Garys Economics They're teaching economics wrong – full interview with Ha-Joon Chang
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Apr 6, 2025 
Ha-Joon Chang, a bestselling author and professor at SOAS, shares his insights on the flaws of capitalism and economic education. He reflects on his experiences growing up in South Korea and critiques the gap between economic growth and inequality. Chang advocates for a broader curriculum in economics that includes diverse perspectives and real-world issues. He discusses the influence of wealth on power dynamics and emphasizes the need for equitable taxation. Ultimately, he balances realism with hope, envisioning a collective approach to tackle economic challenges.
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South Korea's Economic Miracle
- Ha-Joon Chang witnessed South Korea's rapid economic growth firsthand, impacting his interest in economics.
- During his childhood, living standards were low, but the country's growth was a matter of life and death.
Limited Economic Perspectives
- Ha-Joon Chang's economics education in Korea focused on equilibrium models, neglecting real-world issues.
- He sought alternative economic perspectives in universities abroad.
Unrealistic Economic Models
- A seminar at Cambridge used unrealistic assumptions in economic models, demonstrating a lack of realism.
- The incident highlighted how mathematical neatness sometimes overrides real-world considerations.
