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Pitchfork Economics with Nick Hanauer
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Pitchfork Economics with Nick Hanauer

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Any society that allows itself to become radically unequal eventually collapses into an uprising or a police state—or both. Join venture capitalist Nick Hanauer and some of the world’s leading economic and political thinkers in an exploration of who gets what and why. Turns out, everything you learned about economics is wrong. And if we don’t do something about rising inequality, the pitchforks are coming.

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Tackling existential threats to our future like climate change and economic inequality is a huge undertaking, and building the future is going to require massive public investment. Cornell Law Professor Saule Omarova calls for a National Investment Authority that would work inside private markets as a soup-to-nuts problem-solving operation.  Saule Omarova is the Beth and Marc Goldberg Professor of Law at Cornell Law School. She specializes in financial sector regulation, banking law, international finance, and corporate finance.  Twitter: @STOmarova Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading:  Public Investment Reimagined: A National Investment Authority - https://prospect.org/economy/public-investment-reimagined-a-national-investment-authority/ Key benefits of a National Investment Authority: https://www.dataforprogress.org/a-national-investment-authority  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Over the last century, the velocity of money—the rate at which money changes hands through the economy—has declined. Today, money moves at one of the slowest rates on record, meaning every dollar today generates 70% less economic activity than a dollar did just ten years ago. That has big implications for our economy. Political economist Ann Pettifor joins Nick and Goldy to explain how the velocity of money is related to money creation, and why taxing the rich is ultimately pro-growth (it’s all related, we promise!).  Ann Pettifor is a political economist, author, and public speaker, and the Director of PRIME (Policy Research in Macroeconomics). Her work focuses on the global financial system, sovereign debt restructuring, international finance, and sustainable development. She is the author of many books, including The Production of Money and The Case for the Green New Deal.  Twitter: @AnnPettifor Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading:  Want to expand the economy? Tax the rich!  https://prospect.org/power/want-expand-economy-tax-rich/  A world awash in money: https://media.bain.com/Images/BAIN_REPORT_A_world_awash_in_money.pdf What does money velocity tell us about low inflation in the U.S.? https://www.stlouisfed.org/on-the-economy/2014/september/what-does-money-velocity-tell-us-about-low-inflation-in-the-us  Vultures are circling our fragile economy… https://www.annpettifor.com/2020/06/vultures-are-circling-our-fragile-economy/  Decades of empirical research finds no inverse correlation between top tax rates and growth:  https://archive.org/stream/R42111TaxRatesandEconomicGrowth-crs/R42111%20Tax%20Rates%20and%20Economic%20Growth_djvu.txt https://www.brookings.edu/wp-content/uploads/2016/06/09_Effects_Income_Tax_Changes_Economic_Growth_Gale_Samwick.pdf http://eprints.lse.ac.uk/107919/1/Hope_economic_consequences_of_major_tax_cuts_published.pdf  https://www.washingtonpost.com/posteverything/wp/2016/04/20/a-graphical-assault-on-supply-side-tax-cuts/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
The theory of marginal product of labor says that every worker is paid exactly what they’re worth—the value that their labor generates. Employers cite marginal productivity to legitimize paying the lowest wages possible, but that’s just another trickle-down scam. Economist Marshall Steinbaum and food labor expert Saru Jayaraman expose the lie of marginal productivity, and show how it’s been used to exploit workers for centuries.  Marshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow of Higher Education Finance at the Jain Family Institute. He studies market power in labor markets and its policy implications.  Twitter: @Econ_Marshall Saru Jayaraman is President of One Fair Wage and Director of the Food Labor Research Center at UC Berkeley.  