical Drawing and Perspective Projection Techniques in terms of Logarithmic Time coordination provide a holistic approach to reasoning about Reciproction-recirculation Sciencing of probabilistic Accountability.
Actual Intelligence is "wordless" pure-math relative-timing ratio-rates, Fields in which Economics is a sub event in the Ecology. Biased idealogical objectives that sacrifice one or the other sides of the natural Ledger of metastable bio-logical re-evolution circularity quantization, is a recipe for failure. So Military Defence Accountability vs Health and Welfare, is the central Q&A to the Field of Economics. Ie war economies are equivalent to a "sugar hit" stimulus for the body. Short and sweet, bad for your health.
It is a shame to Mexico when the neoliberal public policy, mainly industrial policy were not explicitly implemented by the government for wrong ideological reasons and mistakes of understanding the principal role of these in promoting fast economic development the last 30 years ago. Thanks to Ph Mr. Chang to help to change our point of view and start to recover the role of the state policies in Mexico as President Lopez Obrador is doing very well the last two years when he won the federal political election in 2018.
great lecture. A very calm and radical thinker. ( I found how it was filmed – with slow pans, vignette effect and close ups on the audience – was distracting. I would have preferred Chang's lecture be filmed with less "creative" imput from the camera people).
please do a lecture on tax policy, specifically how tax laws burden the individual household and eliminate those same burdens for the FIRE sectors of the economy.
Designing of economic policy is a result of political economy. Policy makers mostly know what is right, but they don't know how to win elections after implementing it. How can one make policies more palatable? This question is even more important with rise of populism and backlash against globalisation.
Prof. Chang is a miracle. So easy to understand, so insightful. I had the blessing of studying in Korea and could see that his influence in Korean academia is significant.
Investing in Forex is beneficial and can be an additional source of income if you channel it properly. I invest in the Forex Market through Mr. Wilson Jonathan. I was once broke trust me especially as a single mum. I started trading with him in October and I'm now making good money. And I have made profit of almost $15,000 last month. I recommend him especially if you are looking for investment oppotunities. Message him(wilsonjonathan845@gmailcom)He will assist you.
Excellent lecture. Thank you!
👏👏👏👏
What is the melody in the intro?
the last sentence was excellent 🙂
Socialism with a large 'S' is how Society distributed it's llargesse.
All this talk about providing infrastructure and the word Socialism is not even mentioned. It's only a word wrongly used as a pejorative.
This is quite an insightful lecture. I've discovered industrial policy not that long ago and I've found it quite interesting. This lecture definitely helped me grasp the concept and is much more intuitive than reading articles meant for practicing economists. Now, would industrial policy be considered macroeconomic like monetary or fiscal policy, or would it be considered it's own kind of policy?
Industrial policy can work for second-rate economies where you can buy talent and technology from outside the country. For the leading edge, it consistently fails. The US and EU created mRNA vaccines and China tried to buy or steal the IP. They had all the basic research and copies of patents but now they are buying from the West.
We are not talking about a few % tariffs, but the ability to make the product when they know what it is and how it is made. Bureaucrats and spies don't know how to actually do it. Remember, these companies went from the RNA of the new virus to testing in months and China has had 3 years just to copy and fail. Of course our bureaucratic equivalent the FDA and CDC couldn't even test for the virus and dropped the ball all over the place.
You can never lead the world with a planned economy. Chang is right if your objectives are always being second-rate. Innovation is hard and old bureaucracies are risk-averse and only marginally competent and don't have a very good mechanism for failure for ideas that don't work out (the art of VC is the quick kill).
He completely exposed the neoclassical economists.
Camera should be focussed on slides throughout, with few insertions of audience – audience are not native English speakers, but can follow by reading from screen
Prof Chang, thank you for this well researched and fact based lecture. Love that he mentioned our struggling economy in south Africa🤣
Good lecture
Did I miss it, or did Prof. Chang forget the second solution of Japan and Korea to deal with excessive competition? (24:40)
Great lecture! Can I get his slides 😀
Would you mind releasing a transcript with the video as many of us are using your material in college classes and would benefit from being able to scan through the lectures?
