Pitchfork Economics with Nick Hanauer

Andrea Hailey, CEO of Vote.org, dives into the crucial relationship between voting rights and economic prosperity. She highlights how restrictive policies harm marginalized communities and undermines democracy. Hailey shares tools to enhance voter access, particularly focusing on youth participation trends. The conversation also emphasizes the power of businesses in promoting voting rights. With democracy feeling fragile, she discusses the importance of grassroots movements and the active role every citizen plays in safeguarding our electoral processes.

As Election Day nears, a critical discussion unfolds about the alarming impacts of Project 2025 and the House Republican agenda. Key proposals threaten essential government programs, emphasizing tax cuts for the wealthy while punishing low and middle-income families. The conversation highlights the dangers of systemic inequities and the need for federal investment in marginalized communities. Additionally, the benefits of social programs like Head Start and the child tax credit are explored as vital for economic stability, challenging the push towards austerity.

Since Daron Acemoglu just won the 2024 Nobel Memorial Prize in Economic Sciences alongside MIT Sloan professor Simon Johnson and University of Chicago professor James Robinson, we’re revisiting  this powerful episode featuring Acemoglu’s insights from 2023. In his groundbreaking book Power and Progress, Acemoglu exposes how the elite have weaponized technology to tighten their grip on wealth and influence, and explains how we can ensure that technological progress works for everyone, not just the wealthy few.This episode originally aired on August 22, 2023.Daron Acemoglu is the Institute Professor of Economics at MIT, the university’s highest faculty honor, and a 2024 Nobel laureate. For the last twenty-five years, he has been researching the historical origins of prosperity, poverty, and the effects of new technologies on economic growth, employment, and inequality. He is an author (with James Robinson) of The Narrow Corridor and the New York Times bestseller Why Nations Fail.Twitter: @NarrowCorridorFurther reading: Trio of professors win Nobel economics prize for work on post-colonial wealthDemocracy is in a ‘tough stretch.’ New Nobel winners explain how to strengthen itPower and Progress: Our Thousand-Year Struggle Over Technology and ProsperityThe Narrow Corridor: States, Societies, and the Fate of LibertyWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEcon, @NickHanauer, @civicactionInstagram: @pitchforkeconomicsThreads: pitchforkeconomicsYouTube: @pitchforkeconomicsSubstack: The Pitch

Private equity is looting America by exploiting vulnerable companies and extracting profits at the expense of workers, communities, and the broader economy. They've been buying up companies in every industry in the U.S. Economy and stripping them for parts. These massive firms have vast holdings across critical industries essential to the health and well-being of everyday people. Some recent examples include private equity's role in education, utilities, housing, and even in the healthcare sector, which led to the closure of hospitals and nursing homes, endangering public health. We thought it would be a good time to revisit this episode from 2023 with Brendan Ballou, a federal prosecutor and the author of Plunder: Private Equity’s Plan to Pillage America. In this episode, he explains how we can stop private equity’s plan to pillage America.This episode originally aired on July 25, 2023.Brendan Ballou is a federal prosecutor and served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division. Previously, he worked in private practice, and before that, in the National Security Division of the Justice Department, where he advised the White House on counterterrorism and other policies.Twitter: @brendanballouFurther reading: Plunder: Private Equity’s Plan to Pillage AmericaThe Guardian - Slash and burn: is private equity out of control?Website: http://pitchforkeconomics.comTwitter: @PitchforkEcon, @NickHanauer, @civicactionInstagram: @pitchforkeconomicsThreads: pitchforkeconomicsYouTube: @pitchforkeconomicsSubstack: The Pitch

This week, Nick and Goldy are joined by Fordham Law professor Zephyr Teachout, who explains the urgent need for federal action on corporate price-gouging. Professor Teachout identifies misconceptions about price controls and highlights the failure of mainstream economists to recognize that price-gouging is a common practice, especially in light of skyrocketing corporate profit margins during the pandemic. Their conversation also unpacks the need for stronger antitrust enforcement, decreased market concentration, and more regulations aimed at protecting consumers in times of crisis.Zephyr Teachout is a Professor of Law at Fordham Law School, where she focuses on the intersection of corporate and political power. She is also the author of multiple books, including Corruption in America: From Benjamin Franklin's Snuff Box to Citizens United and Break 'Em Up: Recovering Our Freedom from Big Ag, Big Tech, and Big Money.Twitter: @ZephyrTeachoutFurther reading: The Atlantic - Sometimes You Just Have to Ignore the EconomistsMore Perfect Union - Why Are Diaper Prices Up 184 Percent? Two Corporations are Preying on ParentsThe New Republic - A Very Good Sign: Kamala Harris Is Going Right at Corporate GreedFind out if your state has a price gouging law here: NCSL Price Gouging State StatutesBooks By Professor Teachout: Break 'Em Up: Recovering Our Freedom from Big Ag, Big Tech, and Big MoneyCorruption in America: From Benjamin Franklin's Snuff Box to Citizens UnitedWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEcon, @NickHanauer, @civicactionInstagram: @pitchforkeconomicsThreads: pitchforkeconomicsYouTube: @pitchforkeconomicsSubstack: The Pitch