Twitter: @SaruJayaraman No, Productivity Does Not Explain Income: https://evonomics.com/no-productivity-does-not-explain-income/  ROC United Diners’ Guide App: https://rocunited.org/diners-guide/ Saru Jayaraman: How Restaurant Workers Are Inheriting a Legacy of Slavery in the U.S.: https://bioneers.org/saru-jayaraman-restaurant-workers-inheriting-legacy-slavery-u-s-ztvz1712/ Evidence and Analysis of Monopsony Power, Including But Not Limited To, In Labor Markets: https://www.ftc.gov/system/files/documents/public_comments/2018/08/ftc-2018-0054-d-0006-151013.pdf Antitrust and Labor Market Power: https://econfip.org/wp-content/uploads/2019/05/Antitrust-and-Labor-Market-Power.pdf Why Are Economists Giving Piketty the Cold Shoulder?  http://bostonreview.net/class-inequality/marshall-steinbaum-why-are-economists-giving-piketty-cold-shoulder Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
The big news in the minimum wage world this week is the brand new CBO report—which, among many benefits, also found that a $15 federal minimum wage would cost jobs, increase the deficit, and raise prices. How can that be, when most modern minimum wage studies suggest the opposite? Goldy and Paul explain how CBO arrived at their numbers. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading: The CBO report: https://www.cbo.gov/system/files/2021-02/56975-Minimum-Wage.pdf General coverage and analysis -  CBO report finds $15 minimum wage would cost jobs but lower poverty levels: https://www.washingtonpost.com/business/2021/02/08/minimum-wage-hike-15-an-hour-by-2025-would-result-14-million-unemployed-nonpartisan-congressional-budget-office-says/ CBO analysis confirms that a $15 minimum wage raises earnings of low-wage workers, reduces inequality, and has significant and direct fiscal effects: https://www.epi.org/blog/cbo-analysis-confirms-that-a-15-minimum-wage-raises-earnings-of-low-wage-workers-reduces-inequality-and-has-significant-and-direct-fiscal-effects-large-progressive-redistribution-of-income-caused/ Raising the federal minimum wage to $15 by 2024 would lift pay for nearly 40 million workers: https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2024-would-lift-pay-for-nearly-40-million-workers/ We still need stimulus: How the CBO’s new report captures the urgency of this moment: https://rooseveltinstitute.org/2021/02/01/still-need-stimulus-cbo-report-captures-urgency-of-moment/  Minimum wage and employment - Impacts of minimum wages: review of the international evidence: https://www.gov.uk/government/publications/impacts-of-minimum-wages-review-of-the-international-evidence The effect of minimum wage on low-wage jobs: https://academic.oup.com/qje/article/134/3/1405/5484905?login=true  The new wave of local minimum wage policies: Evidence from six cities: https://irle.berkeley.edu/the-new-wave-of-local-minimum-wage-policies-evidence-from-six-cities/  They said Seattle’s higher base pay would hurt workers. Why did they flip? https://www.nytimes.com/2018/10/22/business/economy/seattle-minimum-wage-study.html  Minimum wage shocks, employment flows, and labor market frictions: https://www.journals.uchicago.edu/doi/abs/10.1086/685449?journalCode=jole  Myth or measurement: What does the new minimum wage research say about minimum wages and job loss in the United States? https://www.nber.org/papers/w28388  Minimum wage and prices -  The impact of a city-level minimum wage policy on supermarket food prices by food quality metrics: A two-year follow up study: https://www.mdpi.com/1660-4601/16/1/102  Wages, minimum wages, and price pass-through: The case of McDonald’s Restaurants: https://dataspace.princeton.edu/bitstream/88435/dsp01sb397c318/4/646.pdf   Minimum wage and the federal budget -  Effects of a federal minimum wage increase to $15 by 2025 on the federal budget: https://irle.berkeley.edu/effect-of-a-federal-minimum-wage-increase-to-15-by-2025-on-the-federal-budget/  Raising the minimum wage would boost an economic recovery - and reduce taxpayer subsidization of low-wage work: https://www.americanprogress.org/issues/economy/news/2021/01/27/495163/raising-minimum-wage-boost-economic-recovery-reduce-taxpayer-subsidization-low-wage-work/  A $15 minimum wage would have significant and direct effects on the federal budget: https://www.epi.org/publication/a-15-minimum-wage-would-have-significant-and-direct-effects-on-the-federal-budget/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Ask Nick Anything

