this post was submitted on 04 Apr 2025
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I disagree. This is a term which exists simultaneously in economics and in everyday speech. The everyday meaning has negative connotations whereas the economics term does not. People are responding to this conflict by trying to get economists to change their term in order to avoid the negative connotations.
I, personally, don’t agree with this approach to language in any case. Linguistic prescriptivism of this sort is authoritarian and highly susceptible to backlash. It’s vulnerable to the mistaken belief that if someone accedes to an authority’s demands, they now agree with the authority.
Everyday speech in an economic context but not by economists. That’s the difference. Two surgeons discussing an appendectomy over lunch is different from two random people in a bar discussing an appendectomy.
They’re both using a term from a technical context but their understanding of the technical meaning of the term is different and the connotations are different.