{Herbert} Hoover, had he been challenged with the overpowering implausibility of his notion that economic life is a race that is won by the ablest runner, would have had a ready answer from his own biography: had he not started in life as a poor orphan and worked in the mines for a pittance, and had he not become first a millionaire and then President of the United States? There are times when nothing is more misleading than personal experience, and the man whose experience has embraced only success is likely to be a forlorn and alien figure when his whole world begins to fail.
Richard Hofstadter reflects on the viewpoint of Herbert Hoover, who believed that economic success is determined by individual ability, likening it to a race. Hoover, having risen from poverty to wealth and the presidency, would likely defend this perspective by citing his own life story. However, Hofstadter critiques the validity of personal success as a measure of broader economic principles, suggesting that such experiences can be misleading.
He posits that a person whose life has been filled with triumph may struggle to comprehend the hardships faced by others in a failing economy. This perspective reveals a disconnect between individual achievement and the complexities of collective economic challenges, emphasizing that success does not necessarily translate to an accurate understanding of systemic issues.