Ask Nick Anything

2021-02-0938:291

You know the drill: Nick and Goldy answer your questions! Did we see ‘pitchforks’ at the Capitol insurrection? What should people who subscribe to the economic theories we talk about in this podcast call themselves? What are the smartest investments the average person can make for a stronger, more prosperous, more democratic America? And more!  To ask Nick and Goldy a question for a future AMA, leave us a voicemail at (731) 388-9334.  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  The Pitchforks are Coming… For Us Plutocrats: https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014 CORE Economics: https://www.core-econ.org/  Evonomics: https://evonomics.com/   Institute for New Economic Thinking: https://www.ineteconomics.org/ Rethinking Economics network: https://www.rethinkeconomics.org/ Raising the minimum wage leads to significant gains for workers, not to ‘benefits cliffs’: https://www.nelp.org/publication/raising-minimum-wage-leads-significant-gains-workers-not-benefits-cliffs/  Study finds increasing minimum wage does not cause loss of jobs: https://www.dailycal.org/2018/09/10/study-finds-increasing-minimum-wage-does-not-cause-loss-of-jobs/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Here’s another resource from the archive that will help you wade through the loud and often misleading coverage of the Raise the Wage Act.  Not all minimum-wage studies are equal. Some of the most headline-grabbing negative reports on the effects of the minimum wage were commissioned and promoted by right-wing organizations looking to legitimize trickle-down policies that hurt workers. How can you spot studies that aren’t worth their salt? Economist Ben Zipperer joins Nick and Jasmin to reveal some of the tricks that economists pull, and to help us understand how some studies can conclude that raising wages will kill jobs—even though, as we know, the opposite is true.  Ben Zipperer is an economist at the Economic Policy Institute. His areas of expertise include the minimum wage, inequality, and low-wage labor markets. He has published research in the Industrial and Labor Relations Review and has been quoted in outlets such as The New York Times, The Washington Post, Bloomberg, and the BBC.  Twitter: @benzipperer, @EconomicPolicy Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading:  Gradually raising the minimum wage to $15 would be good for workers, good for businesses, and good for the economy: https://www.epi.org/publication/minimum-wage-testimony-feb-2019/ Six reasons not to put too much weight on the new study of Seattle’s minimum wage: https://www.epi.org/blog/six-reasons-not-to-put-too-much-weight-on-the-new-study-of-seattles-minimum-wage/ Studies mentioned in the episode:  New EPI study: The Effect of Minimum Wages on Low-Wage Jobs: Evidence from the United States Using a Bunching Estimator: https://www.nber.org/papers/w25434 Card and Krueger: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: http://davidcard.berkeley.edu/papers/njmin-aer.pdf University of Washington study - Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle: https://www.nber.org/papers/w23532 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Is the U.S. an oligarchy, or does it just have a bunch of super-rich people living in it? Is there a difference? Author Thom Hartmann joins Nick and Paul to explain the relationship between wealth and American political power and share some of the research that went into his latest book, ‘The Hidden History of American Oligarchy.’  Thom Hartmann is the #1 progressive radio talk show host in the US and a New York Times bestselling author.  Twitter: @Thom_Hartmann Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  The Hidden History of American Oligarchy: https://bookshop.org/books/the-hidden-history-of-american-oligarchy-reclaiming-our-democracy-from-the-ruling-class/9781523091584  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
You may have noticed that the trickle-downers are out in full force again spouting bad ideas in response to the Raise the Wage Act, which will raise the federal minimum wage to $15/hour. To set the record straight, we’re reposting one of our first-ever episodes, from early 2019, that reveals what the research proves (no, raising the minimum wage doesn’t affect employment), and asks why changing public perception around the minimum wage has been so difficult.    Eric Garcetti is the Mayor of LA, where he signed a $15 minimum wage ordinance into law in 2015.  The late Alan Krueger was a leading labor economist best known for his work on the effects of the minimum wage.  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Democrats used to win elections in rural areas, but that seems like a distant memory now. This week, Zach is joined by Bill Hogseth, a political organizer from rural Wisconsin, to talk about the difference between making promises and delivering change—and how Democrats can win rural America back again. Bill Hogseth is a political organizer from rural Wisconsin, where he works for the Wisconsin Farmers Union. He is the former Chair of the Dunn County Democrats.  Twitter: @billhogseth Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Opinion: Why Democrats Keep Losing Rural Counties Like Mine: https://www.politico.com/news/magazine/2020/12/01/democrats-rural-vote-wisconsin-441458  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer Zach's twitter: @zachariahsilk
