Politics determines who has the power, not who has the truth.
Paul KrugmanRead
Yes, over the centuries economic progress has reduced some gross disparities - modern Americans are relatively unlikely to simply starve to death (though it can happen), so in that sense the gap between rich and poor has narrowed. But the question isn't whether society is, in some sense, more equal than it was in 1900. It's whether it is radically more unequal than it was in 1970. And of course it is.
Interpretation
What this quote means
The quote discusses the evolution of economic inequality over time, highlighting a narrower gap between rich and poor since 1900, but pointing out increased disparity since 1970.
In this quote, Paul Krugman reflects on the historical context of economic inequality, noting that while advances over the centuries have mitigated severe poverty to some extent, a deeper analysis shows that the wealth gap has grown significantly in recent decades. He emphasizes the importance of evaluating not just historical progress, but also current disparities, particularly from the perspective of the relative increase in inequality since the 1970s.
Themes
Economic InequalityDisparityWealth GapSocietyProgress
In practice
Example use cases
In a speech about poverty alleviation, one might use this quote to emphasize the ongoing struggle against economic inequality.
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.
Paul KrugmanRead
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