Businesses have moved from doing business to doing lobbying, and I think that's a very bad thing.

The quote by Angus Deaton criticizes the shift in focus among many businesses from their core activity of doing business—producing goods and services—to engaging heavily in lobbying. Deaton suggests that this trend is detrimental, implying that excessive lobbying diverts resources and attention away from genuine economic contributions and innovation. He sees the growing influence of lobbying as problematic because it can distort markets, create unfair advantages, and undermine the principles of fair competition.

The origin of this quote is linked to Deaton’s work as a Nobel Prize-winning economist known for his critiques of economic policies and inequality. His observation reflects broader concerns about the increasing role of corporate lobbying in shaping legislation and public policy to benefit specific interests rather than the common good. Deaton’s stance highlights the risks when businesses prioritize political influence over productive activity.

This quote also touches on the ethical implications of lobbying, where businesses might use their power to manipulate regulatory frameworks, potentially leading to economic inefficiencies and social injustice. Deaton warns that such practices can erode trust in both markets and democratic institutions.

In summary, Angus Deaton’s quote calls attention to the negative consequences of businesses focusing more on lobbying than on their fundamental role in the economy. It serves as a critique of the growing entanglement between corporate interests and political power, urging a return to genuine business activity centered on creating value.