Pitchfork Economics with Nick Hanauer
By TYT Network
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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.
||What is the purpose of a corporation?||Nick, Goldy, and their guests William Lazonick and Lenore Palladino explain why "shareholder value maximization" is the world's dumbest idea. William Lazonick: Professor of economics at University of Massachusetts Lowell, visiting Professor at University of Ljubljana, professeur associé at Institut Mines-Télécom in Paris, and professorial research associate, SOAS, University of London. His book ‘Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States’ won the 2010 Schumpeter Prize, and he has written extensively on corporate profits.Twitter: @LazonickLenore Palladino: Senior Economist and Policy Counsel at the Roosevelt Institute, where she brings expertise to Roosevelt’s work on inequality and finance. Her research and writing focuses on financial reform, financial taxation, labor rights, and financial crises. Her publications have appeared in The Nation, The New Republic, State Tax Notes, and other venues. Twitter: @lenorepalladinoFurther reading: https://www.brookings.edu/research/stock-buybacks-from-retain-and-reinvest-to-downsize-and-distribute/https://hbr.org/2014/09/profits-without-prosperity/http://rooseveltinstitute.org/ending-shareholder-primacy-corporate-governance/http://rooseveltinstitute.org/rewriting-rules-take-aim-stock-buybacks-and-force-companies-invest-their-workers-stop-walmart-act/http://rooseveltinstitute.org/what-wells-fargos-40-6-billion-stock-buybacks-could-have-meant-its-employees-and-customers/http://rooseveltinstitute.org/towards-accountable-capitalism/||2/19/2019||Free||View in iTunes|
||BONUS: Yuval Harari - Unedited Conversation||When we talked with historian Yuval Harari, the best-selling author of Sapiens, Homo Deus, and 21 Lessons for the 21st Century, the conversation was so wide-ranging and so smart that we just couldn't bear to leave any of it behind on the cutting room floor. So here's the full, unedited interview on a range of topics including why our society has fallen so hard for the myth of trickle-down economics.||2/15/2019||Free||View in iTunes|
||Do higher wages kill jobs?||Trickle-downers always argue that raising the minimum wage inevitably kills jobs. But the empirical evidence from Seattle, Los Angeles, and elsewhere prove otherwise. Experts, including Mayor Garcetti of LA, discuss how our economic understanding has changed, and why changing the public perception around the minimum wage has been so difficult.Eric Garcetti: Mayor of Los Angeles since 2013. Former member of the LA City Council, serving as council president from 2006 to 2012. Twitter: @ericgarcetti Alan Krueger: Bendheim Professor of Economics and Public Affairs at Princeton. Former Chairman of President Obama’s Council of Economic Advisers and a member of the Cabinet from 2011 to 2013. Co-author of ‘Myth of Measurement: The New Economics of the Minimum Wage’ and ‘Inequality in America: What Role for Human Capital Policies?’. Twitter: @Alan_KruegerRichard Kirsch: Director of Our Story at the Hub for American Narratives. Led development of Progressive Economic Narrative Project and has done extensive training with organizational leaders and elected officials on delivering powerful narratives.Twitter: @_RichardKirschFurther reading: Raising the Minimum Wage Is Good for EveryoneSeattle’s $15 Minimum Wage Experiment Is a Success||2/12/2019||Free||View in iTunes|
||Do regulations kill growth?||Deregulation for the powerful is a central tenet of the trickle-down myth, embraced by Democrats and Republican alike. Government regulations, we’re told, are costly and inefficient intrusions that slow grow and kill jobs. But Robert Reich explains that when thoughtfully applied, regulations are absolutely essential to growing a safe, secure, and broadly prosperous economy. Robert Reich: Chancellor’s Professor of Public Policy at UC Berkeley and Senior Fellow at the Blum Center for Developing Economies. Served as Secretary of Labor in the Clinton administration. Author of fifteen books, including ‘The Common Good’. Co-creator of the documentaries ‘Inequality for All’ and ‘Saving Capitalism’. Twitter: @RBReich Facebook: Robert Reich Further reading: Robert B. Reich: How Trump's war on regulation is trickle-down economics||2/5/2019||Free||View in iTunes|
||BONUS: Why Howard Schultz would make a terrible president||Former Starbucks CEO Howard Schultz says he’s seriously considering running for President. Nick Hanauer, who knows Schultz, says that businesspeople often make terrible politicians.||1/31/2019||Free||View in iTunes|
||Do tax cuts for rich people create growth?||Since forever, Republicans have insisted that cutting taxes on wealthy corporations and individuals would grow the economy, create jobs, and lift wages. But it never does. As an early architect of what became “Reaganomics,” Bruce Bartlett was there at the birth of this GOP tax myth. He joins the podcast to help set the record straight.Bruce Bartlett: American historian who helped draft the Kemp-Roth tax bill that formed the basis of President Reagan’s 1981 tax cuts. Served as domestic policy adviser for Reagan, in the Treasury for George H.W. Bush, and in senior roles for other American politicians. Former Executive Director of the Joint Economic Committee of Congress. Twitter: @BruceBartlettFurther reading:Want to Expand the Economy? Tax the Rich! https://prospect.org/article/want-expand-economy-tax-rich I helped create the GOP tax myth. Trump is wrong: Tax cuts don’t equal growth. https://www.washingtonpost.com/news/posteverything/wp/2017/09/28/i-helped-create-the-gop-tax-myth-trump-is-wrong-tax-cuts-dont-equal-growth/?noredirect=on&utm_term=.4344a80a6efc||1/29/2019||Free||View in iTunes|
||Is the American Dream a lie?||Is the American Dream dead? Is economic mobility a myth? The foundational promise of America is that anyone, if they work hard and play by the rules, can enjoy a secure, middle-class life. Christian Cooper and Khiara Bridges join us to discuss the prevailing narrative that we each control our own economic destiny.Christian Cooper: Derivatives trader and author. Frequent commentator in the Wall Street Journal, Reuters, Financial Times, and Bloomberg News. Director of Banking for a New Beginning, a public/private partnership between The Aspen Institute and the US Department of State. Member of the roundtables at the Washington-based think tank Center for Strategic and International Studies. Twitter: @christiancooperKhiara Bridges: Associate Dean for Equity, Justice, and Engagement at the Boston University School of Law, specializing in the intersectionality of race, reproductive justice, and law. Professor of Law and Professor of Anthropology at Boston University. Author of The Poverty of Privacy Rights and Reproducing Race: An Ethnography of Pregnancy as a Site of Racialization. Further reading: Why Poverty Is Like a Disease: http://nautil.us/issue/47/consciousness/why-poverty-is-like-a-diseaseExcavating Race-Based Disadvantage Among Class-Privileged People of Color: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3143892 Income Mobility Charts: https://www.nytimes.com/interactive/2018/03/27/upshot/make-your-own-mobility-animation.html Divided We Fall: https://newrepublic.com/article/141644/divided-fall-trump-symptom-constitutional-crisis-inequality Raj Chetty in 14 charts: Big findings on opportunity and mobility we should all know: https://www.brookings.edu/blog/social-mobility-memos/2018/01/11/raj-chetty-in-14-charts-big-findings-on-opportunity-and-mobility-we-should-know/||1/21/2019||Free||View in iTunes|
||[BONUS] Quick Pitch: Marching Orders for New Legislators||As newly elected Democrats across the country enter their respective capitol buildings for the first time, Civic Ventures president Zach Silk and former Washington State legislator (and Civic Ventures senior VP) Jessyn Farrell offer advice for what they should prioritize – and it starts with economic policies that help the broad majority. Further reading: https://www.politico.com/magazine/story/2018/08/14/democrats-must-reclaim-the-center-by-moving-hard-left-219354||1/18/2019||Free||View in iTunes|
