Pitchfork Economics with Nick Hanauer

Yannet Lathrop, a vital advocate for the Fight for $15 movement, and Dr. T. William Lester, an expert in wage-related economic issues, delve into the transformative impact of the decade-long initiative. They discuss how the movement has raised wages for millions and narrowed the racial wealth gap, particularly benefiting communities of color. The duo challenges outdated economic myths, illustrating how higher minimum wages can foster job growth and enhance worker equity. Their insights emphasize the ongoing relevance of wage increases as a central issue in today’s economic discourse.

Martin Wolf, chief economics commentator at the Financial Times, discusses the fragile relationship between capitalism and democracy in light of his new book. He highlights how rising inequality and economic policies benefiting the wealthy threaten democracy and the middle class. Wolf advocates for stronger social safety nets and examines immigration's impact on labor markets and societal cohesion. He draws on personal experiences to emphasize the importance of advocating for economic and political change to restore balance in society.

Michael Graetz, an esteemed author and expert in tax policy, dives into his provocative new book on the anti-tax movement's profound influence on American policy. He explores the movement's historical roots and its intertwining with issues of race and economic theory. Graetz advocates for innovative tax reforms like a carbon tax, aiming to address wealth inequality and promote a more equitable tax system. The conversation also critiques the complex dynamics of tax sentiment in the U.S. and its implications for public services and infrastructure.

David Goldstein, a Senior Fellow at Civic Ventures, and Paul Constant, a writer at the same organization, share their summer reading list packed with thought-provoking economic and political books. They discuss the intersection of history and economics, highlighting fascinating reads like 'In This Economy?' and 'End Times'. The duo unpacks Bill Clinton's economic legacy and critiques conventional ideas in works like 'The Power Broker' and 'The Road to Freedom'. They encourage supporting local bookstores and rethinking retirement in a changing economy.

In this engaging discussion, Lindsay Owens, Executive Director of the Groundwork Collaborative, sheds light on corporate profiteering amidst the pandemic. She reveals how rising corporate profits are tied to decreased competition and increased market concentration. Lindsay emphasizes that these dynamics have given companies unprecedented pricing power, leading to unjustified price hikes for consumers. She advocates for policy changes to enhance competition and transparency, aiming for a fairer economic landscape that prioritizes the consumer.

Heather Boushey, Chief Economist for President Biden's Invest in America Cabinet, discusses the middle-out economic approach of the Biden administration. They talk about key legislation like the American Rescue Plan and the importance of investing in infrastructure, clean energy, and manufacturing. The conversation also covers challenges of implementation, success of industrial policy, and positive economic outcomes like low Black unemployment and equitable wage growth.

Nobel Prize-winning economist Joseph Stiglitz challenges orthodox economic theories in his new book, advocating for progressive capitalism. He critiques neoliberalism, discusses misconceptions about freedom, and highlights the need for policies that prioritize well-being over wealth. Stiglitz emphasizes the importance of addressing climate change and inequality for a more equitable and sustainable future.

Doyne Farmer, a renowned physicist and mathematician at the University of Oxford, joins to explore how complexity theory can reshape economics. They discuss the shortcomings of traditional economic models and how integrating uncertainty can improve policymaking. Farmer emphasizes the role of innovative data collection and machine learning in enhancing economic insights. The conversation also touches on climate change, highlighting how detailed data can drive effective action and promote sustainability, offering a fresh perspective on managing today's complex economic challenges.

Legal scholar Katharina Pistor discusses how law shapes wealth distribution and economic inequality in society. She explores the historical prioritization of capital in legal systems and suggests ways to address growing economic disparities. Pistor's insights shed light on the impact of legal structures on wealth accumulation and the potential for legal reforms to promote a more equitable distribution of capital.

Chandra Childers discusses the failed Southern economic model rooted in racism and exploitation, leading to low wages and limited opportunities. They explore unionization efforts, progressive policies, and the impact of state preemptions. The conversation highlights the need for fair wage policies and infrastructure investments to empower workers in the region.