In arguing for restrictions on private industry risk taking Ha-Joon Chang makes reference to Adam Smith.
What causes the amusement is that the precise references he provides lead us to Smith denouncing everything else Ha-Joon Chang has ever said about infant industries, trade protection, his preferred mercantilist trade policies and the role of government in guiding economic development.
Well done Sirrah!
Could you perhaps explain how you work that one out? I assume you mean the bit about institutions socialising risk, but he himself doesn’t really argue against the existence of these institutions.
Tim adds: Read the Adam Smith bit he links to….
Okay okay, quite amusing I have to admit.
Ha-Ri Twerp tends to talk shite too.