||Where does economic growth really come from?||Is economic growth all about money, trade, and GDP, or are healthy economies built on a different foundation? In this episode, economist W. Brian Arthur and MIT physicist Cesar Hidalgo explain why human knowledge, knowhow, and innovation are the best measures of rising prosperity and future economic growth. Guest BiosW. Brian Arthur: Economist credited with developing the modern approach to increasing returns, and one of the pioneers of the science of complexity. Author of three books including The Nature of Technology: What it Is and How it Evolves. External Professor at the Santa Fe Institute. Cesar Hidalgo: Physicist, writer, and entrepreneur. Associate Professor at MIT, and Director of the Collective Learning group at the MIT Media Lab. Co-founder of Datawheel, a company that specializes in digital transformation solutions for governments and large companies. Author of Why Information Grows and co-author of The Atlas of Economic Complexity. Twitter: @cesifotiFurther reading:Complexity Economics: a different framework for economic thought: https://docs.google.com/viewer?url=http%3A%2F%2Ftuvalu.santafe.edu%2F~wbarthur%2FPapers%2FComp.Econ.SFI.pdfEconomic Complexity: From useless to keystone: https://docs.google.com/viewer?url=https%3A%2F%2Fchidalgo.com%2Fs%2Fnphys4337.pdfComplexity Economics Shows Us Why Laissez-Faire Economics Always Fails: http://evonomics.com/complexity-economics-shows-us-that-laissez-faire-fail-nickhanauer/||1/15/2019||Free||View in iTunes|
||How should we measure the economy?||Pop quiz: What does “GDP” stand for? And now, quickly: what the hell does “gross domestic product” even mean? It turns out, the way we measure the economy changes the way we manage the economy, so if we want to broadly improve the lives of all Americans we need to measure the things that really matter.Diane Coyle: Bennett Professor of Public Policy at the University of Cambridge. Former advisor to the UK treasury. Author of numerous books, most recently GDP: A Brief But Affectionate History, The Economics of Enough, and The Soulful Science. Founder of the consultancy Enlightenment Economics, specializing in the economics of new technologies.Twitter: @DianeCoyle1859 Further reading: (1) https://www.jfklibrary.org/learn/about-jfk/the-kennedy-family/robert-f-kennedy/robert-f-kennedy-speeches/remarks-at-the-university-of-kansas-march-18-1968(2) https://democracyjournal.org/magazine/31/capitalism-redefined/||1/7/2019||Free||View in iTunes|
||Whatever happened to the middle class?||The American middle class is shrinking and, contrary to popular belief, globalization and automation are not to blame. Far from inevitable, skyrocketing inequality is a choice. In this episode, we look at the policy choices that have relentlessly undermined the middle class, and why we desperately need to choose a better future.Heather Boushey: Executive director and chief economist at the Washington Center for Equitable Growth. Author of Finding Time: The Economics of Work-Life Conflict. Twitter: @HBousheyMatthew Stewart: Philosopher, D.Phil from Oxford University. Author of Nature’s God and The Management Myth. Contributor to The Atlantic.Website: https://mwstewart.com/ Further reading: (1) http://evonomics.com/new-social-security-system-sharing-economy-hanauer/(2) https://www.politico.com/magazine/story/2014/11/overtime-pay-obama-congress-112954||12/31/2018||Free||View in iTunes|
||[BONUS] Quick Pitch: Where’s your $4,000 raise?||Civic Ventures president Zach Silk joins us for a quick explainer on how Republicans sold their trickle-down tax cuts as a great deal for the middle class—and how angry suburban voters punished them for their lies.Further reading:https://www.usatoday.com/story/opinion/2018/04/10/donald-trump-gop-tax-cuts-wont-deliver-big-raise-column/471188002/https://www.politico.com/magazine/story/2017/10/11/republican-tax-cut-for-rich-economy-215696||12/28/2018||Free||View in iTunes|
