Politics determines who has the power, not who has the truth.
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.
Interpretation
The wealthy often resist acknowledging systemic inequalities that benefit them.
This quote highlights the tendency of wealthy individuals to react defensively when confronted with the reality of social and economic inequalities. Krugman suggests that those who are advantaged by a 'rigged' system may express outrage or denial when their privilege is called into question, thus highlighting a disconnection between their lived experiences and the struggles faced by others in society.
In practice
In a speech addressing economic disparities, one might use this quote to emphasize the resistance of the wealthy to recognizing their privileges.
Politics determines who has the power, not who has the truth.
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.
The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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.
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
The goal in the end is not to win elections. The goal is to change society.
If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.
Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation.
It is credit that matters, not money (in other words, monetarism is a false ideology).
Drug companies spend more on advertising and marketing than on research, more on research on lifestyle drugs than on life saving drugs, and almost nothing on diseases that affect developing countries only. This is not surprising. Poor people cannot afford drugs, and drug companies make investments that yield the highest returns.
Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them
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