Politics determines who has the power, not who has the truth.
Paul KrugmanRead
For most Americans, economic growth is a spectator sport.
Interpretation
What this quote means
The quote implies that many Americans passively observe economic growth rather than actively participating in it.
Paul Krugman's quote suggests that a significant portion of the American population does not engage directly in the processes that drive economic growth, instead viewing it from the sidelines as if it were a sport. This reflects a broader commentary on the disconnect between individuals and the economic systems that affect their lives, highlighting issues of inequality and disempowerment in the economic sphere.
Themes
Economic GrowthSpectatorParticipationInequalityDisengagement
In practice
Example use cases
During a discussion about the economy at a community meeting, one might reference this quote to highlight the necessity for active participation.
More from Paul Krugman
All quotes →Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception I can think of, they use their books to do an end run around the normal structure of scholarship, to preach ideas that few serious economists share. Often, these ideas are not just at odds with the professional consensus; they are demonstrably wrong, and sometimes terminally silly. But they sound good to the unwary reader.
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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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It’s not about the budget; it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t.
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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