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Pitchfork Economics with Nick Hanauer
Breaking Up Big Econ (with David Deming)
Mar 4, 2025
David Deming, a Harvard economist and author, sheds light on the concentrated power held by elite universities in shaping economic narratives. He argues that this 'Big Econ' monopolizes perspectives, stifling competition and innovation. The discussion critiques traditional economic theories, particularly regarding income inequality and minimum wage policies. Deming emphasizes the need for diverse voices in economics to address real-world challenges and promote effective societal change. His insights call for a reevaluation of how economics is taught and practiced.
39:07
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Quick takeaways
- The dominance of elite universities in economics creates a monopoly that stifles innovation and diverse perspectives essential for progress.
- Shifting from trickle-down to middle-out economics can foster broader economic growth by empowering the middle class as the main driver of transformation.
Deep dives
The Disillusionment with Trickle-Down Economics
The reliance on trickle-down economics over the past 50 years has been deemed ineffective, resulting in growing inequality and political instability. This approach has failed to provide widespread economic growth, as it primarily benefits the wealthy instead of the middle class. As a corrective measure, middle-out economics is proposed, emphasizing that the middle class drives economic progress rather than merely benefiting from it. By focusing on boosting the middle class, this approach aims to create a more robust and inclusive economic environment.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode