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[I]n the United States... official unemployment is at... 15-16% but if you count the... number of people who have become newly unemployed, counted by… - Ha-Joon Chang
" "[I]n the United States... official unemployment is at... 15-16% but if you count the... number of people who have become newly unemployed, counted by... unemployment insurance claimants, basically American unemployment rate is nearly 30%. ...During the Great Depression the only other economic crisis comparable in scale... the highest unemployment rate in the US was in 1933... at 25%.
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About Ha-Joon Chang
(Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in . Currently a reader in the Political Economy of Development at the University of Cambridge, Chang is the author of several widely discussed policy books, most notably Kicking Away the Ladder: Development Strategy in Historical Perspective (2002). In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.
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Additional quotes by Ha-Joon Chang
Markets have a strong tendency to reinforce the status quo. The free market dictates that countries stick to what they are already good at. Stated bluntly, this means that poor countries are supposed to continue with their current engagement in low-productivity activities. But their engagement in those activities is exactly what makes them poor. If they want to leave poverty behind, they have to defy the market and do the more difficult things that bring them higher incomes—there are no two ways about it.
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