||What is the trick in trickle down?||What is the “trick” in “trickle down” economics? It’s how wealthy elites and their neoliberal lackeys convince you that what’s good for them (tax cuts, deregulation, etc.) is good for you… and that policies like the minimum wage, overtime, and paid sick leave will ruin the economy. Economics is a story we tell ourselves to help explain who gets what, and why. In this episode we explore how to tell a better story.Yuval Harari: Author of international bestsellers: Sapiens: A Brief History of Humankind, Homo Deus: A Brief History of Tomorrow, and 21 Lessons for the 21st Century. Professor in the Department of History at Hebrew University of Jerusalem. PhD from the University of Oxford.Twitter: @harari_yuvalFacebook: @Prof.Yuval.Noah.HarariInstagram: @yuval_noah_harariMolly Crockett: Director of the Crockett Lab, Assistant Professor of Psychology at Yale University, and Distinguished Research Fellow at the Oxford Centre for Neuroethics. PhD in Experimental Psychology from the University of Cambridge.Twitter: @mollycrockettFurther reading: (1) https://democracyjournal.org/magazine/41/a-threat-not-a-theory/(2) https://www.politico.com/magazine/story/2017/07/18/to-my-fellow-plutocrats-you-can-cure-trumpism-215347||12/25/2018||Free||View in iTunes|
||CleanIs Econ 101 a lie?||What is “Econ 101,” and why do economists always get things wrong? In this episode we dismantle orthodox economics, exploring where it comes from, why it's wrong, and how “It’s Econ 101!” became a cynical rallying cry in defense of the status quo. Guests Eric Beinhocker (The Origin of Wealth) and James Kwak (Economism) explain that, far from a science, Econ 101 is really just a story we tell ourselves to justify who gets what and why. And it’s time to tell a different story.Eric Beinhocker: Professor of Public Policy at the Blavatnik School of Government, University of Oxford. Executive Director of the Institute for New Economic Thinking at the Oxford Martin School. Author of The Origin of Wealth.Twitter: @ericbeinhockerJames Kwak: Professor of Law at the Connecticut School of Law. Co-founder of the economics blog “The Baseline Scenario”, a commentary on developments in the global economy, law, and public policy. Author of Economism: Bad Economics and the Rise of Inequality. Columnist for The Atlantic.Twitter: @jamesykwakFurther reading: https://www.theatlantic.com/business/archive/2017/01/economism-and-the-minimum-wage/513155/||12/17/2018||Free||View in iTunes|
||Why do we call it pitchfork economics?||In 2014, venture capitalist Nick Hanauer warned his fellow plutocrats that our growing crisis of economic inequality would lead to an uprising or a dictatorship. Two years later, angry voters elected Donald Trump. In this inaugural episode of Pitchfork Economics, we explore why the pitchforks are coming, who they’re coming for, and how the stories we tell about the economy can change the economy itself.ShownotesThe Pitchforks Are Coming… For Us Plutocrats: https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014Twitter: @nickhanauer Facebook: @CivicSkunkWorks @NickHanauerMedium: https://civicskunk.works/Ganesh Sitaraman: Professor of Law at Vanderbilt Law School and Senior Fellow at the Center for American Progress. Co-founder and Director of Policy for the Great Democracy Initiative. Policy Director to Elizabeth Warren, 2011-2013. Author of The Crisis of the Middle Class Constitution: Law in the Age of Small Wars, named one of the New York Times’ 100 notable books of 2017.Twitter: @ganeshsitaraman Walter Scheidel: Historian at Stanford. The most frequently cited active-duty Roman historian adjusted for age in the Western Hemisphere, Scheidel is the author or (co-)editor of 20 books, including The Great Leveler: Violence and the History of Inequality.Twitter: @walterscheidel||12/11/2018||Free||View in iTunes|
||Pitchfork Economics Teaser||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.||12/4/2018||Free||View in iTunes|
Absolutely necessary for this time in our world
Progress Over Pitchforks
This is a great podcast for understanding what’s wrong at the root of the American economic system. I’m really excited to hear what they cover next!
This podcast couldn’t be a more relevant then is right now.
Smart, and witty.
Thank you for starting this.
It will be shared.