Blog Economy

economy


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false economy

An initial attempt to save money that ends up costing a person more money in the future. Although people often join wholesale clubs for the discounts, it ends up being a false economy because they spend more there than they would at a regular grocery store. Not getting regular oil changes might save you money in the short term, but it’s a false economy because you’ll ruin your engine.

See also: economy, false

gig economy

A labor market in which temporary or freelance work is common. A “gig” is a one-time job. After getting laid off from my full-time office job, I started doing freelance work, like many other people in the gig economy.

See also: economy, gig

it’s the economy, stupid

Failing to address economic problems. The phrase was invented by Bill Clinton’s strategist, James Carville, during Clinton’s 1992 campaign for the presidency. Carville suggested Clinton was a better choice for president than George H. W. Bush because Bush had failed to do anything about a recent recession. It hung as a sign on Clinton’s campaign headquarters in Little Rock, Arkansas. The New York Times writer and Nobel Prize–winning economist Paul Krugman used it: “What political scientists . . . tell us is that it really is the economy, stupid” (July 18, 2010). The term not only was repeated enough to become a cliché but gave rise to similar locutions for blame, such as “it’s the voters, stupid” or “it’s the oil spill, stupid.”

See also: stupid

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