Celebrate the end of inauguration week with this compilation of fun soundbites from past guests who are now serving in the Biden Administration! Featuring:  Jared Bernstein, from ‘What can a board game teach us about capitalism? https://pitchforkeconomics.com/episode/what-can-a-board-game-teach-us-about-capitalism/ Chris Lu, from ‘Whatever happened to overtime?’ https://pitchforkeconomics.com/episode/whatever-happened-to-overtime/ Felicia Wong, from ‘Why is getting out of poverty so hard?’ https://pitchforkeconomics.com/episode/why-is-getting-out-of-poverty-so-hard/  Lisa D. Cook, from ‘Economic Woman’: https://pitchforkeconomics.com/episode/economic-woman-with-katrine-marcal-lisa-d-cook-and-anna-gifty-opoku-agyeman/  Mehrsa Baradaran, from ‘The hidden costs of banking while poor’: https://pitchforkeconomics.com/episode/the-hidden-costs-of-banking-while-poor-with-mehrsa-baradaran-and-cate-blackford/ Ron Klain, from ‘Leadership failure made the U.S. pandemic worse’: https://pitchforkeconomics.com/episode/leadership-failure-made-the-u-s-pandemic-worse-with-ronald-klain/  Heather Boushey, from ‘Inequality and coronavirus’ and ‘Whatever happened to the middle class?  https://pitchforkeconomics.com/episode/inequality-and-coronavirus-with-heather-boushey-and-michelle-holder/ https://pitchforkeconomics.com/episode/whatever-happened-to-the-middle-class/  Joelle Gamble, from ‘How Econ 101 upholds racist systems’: https://pitchforkeconomics.com/episode/how-econ-101-upholds-racist-systems-with-joelle-gamble/  Bharat Ramamurti, from ‘The case for a True New Deal’: https://pitchforkeconomics.com/episode/the-case-for-a-true-new-deal-with-bharat-ramamurti/  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Idrees Kahloon from The Economist joins us for inauguration week to assess the daunting economic challenges that the Biden-Harris administration will face the second they take office.  Idrees Kahloon is the Washington correspondent for The Economist. He covers US policy, poverty, and COVID-19 stimulus packages.  Twitter: @imkahloon Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading:  President Joe Biden will face two extraordinary economic challenges: https://www.economist.com/leaders/2020/11/14/president-joe-biden-will-face-two-extraordinary-economic-challenges  Joe Biden is taking office amid a poverty crisis: https://www.vox.com/future-perfect/21582005/joe-biden-poverty-covid   Here’s a look at the economy Biden will inherit next month: https://www.nytimes.com/live/2020/12/17/us/joe-biden-trump#heres-a-look-at-the-economy-biden-will-inherit-next-month  Joe Biden’s Four-Year Plan: https://prospect.org/day-one-agenda/joe-bidens-four-year-plan/  The three progressive policies voters seem to love: https://slate.com/business/2020/11/progressives-election-minimum-wage-marijuana-medicaid.amp  Top charts of 2020: https://www.epi.org/publication/top-charts-of-2020-the-economic-fallout-of-covid-19/   Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
In a recent report, The Roosevelt Institute called for a new set of policies to mitigate the economic suffering caused by the pandemic. Taken all together, these policies are as sweeping as the New Deal was—but unlike the New Deal, they’re truly representative of America’s race, class, and gender diversity. Attorney Bharat Ramamurti, the incoming Deputy Director of the Biden administration’s National Economic Council and a co-author of the report, joins Nick and Goldy to make the case for a True New Deal.  Bharat Ramamurti is the incoming Deputy Director of the National Economic Council. At the time of our interview, he was the managing director of the Corporate Power Program at the Roosevelt Institute and a member of the COVID-19 Congressional Oversight Commission. He was previously an economic advisor to Senator Elizabeth Warren.  Twitter: @BharatRamamurti Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  A True New Deal: https://rooseveltinstitute.org/publications/true-new-deal-for-the-covid-19-era/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
