Politics determines who has the power, not who has the truth.
Paul KrugmanRead
The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
Interpretation
What this quote means
Economic growth can benefit corporations while leaving ordinary workers behind.
This quote highlights the disparity between corporate profit growth and the stagnation of wages for average American workers. Paul Krugman suggests that the economic expansion that has occurred since 2001 has disproportionately favored corporations, resulting in little to no real benefit for everyday people, raising concerns about the sustainability and equity of such growth.
Themes
EconomyInequalityWagesCorporate ProfitsWorking Class
In practice
Example use cases
During a political debate on economic policies.
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
The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences.
Carroll QuigleyRead
Globalisation, for me, seems to be not first-order harm, and I find it very hard not to think about the billion people who have been dragged out of poverty as a result.
Angus DeatonRead
Poorly paid labor is inefficient labor, the world over.
Henry GeorgeRead
We must lay hold of the fact that economic laws are not made by nature. They are made by human beings.
Franklin D. RooseveltRead
We will not have any more crashes in our time.
John Maynard KeynesRead
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
Ludwig Von MisesRead