Ha-Joon Chang quote: “The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportio…”

“Does the functioning of the world economy tend to concentrate wealth and power, or does it tend to diffuse it?”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 14

“We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.”

James Callaghan (1912–2005) Prime Minister of the United Kingdom; 1976-1979

Labour Party Annual Conference Report 1976, page 188.
Speech at the Labour Party Conference, 28 September 1976. This part of his speech was written by his son-in-law, future BBC Economics correspondent Peter Jay.
Prime Minister

“some evidence is available to indicate that, in India, an increase in the income of the poorer people leads to an increase in the size of the family; and also that this tapers off after a certain critical level of income is attained, and is followed by a reduction in the size of the family at higher levels of living When a sufﬁcient number of people reach the critical income, there would be a gradual decrease in the average birth rate with further increase in income.”

Prasanta Chandra Mahalanobis (1893–1972) Indian scientist

Quote, Professor P.C. Mahalanobis and the Development of Population Statistics in lndia

“Regulatory policies are inherently redistributive; that is, they involve the seizure of earned income for purposes of allocating this income in ways the government’s policymakers believe are more important than do those whose income has been seized.”

Tibor R. Machan (1939–2016) Hungarian-American philosopher

Source: Private Rights and Public Illusions (1994), p. 154

“People on all levels of income are better off than they were in 1979. The hon. Gentleman is saying that he would rather that the poor were poorer, provided that the rich were less rich. That way one will never create the wealth for better social services. as we have. What a policy. Yes, he would rather have the poor poorer, provided that the rich were less rich. That is the Liberal policy.”

Margaret Thatcher (1925–2013) British stateswoman and politician

From her last House of Commons speech (22 November 1990) http://www.margaretthatcher.org/document/108256; response to M.P. Simon Hughes
Third term as Prime Minister

“The idea of abolishing Income Tax is to me highly attractive, both on other grounds & because it tends to public economy.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Letter to H. C. E. Childers (3 April 1873)
1870s

“Why throw money at problems? That's what money is for.
Should the nation's wealth be redistributed? It has been and continues to be redistributed to a few people in a manner strikingly unhelpful.”

Kurt Vonnegut book Timequake

Timequake (1997)

“Socialism takes and redistributes wealth, but it is utterly incapable of creating wealth.”

Leonard E. Read (1898–1983) American academic

Anything That's Peaceful (1964)
Context: Socialism depends upon and presupposes material achievements which socialism itself can never create. Socialism is operative only in wealth situations brought about by motes of production other than its own. Socialism takes and redistributes wealth, but it is utterly incapable of creating wealth.

“Government grows because low-income individuals use the political system to redistribute income toward themselves.”

Harvey S. Rosen (1949) American economist

Source: Public Finance - International Edition - Sixth Edition, Chapter 6, Political Economy, p. 128

“We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step. Higher inflation followed by higher unemployment. We have just escaped from the highest rate of inflation this country has known; we have not yet escaped from the consequences: high unemployment. That is the history of the last twenty years.”

James Callaghan (1912–2005) Prime Minister of the United Kingdom; 1976-1979

Speech to the Labour Party Conference in Blackpool (28 September 1976), quoted in Labour Party Annual Conference Report 1976, p. 188 and James Callaghan, Time and Chance (Collins, 1987), p. 426. This part of his speech was written by his son-in-law, future BBC Economics correspondent Peter Jay
Prime Minister

“The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.”

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