The Nobel-prize-winning economist and author of 27 books, who’s retiring from The New York Times, reflects on what's changed since he began writing his opinion column in 2000.
“What strikes me, looking back, is how optimistic many people, both here and in much of the Western world, were back then and the extent to which that optimism has been replaced by anger and resentment. And I’m not just talking about members of the working class who feel betrayed by elites; some of the angriest, most resentful people in America right now — people who seem very likely to have a lot of influence with the incoming Trump administration — are billionaires who don’t feel sufficiently admired.”
“Why did this optimism curdle? As I see it, we’ve had a collapse of trust in elites: The public no longer has faith that the people running things know what they’re doing, or that we can assume that they’re being honest.”
For example, “the financial crisis of 2008 undermined any faith the public had that governments knew how to manage economies.”
“And it wasn’t that long ago that technology billionaires were widely admired across the political spectrum, some achieving folk-hero status. But now they and some of their products face disillusionment and worse; Australia has even banned social media use by children under 16.”
“These days there has been a lot of discussion of the hard right turn of some tech billionaires, from Elon Musk on down. I’d argue that we shouldn’t overthink it, and we especially shouldn’t try to say that this is somehow the fault of politically correct liberals. Basically it comes down to the pettiness of plutocrats who used to bask in public approval and are now discovering that all the money in the world can’t buy you love.
“So is there a way out of the grim place we’re in? What I believe is that while resentment can put bad people in power, in the long run it can’t keep them there. At some point the public will realize that most politicians railing against elites actually are elites in every sense that matters and start to hold them accountable for their failure to deliver on their promises. And at that point the public may be willing to listen to people who don’t try to argue from authority, don’t make false promises, but do try to tell the truth as best they can.
“We may never recover the kind of faith in our leaders — belief that people in power generally tell the truth and know what they’re doing — that we used to have. Nor should we. But if we stand up to the kakistocracy — rule by the worst — that’s emerging as we speak, we may eventually find our way back to a better world.”
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