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  • 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.

    Joan Robinson / Economist
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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.

⇛ Joan Robinson (Economist)
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The signs that presage growth, so similar, it seems to me, to those in early adolescence: discontent, restlessness, doubt, despair, longing, are interpreted falsely as signs of decay. In youth one does not as often misinterpret the signs; one accepts them, quite rightly, as growing pains. One takes them seriously, listens to them, follows where they lead. ... But in the middle age, because of the false assumption that it is a period of decline, one interprets these life-signs, paradoxically, as signs of approaching death.
Anne Morrow Lindbergh Author
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