Pitchfork Economics with Nick Hanauer

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.

Ganesh Sitaraman, a law professor and constitutional law expert, teams up with historian Walter Scheidel, known for his insights on inequality and civilization's turmoil. They dive into the warning behind 'Pitchfork Economics', discussing how rising economic inequality fuels social unrest. Sitaraman shares alarming data on wealth concentration, while Scheidel links historical upheavals to economic disparities. They propose innovative solutions for reforming policies to ensure a stable middle class, highlighting lessons from the Gilded Age to prevent future crises.

Rogé Karma, a staff writer at The Atlantic who covers economics and policy, joins the conversation to debunk myths surrounding immigration and the labor market. He argues that immigrants actually help grow the economy rather than steal jobs, challenging the traditional Econ 101 narrative. The discussion also highlights the socioeconomic disparities fueled by these misconceptions and addresses the urgent need for a fairer immigration system that recognizes the valuable contributions of immigrant workers.

With inequality rising, housing out of reach, and young Americans falling further behind, some argue the American Dream is dead. But NYU professor Scott Galloway has a different take: America hasn’t fallen—it’s adrift. Originally recorded in late 2022, this episode features a candid conversation about what’s really hollowed out the middle class: generational wealth hoarding, runaway corporate consolidation, and a political system rigged for the rich. As billionaires push for yet another round of tax cuts and working families continue to struggle, Galloway’s message is more relevant than ever: America can still right the ship—but only if we change course. Scott Galloway is a clinical professor of marketing at NYU’s Stern School of Business, a bestselling author, and a tech entrepreneur. He’s the host of the Prof G Show and co-host of Pivot. Galloway is a leading voice on the need to rein in corporate power and rebuild the middle class. ⁠This episode originally aired December 6, 2022. ⁠ Social Media: ⁠@profgalloway.com⁠ ⁠@profgalloway⁠ Further reading:  ⁠Adrift: America in 100 Charts⁠ Website: ⁠http://pitchforkeconomics.com⁠ Instagram: ⁠@pitchforkeconomics⁠ Threads: ⁠pitchforkeconomics⁠ Bluesky: ⁠@pitchforkeconomics.bsky.social⁠ Twitter: ⁠@PitchforkEcon⁠, ⁠@NickHanauer⁠, ⁠@civicaction⁠ YouTube: ⁠@pitchforkeconomics⁠ LinkedIn: ⁠Pitchfork Economics⁠ Substack: ⁠The Pitch⁠