No matter what some politicians may claim, there’s actually no such thing as ‘less regulation’ — there are only regulations that favor the powerful, and those that don’t. Stanford economist Anat Admati walks us through the deregulation of the banking industry and explains how she would overhaul financial regulations to make them work well for society, not just for the rich and powerful.   Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial  contracting, corporate governance, and banking. She is the co-author of ‘The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It’.  Twitter: @anatadmati  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Making financial regulation work for society: https://www.ineteconomics.org/events/finance-society/agenda/making-financial-regulation-work-a-conversation-with-anat-admati-and-brooksley-born   When she talks, banks shudder: https://www.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html  Financial crises, corporate scandals and blind spots: who is responsible? https://blogs.lse.ac.uk/businessreview/2018/01/25/financial-crises-corporate-scandals-and-blind-spots-who-is-responsible/ The Bankers’ New Clothes: http://bankersnewclothes.com/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Trickle-down economics would have you believe that the rich are job creators. For decades we’ve been told that the more money the wealthy have to invest in creating jobs, the better the economy will be for everybody. This lie has had catastrophic effects: the top 0.1% of Americans now own more wealth than the bottom 90% of Americans combined. As debates rage among our leaders over stimulus bills and Americans battle their way through this economic crisis, the case for taxing the wealthy has never been as strong as it is now—so this week we’re re-surfacing this episode, originally published in 2019. Class traitor Abigail Disney and tax expert Chye-Ching Huang make the case for taxing the rich.  And we highly recommend Abigail Disney’s podcast, All Ears: https://www.forkfilms.com/all-ears/  Abigail Disney is a documentary filmmaker, philanthropist, and social activist. She is the granddaughter of Roy Disney, the co-founder of the Walt Disney Company. Twitter: @abigaildisney Chye-Ching Huang is the Director of Federal Fiscal Policy at the Center on Budget Policy Priorities, where she focuses on the fiscal and economic effects of federal tax and budget policy. She rejoined the Center in 2011 after working as a Senior Lecturer at the University of Auckland, where she taught tax law and conducted research in tax law and policy.  Twitter: @dashching  @CenteronBudget Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
The CARES Act delayed student loan payments as a form of stimulus, raising an important question: if forgiving student loan debt is good policy and broadly popular with Americans, should we just cancel student debt altogether? University of Wisconsin Madison Associate Professor Fenaba Addo, who researches debt and wealth inequality, helps us explore the merits and shortcomings of student debt cancellation.  Fenaba Addo is the Lorna Jorgensen Wendt Associate Professor of Money, Relationships, and Equality at the University of Wisconsin Madison. Her research examines the role of debt and increasing wealth inequality over the past forty years within communities of color and among economically vulnerable populations in the U.S. Twitter: @FenabaAddo Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Six stupid arguments against forgiving student loan debt: https://prospect.org/day-one-agenda/six-stupid-arguments-against-forgiving-student-loan-debt/  The Racialization of the Student Debt Crisis: http://1xfsu31b52d33idlp13twtos-wpengine.netdna-ssl.com/wp-content/uploads/2020/11/Student-Debt_essay_individual.pdf I paid off all my student loans. I still support student loan forgiveness: https://www.vox.com/platform/amp/first-person/2019/5/2/18527036/biden-millennials-cancel-student-debt-forgiveness  Forgiving student debt would boost economy, economists say: https://www.npr.org/2019/11/25/782070151/forgiving-student-debt-would-boost-economy Writing off student debt is one way biden can build black wealth: https://www.bloomberg.com/news/articles/2020-11-12/writing-off-student-debt-is-one-way-biden-can-build-black-wealth Student debt is hitting African Americans the hardest. These experts have a plan to fix it: https://www.washingtonpost.com/local/education/student-debt-is-hitting-african-americans-the-hardest-these-experts-have-a-plan-to-fix-it/2019/09/20/5f786e48-d0fb-11e9-b29b-a528dc82154a_story.html Constrained after College: Student Loans and Early Career Occupational Choices: https://www.nber.org/papers/w13117  Is student debt cancellation regressive? No. https://www.currentaffairs.org/2019/06/is-student-debt-cancellation-regressive-no  Who owes all that student debt? And who’d benefit if it were forgiven? https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Six years after the beginning of the Fight for $15 