Pitchfork Economics with Nick Hanauer Back to Basics Series: What the hell are they talking about? Econ terms explained! (with Nick and Goldy)
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Jul 8, 2025 Ever puzzled over terms like monopsony or neoclassical economics? This lively discussion simplifies complex economic jargon. It critiques the flawed assumptions behind traditional wage models and explores the rise of neoliberalism, advocating for a more human-centered approach. The dark realities of agribusiness and the impact of stock buybacks are unveiled, illustrating real-world consequences. Join the conversation for a clearer understanding of how these concepts shape our economy and what they mean for everyone.
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Neoclassical Economics Misconceptions
- Neoclassical economics assumes humans are perfectly rational and selfish self-maximizers.
- It holds that prices reflect true value and markets are in efficient equilibrium, which Pitchfork Economics disputes.
What Is Neoliberalism?
- Neoliberalism evolved from neoclassical economics and values freedom only as absence of constraint.
- It promotes competition as sole organizing principle and shareholder value maximization as corporate purpose.
Trickle-Down Economics Debunked
- Trickle-down economics anchors U.S. policy since 1980, claiming tax cuts for the rich spur growth and wage hikes kill jobs.
- Pitchfork Economics calls these core claims objectively false and misleading.