Ha-Joon Chang is a South Korean economist and academic. Chang specialises in institutional economics and development, and lectured in economics at the University of Cambridge from 1990–2021 before becoming professor of economics at the School of Oriental and African Studies (SOAS) in 2022. Chang is the author of several bestselling books on economics and development policy, 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.
Chang in 2011
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions. The earlier tradition continues today as a leading heterodox approach to economics.
Thorstein Veblen came from a Norwegian immigrant family in rural Mid-western America.
Adolf Augustus Berle Jr.