Capitalism with near-full employment was an impressive…
“Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
The passage critiques the belief that economic growth alone will eliminate poverty, arguing that growth and poverty reduction are distinct goals.
In simple terms: Growth does not automatically end poverty.
Key Takeaway
Address poverty directly, not just through growth.
Themes
economic policy
poverty
growth
inequality
Mood
critical
analytical
Type
policy
theoretical
When to use this quote
- government planning
- NGO programs
- economic forecasting
- public debate
Key Concepts
development economics
policy critique
social welfare
Questions to Reflect On
- What policies can ensure growth benefits the poor?
- How can we measure poverty reduction beyond GDP?
A Different Perspective
Growth may increase inequality if not paired with redistribution.