“The great illusion of our time is that the wealth of a nation is measured by its exports.”
What this quote means
Norman Angell here criticizes a common misconception of his time: a nation's wealth is not measured by its exports. He anticipates modern economic theories that favor domestic well-being and sustainable consumption. The quote invites us to rethink prosperity indicators and not confuse foreign trade with real economic health.
How to apply it daily
When evaluating a country's or company's success, look beyond export figures and consider indicators like happiness, education, and sustainability.
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