Politics determines who has the power, not who has the truth.
Paul KrugmanRead
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
Interpretation
What this quote means
This quote critiques economists for prioritizing aesthetics in their mathematical models over empirical truth.
Paul Krugman argues that the field of economics has deviated from its intended purpose by valuing elegant mathematical models over the actual complex realities of the economy. He suggests that the allure of beautiful equations has seduced economists into believing they represent the truth, even when they do not align with real-world data and human behavior.
Themes
EconomicsBeautyTruthMathematicsModels
In practice
Example use cases
This quote could be used in a discussion about the role of mathematics in economics during a university lecture.
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 goal in the end is not to win elections. The goal is to change society.
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