movement, conventional wisdom is finally waking up to economic reality. How do we know? Because the New York Times recently published an editorial titled ‘Let’s Talk About Higher Wages’ calling on the incoming Biden administration to focus on higher wages for everyone. They couldn’t be more right on. Binyamin Appelbaum, the lead writer on business and economics for the Editorial Board, helps us understand the change in consensus on wages. Binyamin Appelbaum is the lead writer on business and economics for the Editorial Board of The New York Times. From 2010 to 2019, he was a Washington correspondent for the Times, covering economic policy. His book, ‘The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society’ is a Wall Street Journal Business Bestseller.  Twitter: @BCAppelbaum Nick on Marketplace: https://www.marketplace.org/2020/12/08/new-rand-study-quantifies-cost-of-rising-us-inequality/ Binyamin has been a guest on our show before! Here’s our episode with him and George Monbiot, ‘How neoliberalism happened’, from October 2019: https://pitchforkeconomics.com/episode/how-neoliberalism-happened-with-george-monbiot-and-binyamin-appelbaum/ Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading/listening:  Let’s talk about higher wages: https://www.nytimes.com/2020/11/28/opinion/wages-economic-growth.html  Do higher wages kill jobs? (with Mayor Eric Garcetti and Alan Krueger): https://pitchforkeconomics.com/episode/do-higher-wages-kill-jobs/  The top 1% of Americans have taken $50 trillion from the bottom 90% - and that’s made the U.S. less secure: https://time.com/5888024/50-trillion-income-inequality-america/  And as promised by Annie and Ashley, you can find the last 100+ years of New York Times Editorial Board pieces on the minimum wage here: https://pitchforkeconomics.com/episode/why-conventional-wisdom-is-finally-pushing-for-higher-wages-with-binyamin-appelbaum Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
Neoliberal economics says free trade is always good, and its followers try to lower trade barriers without discretion. Freedom is an essential ingredient for successful international trade—but that doesn’t mean all trade should be unregulated. Competition law expert Michelle Meagher joins Goldy to debunk common competition myths and talk about strategies to hold powerful monopolies accountable.  Michelle Meagher is a Senior Policy Fellow at the University College London Centre for Law, Economics, and Society, and co-founder of the Inclusive Competition Forum, a think tank focused on democratizing corporate power and the enforcement of competition law.  Twitter: @MichMeagher Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Competition is Killing Us: https://uk.bookshop.org/books/competition-is-killing-us-how-big-business-is-harming-our-society-and-planet-and-what-to-do-about-it/9780241423011  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
“Conservative economics” in the U.S. has become synonymous with libertarian principles. But that’s not what American conservatism was originally about. Oren Cass, the executive director of a new think tank called American Compass, is on a mission to restore conservative economics to its roots in family, community, and industry—and he joins Nick and Goldy to find common ground.  Oren Cass is the executive director of American Compass, whose mission is to restore an economic orthodoxy that emphasizes the importance of faith, community, and industry to the nation’s liberty and prosperity. He is the author of ‘The Once and Future Worker: A Vision for the Renewal of Work in America’.  Twitter: @oren_cass Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Further reading:  Workers of the World: https://americancompass.org/essays/workers-of-the-world/ The elite needs to give up its GDP fetish: https://www.nytimes.com/2020/08/27/opinion/us-gdp-coronavirus.html Oren Cass on the future of economics and society: https://www.manhattan-institute.org/economics-after-partisanship-markets-society  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
We’re continuing to celebrate our 100th episode this week with another compilation — the best of the benevolent dictator question. What would you do to fix the world’s most intractable problems if you had no restraints? Our guests from over the last two years weigh in.   Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
It’s our 100th episode! To celebrate, we pulled together some of our favorite answers to the question we love to ask our guests: Why do you do this work? Plus, Nick answers the question too. We’re thankful this week for the thoughts shared by these inspiring people, and for YOU — thanks for listening to the show. We’re excited for the next 100.  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
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Comments (71)

