Pitchfork Economics with Nick Hanauer

Trickle-downers love to pretend that "Econ 101" is a convincing argument against policies like the minimum wage that invest in working Americans. But the truth is that mainstream economists are terrible at predicting how the economy will behave in the future…Is Econ 101 broken? In this key foundational episode for the podcast, we dismantle the myths of orthodox economics and expose Econ 101 for what it really is: not a science, but a simplistic story used to justify inequality and defend the status quo. Our guests Eric Beinhocker (The Origin of Wealth) and James Kwak (Economism) explain how outdated assumptions about markets, people, and growth have warped economic thinking—and why it’s time to write a new, better story about how the economy actually works. Part of our Back-to-Basics summer series. Essential listening for anyone ready to move beyond trickle-down talking points and think middle-out. This episode originally aired December 17, 2018. [https://pitchforkeconomics.com/episode/is-econ-101-a-lie/] Eric Beinhocker is the Executive Director of the Institute for New Economic Thinking at the University of Oxford. He’s the author of The Origin of Wealth, which applies complexity science to economics and challenges traditional market thinking. James Kwak is a writer, law professor, and former entrepreneur. He co-authored 13 Bankers and wrote Economism: Bad Economics and the Rise of Inequality, a sharp critique of how Econ 101 ideology shapes public policy and deepens inequality. Social Media: @ericbeinhocker.bsky.social‬ [https://bsky.app/profile/ericbeinhocker.bsky.social] Further reading:  The Curse of Econ 101 [https://www.theatlantic.com/business/archive/2017/01/economism-and-the-minimum-wage/513155/] The Origin of Wealth: The Radical Remaking of Economics and What It Means for Business and Society [https://bookshop.org/a/101360/9781422121030] Economism: Bad Economics and the Rise of Inequality [https://bookshop.org/a/101360/9780525436287] Website: http://pitchforkeconomics.com [http://pitchforkeconomics.com/] Instagram: @pitchforkeconomics [https://www.instagram.com/pitchforkeconomics/?hl=en] Threads: pitchforkeconomics [https://www.threads.net/@pitchforkeconomics] Bluesky: @pitchforkeconomics.bsky.social [https://bsky.app/profile/pitchforkeconomics.bsky.social] Twitter: @PitchforkEcon [https://twitter.com/PitchforkEcon], @NickHanauer [https://twitter.com/nickhanauer?lang=en], @civicaction [https://twitter.com/civicaction] YouTube: @pitchforkeconomics [https://www.youtube.com/@pitchforkeconomics] LinkedIn: Pitchfork Economics [https://www.linkedin.com/company/pitchfork-economics/] Substack: ⁠The Pitch⁠ [https://civicventures.substack.com/]

Ever find yourself halfway through a Pitchfork Economics episode thinking, “Wait… what’s a monopsony?” You’re not alone. In this listener-favorite episode, Nick and Goldy break down some of the most important—and most misunderstood—economic terms we use on the show. From ‘neoclassical’ and ‘neoliberal’ to ‘monopoly’, ‘monopsony,’ ‘stock buybacks,’ and ‘heterodox economics,’ we cut through the jargon so you can focus on what really matters: understanding how the economy works—and who it works for. Part of our Back-to-Basics summer series. Fun, clear, and essential episodes for new (or slightly confused) listeners. Social Media:  ‪@nickhanauer.bsky.social‬ [https://bsky.app/profile/nickhanauer.bsky.social] @goldyha.bsky.social‬ [https://bsky.app/profile/goldyha.bsky.social] Website: http://pitchforkeconomics.com [http://pitchforkeconomics.com/] Instagram: @pitchforkeconomics [https://www.instagram.com/pitchforkeconomics/?hl=en] Threads: pitchforkeconomics [https://www.threads.net/@pitchforkeconomics] Bluesky: @pitchforkeconomics.bsky.social [https://bsky.app/profile/pitchforkeconomics.bsky.social] Twitter: @PitchforkEcon [https://twitter.com/PitchforkEcon], @NickHanauer [https://twitter.com/nickhanauer?lang=en], @civicaction [https://twitter.com/civicaction] YouTube: @pitchforkeconomics [https://www.youtube.com/@pitchforkeconomics] LinkedIn: Pitchfork Economics [https://www.linkedin.com/company/pitchfork-economics/] Substack: The Pitch [https://civicventures.substack.com/]

