> We build a new long run cross- country database to study the
macroeconomic history of populism. We identify 51 populist presidents
and prime ministers from 1900 to 2020 and show that the economic cost
of populism is high. After 15 years, GDP per capita is 10% lower
compared to a plausible non-populist counterfactual. Economic
disintegration, decreasing macroeconomic stability, and the erosion of
institutions typically go hand in hand with populist rule.
It's interesting to take the words in this abstract on face value alone.
Populism is a range of political stances that emphasize the idea of
"the people" and often juxtapose this group against "the elite" [0].
An economy is an area of the production, distribution and trade, as
well as consumption of goods and services [1].
So, when the people get what they want, they do less work and consume less.
Are we missing something?
[0] https://en.wikipedia.org/wiki/Populism
[1] https://en.wikipedia.org/wiki/Economy
It's interesting to take the words in this abstract on face value alone.
Populism is a range of political stances that emphasize the idea of "the people" and often juxtapose this group against "the elite" [0].
An economy is an area of the production, distribution and trade, as well as consumption of goods and services [1].
So, when the people get what they want, they do less work and consume less.
Are we missing something?
[0] https://en.wikipedia.org/wiki/Populism
[1] https://en.wikipedia.org/wiki/Economy