People's resilience in the face of hardship often reaches a point where they can no longer tolerate further reductions in their standard of living. This statement highlights that there are limits to how much individuals and communities can endure before they push back against worsening conditions.
The deeper meaning of this quote underscores human psychology and economic behavior. As circumstances deteriorate, people’s capacity for accepting hardship is tested; eventually, a critical threshold is reached where the desire to maintain even basic levels of sustenance becomes too strong. This resistance not only stems from an instinct for survival but also reflects societal dynamics and collective action against further decline. It suggests that while there may be initial tolerance for cutbacks, prolonged suffering will lead to increased activism or rebellion, ultimately impacting economic stability.
Edmund Phelps, the author of this quote, is a renowned American economist known for his work on labor economics and macroeconomics. He was awarded the Nobel Prize in Economics in 2006 for his research on intertemporal trade-offs in macroeconomic policy and the role of expectations. His insights into economic behavior and societal resilience have significantly contributed to our understanding of how economies function during times of crisis.
