Americans have been taught — indoctrinated, perhaps — to think of the economy as capitalism. Quite literally: if capital returns are high […] then Americans suppose the economy is booming. But capital returns — profits, dividends, stock markets, GDP (or their opposites, deficits) — are not the economy at all. They are just the success of capitalists, at increasing their capital. Hence, the average American — who isn’t a capitalist, since the true capitalists, Bezos, Brin, Buffett, are tiny in number — is cheering on capitalists increasing their capital, but not his own income, savings, living standards, health, longevity, or happiness. […]

Americans think the economy is a set of abstractions about capitalism — more exactly, capitalists increasing their capital. But they have been systematically warned against thinking of the economy as them: the simple and daily realities of their very own lives — whether or not they can afford food, shelter, medicine, education, save, retire, create, dream, build, grow. Comrades — the victory of capitalism is the victory of us all!

umair haque on economies.