Quotes:
“People's perceptions of affordability”
Moreover, I would argue that three important concepts that are especially poorly captured by standard economic numbers underlie people’s perceptions of affordability: economic inclusion, security, and fairness. By economic inclusion I mean the ability to purchase the goods and services that allow someone to feel like a member in full standing of American society. By security I mean a feeling based not just on current real income, but also an assurance that severe hardship isn’t just a stretch of bad luck away. Lastly I would also argue that perceptions of affordability are often intertwined with perceptions of fairness: people are especially upset about high prices when they feel that they are being taken advantage of.
Paul Krugman, 2025-11-30 from the blog post “Paul Krugman on Affordability, Part I”
© 2025-11-30 Paul Krugman