ncooty

Economists always pretend to be scientists, yet they have no regard for science. Here, the guest repeatedly incorrectly uses experimental terminology regarding merely observational studies (which he incorrectly calls "natural" experiments), which lack random selection, random assignment, or any other methodological controls, yet are interpreted as if they were experiments. This is all garbage.

Feb 5th
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ncooty

Not a bad set of principles overall, but the debt-cancellation suggestions sound plainly stupid and shallow, especially when disconnected from solutions to the causes of such debts. Worse, the egregious and inflammatory use of race as a proxy for SES is infuriating and grotesque.

Jan 13th
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Cheryl Piperberg

All of these proposals could be good - However something was glaringly missing ( Universal Health Care) When you got to “ cancelling Medical Debt” I was shocked at the questions and lack of expressing the truth. “Medical Debt” only exists in America- (and SHOULD NOT EXIST!!) In other countries where there is Universal Healthcare for all rather than our corrupt for-profit inefficient health care system, there is no Medical Debt- Very disappointed that this was not stated and that Universal Health Care was not one of the 9 proposals

Jan 12th
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ncooty

@53:01: I'd love to hear more about infrastructure policy... if the hosts can learn to pronounce "infrastructure" (not "inf-astructure").

Dec 30th
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ncooty

@35:39: Ms. Huang sounds a bit like an idiot. Unrealized capital gains aren't income, not even close. Now, if she were to advocate for a tax on personal property, her argument might be coherent, but a tax on unrealized capital gains is definitely not an income tax. To misrepresent or misunderstand this very basic point makes her sound like either a charlatan or an imbecile.

Dec 29th
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ncooty

Another shallow episode. Why not forgive mortgages? And why only forgive past debt; why not issue credit cards that people don't need to pay off? And why start the episode by talking about how college isn't worth the investment and later claim that it's necessary in the job market? What was the causal linkage between race and debt load? As I wrote, this was another disappointing episode full of shallow nonsense.

Dec 22nd
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ncooty

@20:00: "If it [WERE] up to you [...]," Nick. Come on; it's subjunctive. Poor grammar undercuts credibility in very technical or academic arguments. Also, the erosion of language is both a cause and an effect of the erosion of thought. Sloppy language and sloppy thinking go hand on hand. (Cf. Orwell's "Politics and the English Language".)

Nov 18th
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ncooty

@8:35: "[D]isenfranchised voters"? I see words have lost meaning.

Nov 4th
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Brian Hill

What's particularly damning about this is we have a president who tells us every day that we had the strongest economy ever before covid and that it's coming roaoring back. We need our politicians and public figures dispelling this myth. We need people to understand that the stock market is not the economy, and jobs reports don't mean much of anything. I work three jobs and live paycheck to paycheck. Does working three jobs mean I'm doing well? Why does my full-time job not pay me enough to live on, let alone save or buy a house? I hardly even participate in the economy outside of paying bills and buying food. Many poor people will continue to vote Republican because they simply have never been told how these trickle-down policies affect their everyday life, their standing in the world, their income.

Oct 27th
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Om Eyehead

An honest truth telling of how America's "elite", have bamboozled the average Joe. Fomenting a right/left agenda has been the greatest tool. "Keep him busy while I get the cash out of the register!"

Sep 16th
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ncooty

@22:12: Yet another guest who flippantly makes accusations of "systemic" and "structural" racism with seemingly no clear definitions of those terms. E.g., reparations would not address on-going structural racism. Racism is a problem, but poor thinking isn't a solution. (Maybe start vetting your guests by asking them to use "literally" correctly in a sentence.)

Aug 19th
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ncooty

I find it nearly impossible to listen to (let alone lend credence to) people who speak with such strong vocal fry and up-talk as Ms. Hamm's. Of course, it probably doesn't help that the content of what she's saying is fairly thin.

Aug 16th
Reply (1)

ncooty

@28:27: Perhaps the focus groups were reluctant to accept the arguments about structural and institutional racism because there's so little evidence for them. If you ask for the evidence, you get 1 of 3 things, none of which is evidence for the claim, especially not sufficient to justify the level of cynicism inherent in the claim. You get (a) references to historical rather than current structures, (b) an attempt to use race as a convenient surrogate for SES, or (c) a bunch of jibberish about individual-level biases. Finally, at the end of the episode (time stamp above), we heard an argument from CV about how to institutionalize racism in economics, as if the lack of structural racism is a bad thing. This is all a dangerous, mindless farce from well intentioned people too absorbed with virtue-signaling to hear the absurdities coming out of their own mouths.

Aug 16th
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ncooty

@47:30: "[T]his phenomena"? Really, Nick? This episode has become a showcase of butchered English.

Aug 16th
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ncooty

@19:00: "Me and my female colleague went around..." Good grief; you're a journalist? I'm beginning to think the decision about the raise might have been somewhat justified. I'm being slightly sarcastic, but she's not exactly doing a great job reporting her own story.

Aug 16th
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ncooty

@16:31: Maybe part of the issue was that she's a journalist who thinks "ask" is a noun.

Aug 16th
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ncooty

As soon as Sarah started croaking with her severe vocal fry, I had to stop listening.

Aug 13th
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ncooty

When Molly started talking, I stopped listening. I find severe up-talk extremely annoying.

Aug 12th
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ncooty

Are there ANY women under the age of 60 who know how to speak without vocal fry or up-talk?

Aug 11th
Reply (1)

ncooty

One of the sad ironies of this podcast is that, despite all the legitimate criticisms of the field of economics, the hosts KEEP interviewing economists on topics for which far more advanced fields are relevant--e.g., psychology, biology, etc. Stop interviewing economists. They typically pompously present over-simplifications and misunderstandings.

Aug 8th
Reply
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