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.
Paul KrugmanRead
The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
Paul KrugmanRead
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.
Paul KrugmanRead
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.
Paul KrugmanRead
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
Paul KrugmanRead
Similar quotes
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
Ben BernankeRead
In a globalized economy, jobs no longer need a passport, but workers do.
Chrystia FreelandRead
Some people say we have this inequality because some people have been contributing much more to our society, and so it's fair that they get more. But then you look at the people who are at the top, and you realize they're not the people who have transformed our economy, our society.
Joseph StiglitzRead
When inequality gets too extreme, then it becomes useless for growth, and it can even become bad because it tends to lead to high perpetuation of inequality over time and low mobility.
Thomas PikettyRead
It has often been found that profuse expenditures, heavy taxation, absurd commercial restrictions, corrupt tribunals, disastrous wars, seditions, persecutions, conflagrations, inundation, have not been able to destroy capital so fast as the exertions of private citizens have been able to create it.
Thomas B. MacaulayRead
The unions might be good for the people who are in the unions but it doesn't do a thing for the people who are unemployed. Because the union keeps down the number of jobs, it doesn't do a thing for them.
Milton FriedmanRead