The economist who taught me the most: meeting Ha-Joon Chang

In this episode of Gary's Economics, host Gary welcomes economist Ha-Joon Chang as a guest, marking the first time an economist has appeared on the channel. Gary recalls how he discovered Chang's work during a lecture in 2015, where he was impressed by Chang's ability to make complex economic ideas accessible. Chang, a South Korean native, shares his journey to studying economics, noting his early experiences of Korea's rapid economic growth and the harsh realities faced by workers during that period. He discusses his academic journey, moving to England and studying at Cambridge, where he sought out alternative economic theories beyond the mainstream neoclassical models.

As the conversation progresses, they delve into the limitations of current economic education, which often emphasizes mathematical models at the expense of addressing pressing real-world issues like inequality and living standards. Chang highlights the challenges faced by students interested in understanding economics from a more pluralistic perspective, as they are often met with a narrow curriculum focused primarily on mathematics and mathematical models.

Gary and Chang express their concern that the dominant economic narratives overlook issues of wealth distribution and social inequality, suggesting that a deeper understanding of these issues is crucial for policymakers. They also discuss the historical context of taxation in mitigating inequality and how modern perceptions often see high taxation as detrimental.

Throughout the discussion, they call for a renewed focus on teaching economics in a way that fosters critical thinking and addresses real-world problems. They conclude with an optimistic outlook on the potential for change, echoing sentiments that progress is possible through collective effort and advocacy. In wrapping up, Gary highlights Chang's writings as accessible resources for anyone looking to better understand economics.

Key Takeaways

• Economic education often focuses too heavily on mathematics, neglecting real-world issues.
• A pluralistic approach to economics is essential for understanding inequality and living standards.
• There is a historical precedent for effective taxation in reducing inequality.
• Awareness and advocacy can lead to meaningful change in economic policies.