

How to Build an Economy That Works for Everyone | Nick Romeo
Apr 15, 2025
Nick Romeo, a journalist featured in The New Yorker and author of 'The Alternative: How to Build a Just Economy', shares compelling insights on transforming our economic landscape. He discusses the urgent need for a new definition of living wage and the power of cooperative ownership models. Romeo critiques traditional economics for oversimplifying human needs and explores innovative gig work solutions that prioritize fairness. The conversation also highlights sustainable business practices and the potential of collaborative ownership in reshaping societal norms.
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Beyond Math in Economics
- Economics education needs expansion beyond neoclassical market assumptions to include history, behavioral economics, and philosophical questions about fairness.
- Economics is not just math; it involves normative issues like resource distribution and societal obligations that math alone cannot resolve.
Living Wage is Political Issue
- The definition of a living wage has shrunk over time from enabling a middle-class life to barely covering immediate expenses.
- Defining what a living wage means is a political and moral question, not just a mathematical one.
Well-Paid Maids Success Story
- Aaron Sayedian runs Well-Paid Maids, a cleaning service paying higher-than-living wages consistently.
- His motive was to demonstrate that businesses can succeed and grow without exploiting workers' wages.