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.
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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 economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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