Las palabras finales del Dr. Ha-Joo Chang son dignas de repetirse: mucho del avance experimentado por las economías más exitosas no fueron resultado de los economistas (sean del Fondo Monetario, hasta de la academia pura internacional), cuyo marco teórico general es limitado (como se desprende de la exposición). Por lo tanto, se tiene que tener humildad (para los economistas en general) para hacer recomendaciones al respecto del desarrollo de las economías. Refiere a la importancia del pragmatismo y a las particularidades de cada economía en la toma de decisiones que fueron hechas en la marcha (ensayo y error) como parte de la creación de conocimiento y nuevas realidades en la evolución del desarrollo. Magistral, felicidades al Dr. Ha-Joo Chang.
Master Ha-Joo Chang breaks the myths of free-market success. He gives us the light at the end of the tunnel and its hope at the right time to make the right decisions to promote high-quality economic growth. that means promoting high economic growth with a more equal distribution of income. In the middle of the process, it requires the direct intervention of the state, like a political and industrial policy to set the right road to development in the long run. Congratulation to the Master or Ph Ha-Joo Chang and tanks to teach what not to do, and mainly what to do in our economies in development.
remarkable lecture!
Holographic Principle => all Spinfoam Spacetime is qualitatively emitter-receiver, inflation-condensation, fight or flight, attack or defend by AM-FM Communication in the "Event Horizon" here-now of QM-TIME existence, ..in which we are coherence-cohesion embedded Modulation Mechanism proportioning-positioning, time-timing objectives in Perspective.
A general background Education from First Principle is technically.., condensed matter nodal differentiates of axial-tangential orthogonality integration. Geometrical Drawing and Perspective Projection Techniques in terms of Logarithmic Time coordination provide a holistic approach to reasoning about Reciproction-recirculation Sciencing of probabilistic Accountability.
Actual Intelligence is "wordless" pure-math relative-timing ratio-rates, Fields in which Economics is a sub event in the Ecology.
Biased idealogical objectives that sacrifice one or the other sides of the natural Ledger of metastable bio-logical re-evolution circularity quantization, is a recipe for failure.
So Military Defence Accountability vs Health and Welfare, is the central Q&A to the Field of Economics. Ie war economies are equivalent to a "sugar hit" stimulus for the body. Short and sweet, bad for your health.
Very educative and insightful.
Thanks for this.
What a quality lecture. Thank you so much, Prof, Chang!
Love from Tanzania 🇹🇿
اتمنى أن يترجم عدد أكبر من محاضراتكم .
It is a shame to Mexico when the neoliberal public policy, mainly industrial policy were not explicitly implemented by the government for wrong ideological reasons and mistakes of understanding the principal role of these in promoting fast economic development the last 30 years ago. Thanks to Ph Mr. Chang to help to change our point of view and start to recover the role of the state policies in Mexico as President Lopez Obrador is doing very well the last two years when he won the federal political election in 2018.
Great class! #TiempoEconómico
45:29 is that true? Economists in Japan be influenced by Marx?
great lecture. A very calm and radical thinker. ( I found how it was filmed – with slow pans, vignette effect and close ups on the audience – was distracting. I would have preferred Chang's lecture be filmed with less "creative" imput from the camera people).
please do a lecture on tax policy, specifically how tax laws burden the individual household and eliminate those same burdens for the FIRE sectors of the economy.
Be more humble about what you can tell other people to do.
Designing of economic policy is a result of political economy. Policy makers mostly know what is right, but they don't know how to win elections after implementing it. How can one make policies more palatable? This question is even more important with rise of populism and backlash against globalisation.
Prof. Chang is a miracle. So easy to understand, so insightful. I had the blessing of studying in Korea and could see that his influence in Korean academia is significant.
Cannot help to remember Currie and Hirshman with all of this.
Investing in Forex is beneficial and can be an additional source of income if you channel it properly. I invest in the Forex Market through Mr. Wilson Jonathan. I was once broke trust me especially as a single mum. I started trading with him in October and I'm now making good money. And I have made profit of almost $15,000 last month. I recommend him especially if you are looking for investment oppotunities. Message him(wilsonjonathan845@gmailcom)He will assist you.
Kewl