This week, Nick and Goldy welcome sociologist Nikhil Goyal to discuss his new book, Live to See the Day: Coming of Age in American Poverty, which highlights the deep-rooted effects of generational poverty in America by focusing on the experiences of three young people in Kensington, Philadelphia. Their stories illustrate how systemic inequality and poor economic policies perpetuate a cycle of despair and intergenerational poverty. Goyal explains the limitations of traditional anti-poverty solutions like promoting higher educational attainment. Instead, he spotlights the need for direct cash transfers, robust public goods, and a public option for programs like healthcare, affordable housing, or even publicly owned grocery stores that directly address the causes of poverty.Nikhil Goyal is a sociologist and former senior policy advisor on education and children for Senator Bernie Sanders on the Senate Committee on Health, Education, Labor, and Pensions and Committee on the Budget. He also developed a tuition-free college program for incarcerated people and correctional workers in Vermont. He is the author of the book LIVE TO SEE THE DAY: Coming of Age in American Poverty.Twitter: @drgoyalnikhilFurther reading: LIVE TO SEE THE DAY: Coming of Age in American PovertyWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEcon, @NickHanauer, @civicactionInstagram: @pitchforkeconomicsThreads: pitchforkeconomicsYouTube: @pitchforkeconomicsSubstack: The Pitch

In a celebratory milestone, hosts reflect on their journey and the inspiring motivations behind meaningful work. They explore how progressive activists prioritize impactful contributions over financial gain. Guests share insights on legislative achievements that tackle economic inequality and gun violence. The importance of building a community through authentic conversations is highlighted. Personal stories shed light on the responsibility of privilege and the drive for social change, emphasizing the necessity of addressing systemic inequalities.

In this enlightening discussion, MIT economist Anna Stansbury, known for her focus on labor economics and wage inequality, dives into the troubling lack of socioeconomic diversity within the economics profession. Stansbury reveals how this homogeneity stifles innovative economic solutions and perpetuates social inequalities. They discuss barriers that marginalized groups face in accessing economics education and the biases of neoliberal frameworks that undermine equitable growth. The conversation emphasizes the pressing need for diverse perspectives to better address the realities of lower-income individuals.

This week, Nick and Goldy talk to esteemed economist Colin Mayer, author of the book Capitalism and Crises: How to Fix Them, to explore the deep-seated issues plaguing modern capitalism, including rising inequality and environmental degradation. Mayer argues that the current profit-driven mindset of corporations often leads to societal harm, and he advocates for a paradigm shift towards a model where businesses profit by solving real human problems rather than creating them. Their conversation dissects the historical evolution of corporate responsibility, critiques neoliberal economics, and proposes solutions that redirect corporate focus toward societal benefit, and the urgent need for a more equitable economic structure that uplifts the middle class.Colin Mayer is a distinguished academic in the field of finance and economics. He is the Peter Moores Professor of Management Studies at the Saïd Business School at the University of Oxford. With a background in economics and finance, Mayer has conducted extensive research on corporate finance, governance, and the role of business in society. His work has been widely published in academic journals, and he is the author of several books, including "Capitalism and Crises." Further reading: Capitalism and Crises: How to Fix ThemWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEcon, @NickHanauer, @civicactionInstagram: @pitchforkeconomicsThreads: pitchforkeconomicsYouTube: @pitchforkeconomicsSubstack: The Pitch

Kamala Harris, the first female Vice President of the United States, joins the conversation to explore the new economic paradigm of the Democratic Party, emphasizing a 'middle-out' approach. She stresses that a strong middle class is key to a strong America. The discussion highlights the party's shift from trickle-down policies to ones that prioritize working families. The dynamic between Republican and Democratic strategies is analyzed, alongside the potential economic benefits of progressive policies that advocate for higher wages and public investment.