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The Human Action Podcast
Tackling More of Robert Reich’s 'Economic Myths'
Jul 5, 2024
Dr. Jonathan Newman discusses Robert Reich's economic myths videos with flawed assumptions. They dissect misconceptions, highlight free market incentives, and debunk labor theory of value. The podcast challenges ideas on wealth accumulation, fairness in income distribution, and corporate donations in politics.
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Quick takeaways
- Wealth is not solely determined by effort but by the value one brings to the market.
- Corporate political donations can influence politicians' actions, reflecting a deeper issue of power dynamics in politics.
Deep dives
Wealth and Income Dependence on Setting Rules of the Game
CEOs and Wall Street traders control income and wealth through stock options, buybacks, and market timing. They may have inside information, create monopolies, or leverage political influence. Inheritance plays a significant role in predicting future income and wealth with 60% of all wealth inherited.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode