Pitchfork Economics with Nick Hanauer

You’ve definitely heard of the Green New Deal by now, right? Zach and Annie talk it up in this bonus episode and explain why the economic bill of rights component is so important.

In 2009, President Obama signed the Lily Ledbetter Fair Pay Act into law, thereby ensuring that women across the United States were finally paid the same as men. Just kidding! Women still only make 80% of what their male counterparts do. What is this bullshit? Why hasn’t pay equity been achieved yet? Economist Julie Nelson and journalist Claire Cain Miller join Nick and Steph to explain why this problem is so damn persistent, and to offer solutions for how we can fully include women in the economy. Julie Nelson is a professor of economics and department chair at the University of Massachusetts Boston, most known for her application of feminist theory to economics. She is the author of ‘Economics for Humans’ and ‘Feminism, Objectivity, and Economics’. Twitter: @julie_nelsonClaire Cain Miller is a correspondent for The New York Times, where she writes about gender, families, and the future of work for The Upshot, a Times site for analysis of policy and economics. She was part of a team that won a Pulitzer Prize in 2018 for public service for reporting on workplace sexual harassment issues. Twitter: @clairecmFurther readinghttp://evonomics.com/yes-economics-problem-women/http://evonomics.com/pretending-hard-science-ethics-free-julie-nelson/https://www.nytimes.com/2017/05/13/upshot/the-gender-pay-gap-is-largely-because-of-motherhood.htmlhttps://hbr.org/2018/01/when-more-women-join-the-workforce-wages-rise-including-for-men

We at Pitchfork Economics were saddened to learn of the passing of the brilliant economist Alan Krueger last weekend. We were fortunate to speak with him last year - here’s the full conversation. 

Here are two phrases that should be oxymorons, but aren’t: ‘working poor’ and ‘poverty-level jobs.’ Writer and anti-poverty advocate Hanna Brooks Olsen joins Nick and Goldy to explore how the intense burdens of poverty make it nearly impossible to even think about climbing the economic ladder. Felicia Wong is the President and CEO of the Roosevelt Institute, a think tank that seeks to re-imagine the social and economic policies of Franklin and Eleanor Roosevelt for the 21st century. Twitter: @FeliciaWongRI @rooseveltinstHanna Brooks Olsen is a writer and policy consultant. Her work has appeared in The Atlantic, the Nation, Salon, the New York Daily News, the Huffington Post, and Democracy.Twitter: @mshannabrooksFurther reading:https://medium.com/@mshannabrooks/but-seriously-lets-talk-about-millennial-poverty-526066ad9adbhttps://aspe.hhs.gov/system/files/pdf/154286/50YearTrends.pdf

The overtime threshold used to be the minimum wage for the middle class—but where did it go? Labor experts Sharon Block and Chris Lu join Nick and Jasmin to explain why the overtime threshold, which used to cover 65 percent of workers, today covers only 7 percent. That’s craziness! And surprise, surprise—employers love to claim that forcing you to work for free is in your own best interest. But are they telling the truth?Sharon Block is the Executive Director of the Labor and Worklife Program at Harvard Law School. For twenty years, she held key labor policy positions across the legislative and executive branches of the federal government, including head of the policy office at the Department of Labor. Twitter: @sharblockChris Lu was the U.S. Deputy Secretary of Labor in the Obama Administration from 2014 to 2017. He also served as Assistant to the President and White House Cabinet Secretary under Obama from 2009 to 2013. He is a Practitioner Senior Fellow at the UVA Miller Center.Twitter: @ChrisLu44Further reading: https://crooked.com/articles/beat-trump-overtime-pay/https://www.politico.com/magazine/story/2014/11/overtime-pay-obama-congress-112954

Ever been in the middle of a Pitchfork Economics pod ep and thought, “WTF are they talking about?” If so, this might help - we define some complex terms that get thrown around a lot (neoclassical, neoliberal, heterodoxy, monopoly, monopsony, and stock buybacks) because we want this to be a fun and informative pod, not, like, a painful and confusing pod. Twitter: @NickHanauer @GoldyHA

Monopoly and its equally evil twin monopsony are destroying competition, depressing wages, and slowing economic growth. Is market concentration an inevitable outcome of capitalism, or is there a smarter solution?Jared Bernstein: Senior Fellow at the Center on Budget and Policy Priorities, former Chief Economist and Economic Adviser to VP Biden and Executive Director of the White House Task Force on the Middle Class, and author of ‘The Reconnection Agenda: Reuniting Growth and Prosperity’. Twitter: @econjared Jonathan Tepper: Founder of Variant Perception, a macroeconomic research group that caters to asset managers. Author of ‘The Myth of Capitalism: Monopolies and the Death of Competition’, ‘Endgame: The End of the Debt Supercycle’, and ‘Code Red’, a book on unconventional monetary policy. Twitter: @jtepper2 Further reading: https://democracyjournal.org/magazine/51/progressive-labor-standards/ 

Senator Cory Booker explains the problem with stock buybacks, walks us through his Workers Dividend Act, and offers Goldy some much-needed counseling. Cory Booker is the U.S. Senator from New Jersey and a 2020 Democratic presidential candidate. Twitter: @CoryBookerFurther reading: https://www.vox.com/policy-and-politics/2018/3/6/17083398/booker-buyback-populist https://www.theatlantic.com/politics/archive/2015/02/kill-stock-buyback-to-save-the-american-economy/385259/

Nick, Goldy, and their guests William Lazonick and Lenore Palladino explain why "shareholder value maximization" is the world's dumbest idea. William Lazonick: Professor of economics at University of Massachusetts Lowell, visiting Professor at University of Ljubljana, professeur associé at Institut Mines-Télécom in Paris, and professorial research associate, SOAS, University of London. His book ‘Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States’ won the 2010 Schumpeter Prize, and he has written extensively on corporate profits.Twitter: @LazonickLenore Palladino: Senior Economist and Policy Counsel at the Roosevelt Institute, where she brings expertise to Roosevelt’s work on inequality and finance. Her research and writing focuses on financial reform, financial taxation, labor rights, and financial crises. Her publications have appeared in The Nation, The New Republic, State Tax Notes, and other venues. Twitter: @lenorepalladinoFurther reading: https://www.brookings.edu/research/stock-buybacks-from-retain-and-reinvest-to-downsize-and-distribute/https://hbr.org/2014/09/profits-without-prosperity/http://rooseveltinstitute.org/ending-shareholder-primacy-corporate-governance/http://rooseveltinstitute.org/rewriting-rules-take-aim-stock-buybacks-and-force-companies-invest-their-workers-stop-walmart-act/http://rooseveltinstitute.org/what-wells-fargos-40-6-billion-stock-buybacks-could-have-meant-its-employees-and-customers/http://rooseveltinstitute.org/towards-accountable-capitalism/ 

When we talked with historian Yuval Harari, the best-selling author of Sapiens, Homo Deus, and 21 Lessons for the 21st Century, the conversation was so wide-ranging and so smart that we just couldn't bear to leave any of it behind on the cutting room floor. So here's the full, unedited interview on a range of topics including why our society has fallen so hard for the myth of trickle-down economics.