In 2014, Nick Hanauer sounded the alarm: if economic inequality kept growing, the pitchforks would come—for him, and for the rest of America’s wealthy elite. Then 2016 happened. Donald Trump was elected president on a wave of economic populism that correctly identified massive inequality as a problem, but which offered all the wrong solutions. The inaugural episode of Pitchfork Economics lays the groundwork for everything that followed. We revisit the urgent warning that launched the show, explore the deep myths that still shape our economy, and explain why telling a better story about how the economy works is the first step toward building one that works for everyone. Part of our Back-to-Basics summer series—essential listening for anyone ready to ditch trickle-down and think middle-out. Ganesh Sitaraman is a law professor at Vanderbilt University and a leading expert on constitutional law, economic inequality, and political economy. He’s the author of several influential books, including The Crisis of the Middle-Class Constitution [https://bookshop.org/a/101360/9781101973455], The Great Democracy, [https://bookshop.org/a/101360/9781541618114] and Why Flying Is Miserable and How to Fix It [https://bookshop.org/a/101360/9798987053584]. Sitaraman has served as a policy advisor to Senator Elizabeth Warren and co-founded the Vanderbilt Policy Accelerator. Walter Scheidel is a historian at Stanford University whose work explores inequality, economic history, and the rise and fall of civilizations. He’s best known for his acclaimed book The Great Leveler [https://press.princeton.edu/books/paperback/9780691271842/the-great-leveler?srsltid=AfmBOoqbdQgoi_PbneDwwExdxftuRqk5qQiyVYCp6qaqzfRTa8GymT52], which argues that throughout history, extreme inequality has only been reduced through violent shocks like war, revolution, or plague. This episode originally aired December 11, 2018 [https://pitchforkeconomics.com/episode/why-do-we-call-it-pitchfork-economics/]. Social Media: ‪@ganeshsitaraman.bsky.social‬ [https://bsky.app/profile/ganeshsitaraman.bsky.social] @walterscheidel.bsky.social‬ [https://bsky.app/profile/walterscheidel.bsky.social] Further reading:  The Pitchforks Are Coming… For Us Plutocrats [https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014] by Nick Hanauer Website: ⁠http://pitchforkeconomics.com⁠ [http://pitchforkeconomics.com/] Instagram: ⁠@pitchforkeconomics⁠ [https://www.instagram.com/pitchforkeconomics/?hl=en] Threads: ⁠pitchforkeconomics⁠ [https://www.threads.net/@pitchforkeconomics] Bluesky: ⁠@pitchforkeconomics.bsky.social⁠ [https://bsky.app/profile/pitchforkeconomics.bsky.social] Twitter: ⁠@PitchforkEcon⁠ [https://twitter.com/PitchforkEcon], ⁠@NickHanauer⁠ [https://twitter.com/nickhanauer?lang=en], ⁠@civicaction⁠ [https://twitter.com/civicaction] YouTube: ⁠@pitchforkeconomics⁠ [https://www.youtube.com/@pitchforkeconomics] LinkedIn: ⁠Pitchfork Economics⁠ [https://www.linkedin.com/company/pitchfork-economics/]  Substack: ⁠The Pitch⁠ [https://civicventures.substack.com/]

Conventional wisdom says immigration drives down wages and takes jobs from American workers. But what if that story is fueled by bad economics? Journalist Rogé Karma joins Nick and Goldy to challenge the Econ 101 logic that supercharges anti-immigrant rhetoric—and to explain what the data actually shows. Drawing on research from the U.S., Denmark, and beyond, Karma makes the case that immigrants don’t steal jobs—they grow the economy. In a moment when political leaders are pushing mass deportations in the name of “economic populism,” this conversation reveals what’s really at stake.  Rogé Karma is a staff writer at The Atlantic. He was previously the senior editor of The Ezra Klein Show at The New York Times. At The Atlantic, he covers economics and economic policy. Social Media: ⁠@theatlantic.com⁠ [https://bsky.app/profile/theatlantic.com] ⁠theatlantic⁠ [https://www.instagram.com/theatlantic/] ⁠@TheAtlantic⁠ [https://x.com/TheAtlantic] Further reading:  ⁠The Truth About Immigration & The American Worker⁠ [https://www.theatlantic.com/economy/archive/2024/10/immigration-working-class-wages/680128/] ⁠The Most Dramatic Shift in U.S. Public Opinion⁠ [https://www.theatlantic.com/politics/archive/2024/10/immigration-public-opinion-reversal/680196/] Website: ⁠http://pitchforkeconomics.com⁠ [http://pitchforkeconomics.com/] Instagram: ⁠@pitchforkeconomics⁠ [https://www.instagram.com/pitchforkeconomics/?hl=en] Threads: ⁠pitchforkeconomics⁠ [https://www.threads.net/@pitchforkeconomics] Bluesky: ⁠@pitchforkeconomics.bsky.social⁠ [https://bsky.app/profile/pitchforkeconomics.bsky.social] Twitter: ⁠@PitchforkEcon⁠ [https://twitter.com/PitchforkEcon], ⁠@NickHanauer⁠ [https://twitter.com/nickhanauer?lang=en], ⁠@civicaction⁠ [https://twitter.com/civicaction] YouTube: ⁠@pitchforkeconomics⁠ [https://www.youtube.com/@pitchforkeconomics] LinkedIn: ⁠Pitchfork Economics⁠ [https://www.linkedin.com/company/pitchfork-economics/] Substack: ⁠The Pitch⁠ [https://civicventures.substack.com/]

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. ⁠ [https://pitchforkeconomics.com/episode/america-isnt-lost-its-adrift-with-scott-galloway/] Social Media: ⁠@profgalloway.com⁠ [http://profgalloway.com/] ⁠@profgalloway⁠ [https://twitter.com/profgalloway] Further reading:  ⁠Adrift: America in 100 Charts⁠ [https://bookshop.org/a/101360/9780593542408] Website: ⁠http://pitchforkeconomics.com⁠ [http://pitchforkeconomics.com/] Instagram: ⁠@pitchforkeconomics⁠ [https://www.instagram.com/pitchforkeconomics/?hl=en] Threads: ⁠pitchforkeconomics⁠ [https://www.threads.net/@pitchforkeconomics] Bluesky: ⁠@pitchforkeconomics.bsky.social⁠ [https://bsky.app/profile/pitchforkeconomics.bsky.social] Twitter: ⁠@PitchforkEcon⁠ [https://twitter.com/PitchforkEcon], ⁠@NickHanauer⁠ [https://twitter.com/nickhanauer?lang=en], ⁠@civicaction⁠ [https://twitter.com/civicaction] YouTube: ⁠@pitchforkeconomics⁠ [https://www.youtube.com/@pitchforkeconomics] LinkedIn: ⁠Pitchfork Economics⁠ [https://www.linkedin.com/company/pitchfork-economics/] Substack: ⁠The Pitch⁠ [https://civicventures.substack.com/]