Pitchfork Economics with Nick Hanauer

Mark Blyth, a political economist and professor at Brown University, dives into the intricacies of inflation and its real-world implications. He critiques traditional economic theories and examines how post-pandemic price hikes affect low-income households disproportionately. Blyth also distinguishes between 'good' and 'bad' inflation, explores the impact of corporate greed on prices, and discusses the need for innovative central bank strategies. His insights challenge misconceptions and provide a roadmap for more equitable economic policies.

Samuel Bowles, an economist and Professor Emeritus, challenges the traditional view of humans as solely rational, self-interested beings. He argues for a more nuanced understanding of human behavior that embraces cooperation and ethics over greed. Bowles highlights the need to abandon the flawed 'homo economicus' model, showcasing how emotions and moral considerations play a crucial role in decision-making. The discussion also touches on economic inequality and the complexities of language in shaping perceptions of workers, pushing for a reevaluation of policies to create a fairer society.

The promise of the American Dream—work hard, play by the rules, and you’ll get ahead—is unraveling before our eyes. In this Back-to-Basics episode, Christian H. Cooper and law professor Khiara Bridges join Nick and Goldy to posit whether economic mobility has ever truly existed, or if the system was rigged from the start. As wages stagnate, homeownership drifts out of reach, and inequality worsens, their conversation exposes how the American Dream has always been selectively granted and systematically denied. Amid today’s debates over “competitiveness” and “opportunity,” this episode is a reminder: the American Dream didn’t disappear by accident—it’s been taken. Understanding how is the first step toward winning it back. Christian Cooper is a derivatives trader, quantitative finance author, and commentator based in New York City. He directs Banking for a New Beginning, a collaboration between the Aspen Institute and the U.S. Department of State that connects central banks in emerging markets—such as Turkey, Tunisia, and Pakistan—with best practices to strengthen their financial systems Khiara M. Bridges is an anthropologist and professor of law at UC Berkeley School of Law, specializing in race, class, reproductive rights, and constitutional law. She is the author of The Poverty of Privacy Rights.  Social Media: @christiancooper Further reading:  The Poverty of Privacy Rights Website: http://pitchforkeconomics.com Instagram: @pitchforkeconomics Threads: pitchforkeconomics Bluesky: @pitchforkeconomics.bsky.social TikTok: @pitchfork_econ Twitter: @PitchforkEcon, @NickHanauer, @civicaction YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Substack: ⁠The Pitch⁠

In this engaging discussion, Matt Stoller, Director of Research at the American Economic Liberties Project and author of 'Goliath', reveals the insidious ways monopolies erode democracy. He highlights how concentrated corporate power not only warps markets but also fuels political control and authoritarianism. Stoller critiques traditional economic theories, examines the impact of monopolies on consumer welfare and income, and emphasizes the urgent need for collective action against corporate dominance to reclaim democratic freedoms.

Marshall Steinbaum, an economist from the University of Utah, and Saru Jayaraman, a leading advocate for restaurant workers, challenge the myth that markets fairly pay workers. They argue that wage disparities are not based on worth but are influenced by policy choices and power dynamics. Steinbaum critiques the marginal productivity theory, showing its misuse to justify wage stagnation, while Jayaraman highlights the struggles of low-paid restaurant workers and the negative effects of tipping. Together, they advocate for systemic changes to ensure fair compensation for all.

Ann Pettifor, a British political economist known for predicting the 2008 financial crisis, joins the discussion to unravel why money isn't moving as it once did. She reveals that the velocity of money has declined significantly, with wealth concentrated at the top stifling economic growth. Pettifor advocates for taxing the rich as a means to redistribute wealth, stimulate demand, and empower local economies. She emphasizes that understanding monetary policy can transform financial outcomes, especially for women, and challenges listeners to rethink conventional economic practices.

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.

W. Brian Arthur, a complexity theorist renowned for his insights on innovation, joins Cesar Hidalgo, a physicist focused on the economic implications of knowledge. They challenge traditional notions of economic growth, arguing that innovation drives prosperity rather than being a mere byproduct. The discussion emphasizes the collaborative nature of technology and the critical role of knowledge distribution. They propose redefining economic success beyond GDP, advocating for policies that support a diverse and knowledgeable workforce to foster sustainable growth.

Eric Beinhocker, Executive Director at Oxford's Institute for New Economic Thinking, and James Kwak, a law professor and author, delve into the shortcomings of traditional economic teachings. They argue that Econ 101 oversimplifies complex realities and perpetuates inequality. The discussion highlights the need for policies that encourage cooperation over self-interest and critiques outdated economic models that mislead public discourse. They advocate for a reevaluation of economics to better reflect human behavior and address pressing societal issues.

Ever puzzled over terms like monopsony or neoclassical economics? This lively discussion simplifies complex economic jargon. It critiques the flawed assumptions behind traditional wage models and explores the rise of neoliberalism, advocating for a more human-centered approach. The dark realities of agribusiness and the impact of stock buybacks are unveiled, illustrating real-world consequences. Join the conversation for a clearer understanding of how these concepts shape our economy and what they mean for everyone.