[ExI] Fwd: G.D.P. and the meaning of life

Tue Sep 8 16:41:56 UTC 2020

bill w - economics and Italy - column by Krugman

---------- Forwarded message ---------
From: Paul Krugman <nytdirect at nytimes.com>
Date: Tue, Sep 8, 2020 at 11:30 AM
Subject: G.D.P. and the meaning of life
To: <foozler83 at gmail.com>

Money can’t buy happiness, especially if you’re American.
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[image: Paul Krugman]
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September 8, 2020
People wait in line for food donations in Queens, NY.John
Minchillo/Associated Press
[image: Author Headshot]
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By Paul Krugman
<https://nl.nytimes.com/f/a/eOelPNZ6R4_IVOv4fyClsQ~~/AAAAAQA~/RgRhOjanP0S-aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vYnkvcGF1bC1rcnVnbWFuP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIwMDkwOCZpbnN0YW5jZV9pZD0yMTk5OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NDE1OTc3NiZzZWdtZW50X2lkPTM3NjAwJnRlPTEmdXNlcl9pZD01ZTcxMTM5Yjc5YWIxNDMzZDA3NzEwZDhmODgzNTZjOFcDbnl0QgoAQaexV1_MMqTYUhNmb296bGVyODNAZ21haWwuY29tWAQAAAAA>

Opinion Columnist

“I’ve been rich and I’ve been poor,” said Mae West. “Believe me, rich is
better.” Words of wisdom. But getting richer doesn’t necessarily improve
your life as much as you’d expect, and what goes for individuals goes
double for societies.

Today’s column
<https://nl.nytimes.com/f/newsletter/Z88OwJMr2nKIZQT0MznSPw~~/AAAAAQA~/RgRhOjanP4QFAWh0dHBzOi8vd3d3Lm55dGltZXMuY29tLzIwMjAvMDkvMDcvb3Bpbmlvbi90cnVtcC1lY29ub215LWpvYnMuaHRtbD9hY3Rpb249Y2xpY2smY2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm1vZHVsZT1PcGluaW9uJm5sPXBhdWwta3J1Z21hbiZwZ3R5cGU9SG9tZXBhZ2UmcmVnaV9pZD02NDE1OTc3NiZzZWdtZW50X2lkPTM3NjAwJnRlPTEmdXNlcl9pZD01ZTcxMTM5Yjc5YWIxNDMzZDA3NzEwZDhmODgzNTZjOFcDbnl0QgoAQaexV1_MMqTYUhNmb296bGVyODNAZ21haWwuY29tWAQAAAAA>
was about what’s happening now, with the economy partially recovering from
the coronavirus recession but the lives of millions getting sharply worse.
Blame for the extreme current disconnect rests squarely with Donald Trump
and his party, who have yanked away the safety net that helped many people
cope with bad times. But in fairness, this kind of disconnect isn’t new; it
has been an increasingly glaring feature of American society for decades.

By the usual measures, the U.S. economy is highly successful. We have the
highest GDP per capita
<https://nl.nytimes.com/f/a/LzDLrD-c9sF4mqwz90-XNw~~/AAAAAQA~/RgRhOjanP0TLaHR0cHM6Ly9zdGF0cy5vZWNkLm9yZy9JbmRleC5hc3B4P0RhdGFTZXRDb2RlPVBEQl9MViZjYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMDA5MDgmaW5zdGFuY2VfaWQ9MjE5OTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>
of any major nation. Before the coronavirus hit, we had low unemployment.
Our tech companies alone are worth more than the entire European stock
market
<https://nl.nytimes.com/f/a/hzlrAhx0ROI9CYVtNVV-cA~~/AAAAAQA~/RgRhOjanP4QDAWh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjAvMDgvMjgvdXMtdGVjaC1zdG9ja3MtYXJlLW5vdy13b3J0aC1tb3JlLXRoYW4tdGhlLWVudGlyZS1ldXJvcGVhbi1zdG9jay1tYXJrZXQuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMDA5MDgmaW5zdGFuY2VfaWQ9MjE5OTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>.
We clearly have the means to live la dolce vita.

But do we actually manage to live good lives? Some of us do. Overall,
though, America seems to get much less satisfaction out of its wealth than
one might have expected.

People who make this point often compare us to the Nordic countries, which
are success stories by any standard. For today’s newsletter, however, I
thought it might be worth comparing us to a country that is widely regarded
— indeed, in some respects really is — a failure: Italy.
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A few weeks ago our own Roger Cohen wrote about Italy’s remarkable
cohesiveness
<https://nl.nytimes.com/f/newsletter/KzowGt46YUPq85yn7br5WQ~~/AAAAAQA~/RgRhOjanP0TYaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMC8wOC8xNC9vcGluaW9uL2l0YWx5LWNvcm9uYXZpcnVzLmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9Mzc2MDAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4VwNueXRCCgBBp7FXX8wypNhSE2Zvb3psZXI4M0BnbWFpbC5jb21YBAAAAAA~>
in the face of the coronavirus: after a terrible start, the famously
fractious nation pulled itself together, and has done a vastly better job
of containing the pandemic than we have. (Soon after writing that column,
Roger himself was diagnosed with Covid-19
<https://nl.nytimes.com/f/newsletter/2GXIm5Ugmhlws1UCRFngUA~~/AAAAAQA~/RgRhOjanP0T7aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMC8wOS8wNC9vcGluaW9uL2Nvcm9uYXZpdXMtZG9uYWxkLXRydW1wLmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWZlcnJpbmdTb3VyY2U9YXJ0aWNsZVNoYXJlJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>:
let’s all wish him the best.)

The thing is, among those who study international economics, Italy is best
known as a cautionary tale of economic failure. For reasons that are
endlessly debated, it somehow seems to have missed out on the information
technology revolution. Its economy has stagnated for decades. Incredibly,
Italy’s real GDP per capita on the eve of the pandemic was lower than it
had been in 2000, even as the same measure rose 25 percent in the U.S.:
Italy’s stagnation.World Bank

But there’s more to life than money. To take just one crude example, one
thing you surely have to do in order to live a good life is, well, not die.
And that’s one area in which Italians have been outperforming Americans by
an ever-widening margin. In the mid-1980s, the two nations had roughly the
same life expectancy. These days Italians can expect to live around 4 ½
years longer:
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Life is better when you aren’t deadOECD

OK, I don’t want to speculate on the hidden strengths of Italian society.
But the weaknesses of American society, despite our national wealth, are
obvious: Extreme inequality, including racial inequality on a scale whites
can find hard to comprehend. A weak social safety net, including a unique
failure among advanced countries to guarantee universal health care.
Terrible work-life balance, with far less vacation and family time than a
wealthy nation should have.

And a personal, informal observation: Trump is an extreme case, but we are
a nation obsessed with the notion of winners and losers. The nature of my
various careers has brought me into contact with a number of extremely
successful people, in various walks in life, and what always strikes me is
how insecure many of them are, because there’s always another money manager
who makes even more billions or another professor who’s won even more
prizes.
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Imagine what this kind of competitive mentality does to people who aren’t
objectively successful, who — usually through no fault of their own — have
been stranded by economic or social change.

Of course, I’m far from the first person to make observations like this.
Still, maybe this strange, ugly time in America will help teach us some
lessons about building a better society once the pandemic is over.
Quick Hits

Italy’s economic disease
<https://nl.nytimes.com/f/a/CZbxxYlH-RBJACZA9gPrRQ~~/AAAAAQA~/RgRhOjanP0TLaHR0cHM6Ly92b3hldS5vcmcvYXJ0aWNsZS9kaWFnbm9zaW5nLWl0YWxpYW4tZGlzZWFzZT9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMDA5MDgmaW5zdGFuY2VfaWQ9MjE5OTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>
.

Italy’s pandemic success
<https://nl.nytimes.com/f/a/85-3kR8BHVM0N7t2VdD_oQ~~/AAAAAQA~/RgRhOjanP4SNAWh0dHBzOi8vb3Vyd29ybGRpbmRhdGEub3JnL2Nvcm9uYXZpcnVzLWRhdGEtZXhwbG9yZXI_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~~>
.

“Incomes matter
<https://nl.nytimes.com/f/a/h7Ib_yFKBmddhEdD-fsu8g~~/AAAAAQA~/RgRhOjanP0TMaHR0cHM6Ly9vdXJ3b3JsZGluZGF0YS5vcmcvZXhlbXBsYXJzLWluLWdsb2JhbC1oZWFsdGg_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9Mzc2MDAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4VwNueXRCCgBBp7FXX8wypNhSE2Zvb3psZXI4M0BnbWFpbC5jb21YBAAAAAA~>,
but …”

Drowning in joblessness, swimming in cash
<https://nl.nytimes.com/f/a/rXaWPW53zKHx2Ii0qI6aIA~~/AAAAAQA~/RgRhOjanP0T-aHR0cHM6Ly9ueW1hZy5jb20vaW50ZWxsaWdlbmNlci8yMDIwLzA4L2FtaWQtbWFzcy11bmVtcGxveW1lbnQtdS1zLWhvdXNlaG9sZHMtYXJlLXJpY2hlci10aGFuLWV2ZXIuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMDA5MDgmaW5zdGFuY2VfaWQ9MjE5OTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>
.
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Facing the Music
Life at the top isn’t always greatYouTube

Cole Porter got it
<https://nl.nytimes.com/f/a/Qq73JTKqqVSKQWh6oyJDKQ~~/AAAAAQA~/RgRhOjanP0TCaHR0cHM6Ly93d3cueW91dHViZS5jb20vd2F0Y2g_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9Mzc2MDAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4JnY9anoyRG9qS0U2WTBXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>
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IN THE TIMES
With Washington Deadlocked on Aid, States Face Dire Fiscal Crises

Local officials are slashing funding for everything from education and
health care to orchestra subsidies.

By Mary Williams Walsh
<https://nl.nytimes.com/f/newsletter/KBqzDxgAtlE60dEsIporDA~~/AAAAAQA~/RgRhOjanP0TlaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMC8wOS8wNy9idXNpbmVzcy9zdGF0ZS1idWRnZXRzLWNvcm9uYXZpcnVzLWFpZC5odG1sP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDIwMDkwOCZpbnN0YW5jZV9pZD0yMTk5OSZubD1wYXVsLWtydWdtYW4mcmVnaV9pZD02NDE1OTc3NiZzZWdtZW50X2lkPTM3NjAwJnRlPTEmdXNlcl9pZD01ZTcxMTM5Yjc5YWIxNDMzZDA3NzEwZDhmODgzNTZjOFcDbnl0QgoAQaexV1_MMqTYUhNmb296bGVyODNAZ21haWwuY29tWAQAAAAA>
[image:
Article Thumbnail]
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The Two Men Buying Your Favorite Retailers

Jamie Salter and David Simon, one a licensing expert and the other a mall
operator, are reshaping the shopping landscape by acquiring bankrupt brands
like Brooks Brothers and Forever 21.

By Sapna Maheshwari and Vanessa Friedman
<https://nl.nytimes.com/f/newsletter/DJ8LXsR3bv599tuwxU-hEQ~~/AAAAAQA~/RgRhOjanP0TqaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMC8wOS8wOC9idXNpbmVzcy9yZXRhaWwtYmFua3J1cHRjeS1hdXRoZW50aWMtYnJhbmRzLmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9Mzc2MDAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4VwNueXRCCgBBp7FXX8wypNhSE2Zvb3psZXI4M0BnbWFpbC5jb21YBAAAAAA~>
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The Tax Cut for the Rich That Democrats Love

Why are party leaders fighting to get rid of one surprisingly progressive
element of the 2017 tax bill?

By Richard V. Reeves and Christopher Pulliam
<https://nl.nytimes.com/f/newsletter/PC5hLzGNWmNWqxH6SWKYfw~~/AAAAAQA~/RgRhOjanP0TdaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMC8wOS8wNy9vcGluaW9uL3NhbHQtdGF4LWRlZHVjdGlvbi1jdXQuaHRtbD9jYW1wYWlnbl9pZD0xMTYmZW1jPWVkaXRfcGtfMjAyMDA5MDgmaW5zdGFuY2VfaWQ9MjE5OTkmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnVzZXJfaWQ9NWU3MTEzOWI3OWFiMTQzM2QwNzcxMGQ4Zjg4MzU2YzhXA255dEIKAEGnsVdfzDKk2FITZm9vemxlcjgzQGdtYWlsLmNvbVgEAAAAAA~~>
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Dentists Are Seeing an Epidemic of Cracked Teeth. What’s Going On?

When I reopened my dental practice in early June, the tooth fractures
started coming in: at least one a day, every single day that I’ve been in
the office.

By Tammy Chen, D.D.S.
<https://nl.nytimes.com/f/newsletter/xngHrQ6V1IsSDzz_wYHPsw~~/AAAAAQA~/RgRhOjanP4QKAWh0dHBzOi8vd3d3Lm55dGltZXMuY29tLzIwMjAvMDkvMDgvd2VsbC9saXZlL2RlbnRpc3RzLXRvb3RoLXRlZXRoLWNyYWNrcy1mcmFjdHVyZXMtY29yb25hdmlydXMtc3RyZXNzLWdyaW5kaW5nLmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjAwOTA4Jmluc3RhbmNlX2lkPTIxOTk5Jm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9Mzc2MDAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4VwNueXRCCgBBp7FXX8wypNhSE2Zvb3psZXI4M0BnbWFpbC5jb21YBAAAAAA~>
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Read the full Opinion report here.
<https://nl.nytimes.com/f/a/9g1bqgML7av1ZhGF5CZTSw~~/AAAAAQA~/RgRhOjanP0TfaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vc2VjdGlvbi9vcGluaW9uP2NhbXBhaWduX2lkPTExNiZlbWM9ZWRpdF9wa18yMDE5MDYxOCZlbWM9ZWRpdF9wa18yMDIwMDkwOCZpbnN0YW5jZV9pZD0yMTk5OSZubD10YmQmbmw9cGF1bC1rcnVnbWFuJnJlZ2lfaWQ9NjQxNTk3NzYmc2VnbWVudF9pZD0zNzYwMCZ0ZT0xJnRlPTEmdXNlcl9pZD01ZTcxMTM5Yjc5YWIxNDMzZDA3NzEwZDhmODgzNTZjOFcDbnl0QgoAQaexV1_MMqTYUhNmb296bGVyODNAZ21haWwuY29tWAQAAAAA>
Continue reading the main story <#m_2416547756608383974_a11y-skip-3>

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