447 | Nick Romeo: The Public Rejects the Status Quo. What is the Alternative?
Jan 18, 2024
auto_awesome
Nick Romeo, author of 'The Alternative', discusses the outdated dogmas of modern economists, the battle within academia over economics teaching, the psychological and sociological effects of a jobs guarantee program, cultural influences on economic approaches, the decline of influence in economics, and the importance of relevancy in addressing unsolved problems.
The book challenges the belief that there is no alternative to the economic status quo and explores alternate social structures and arrangements.
The book emphasizes the role of culture in economics and highlights examples of addressing societal issues such as wealth inequality and climate change.
Deep dives
The central idea of the book
The book explores alternate social structures and arrangements that challenge the political status quo and address the deep dissatisfaction felt by many people around the world.
The background of the book's title
The book's title, 'The Alternative,' alludes to Margaret Thatcher's phrase 'there is no alternative' which embodied the belief that the economic status quo under neoliberalism was inevitable and any alternative was dismissed as utopian.
The importance of considering culture in economics
The book highlights the importance of acknowledging cultural factors and values in economics, arguing that economics cannot be solely driven by mathematical models and objective data. It delves into the role of culture in shaping economic perspectives and interventions.
Promising examples of addressing societal problems
The book explores several examples of addressing societal issues such as wealth inequality and climate change. It discusses the implementation of a job guarantee in an Austrian town that provides meaningful work to the unemployed, paying attention to both economic and psychological well-being. It also examines successful models of worker-owned cooperatives in Spain and the role of true cost accounting in integrating externalities into the pricing of goods.
Nick Romeo, New Yorker writer and author of The Alternative: How to Build a Just Economy, joins The Realignment. Marshall and Nick discuss the outdated nature of many of the dogmas preached by modern economists, the growing number of new approaches aimed at reshaping economic outcomes, the importance of "political economy," and the opportunity to provide an alternative to a stagnating status quo.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode