"Austerity has never worked", The Guardian (4 June 2012).
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It's not just about the current economic environment. History shows that slashing budgets always leads to recession.
— Ha-Joon Chang
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "It's not just about the current economic environment. History shows that slashing budgets always leads to recession." in the context of ""Austerity has never worked", The Guardian (4 June 2012)." to mean that wisdom is timeless.
Source: Wikiquote: "Ha-Joon Chang" (Quotes)
The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app
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About Ha-Joon Chang
Ha-Joon Chang (Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in development economics. 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.
About Ha-Joon Chang
Ha-Joon Chang (Hangul: 장하준; hanja: 張夏准; born 7 October 1963) is a South Korean institutional economist specialising in development economics. 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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