Pitchfork Economics with Nick Hanauer Back to Basics Series: Is Economics Moral? (with Heather McGhee)
Jul 29, 2025
Heather McGhee, a prominent policy expert and advocate for economic and racial justice, joins the discussion to argue that morality should be central to economics. She critiques traditional models for ignoring ethical dimensions and emphasizes that cooperation leads to prosperity. The conversation dives into how systemic racism undermines collective action and the importance of reframing economic narratives for inclusivity. McGhee stresses that addressing inequities benefits all, challenging the orthodoxy of exploitation in economic decision-making.
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Morality Is Central to Economics
- Morality is intrinsic to human societies and must be central to economics.
- Economic choices are moral because they solve or create human problems, depending on justice and cooperation.
Exclusion Harms Everyone
- An economy that exploits some people ultimately harms everyone.
- Racial inequality and exclusion lessen prosperity for the whole society, not just marginalized groups.
Subprime Crisis Rooted in Racism
- Subprime mortgages targeted Black and Brown communities, stripped wealth, and were ignored by mostly non-people of color decision makers.
- This racism triggered the global 2008 financial crisis, showing the widespread impact of racial economic injustice.
