Economics Quote by Edward C. Prescott
“Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.”
About This Quote
Source Speech: Lecture on Globalization Economics, University of Chicago, 2005
The quote criticizes the idea that allowing industries to fail, causing job and capital loss, is justified as a benefit of globalization.
In simple terms: It questions the cost of letting sectors collapse for global gain.
Key Takeaway
Consider the human impact before endorsing market failures.
Themes
economics
globalization
labor
inequality
policy
Mood
critical
reflective
Type
analytical
policy‑oriented
When to use this quote
- government policy debates
- corporate restructuring
- public debates on trade
- educational curricula
- media commentary
Key Concepts
externalities
market failure
social welfare
structural adjustment
Questions to Reflect On
- Are short‑term harms worth potential long‑term gains?
- How can policies balance efficiency with social safety nets?
A Different Perspective
It may overlook cases where restructuring leads to long‑term efficiency and innovation.
