Pitchfork Economics with Nick Hanauer

Business reporting on labor unions tends to focus on speculation about how much striking workers might hurt the economy. But the reality is that successful strikes have a long-term positive impact on economic growth because they raise wages for all workers. Economist and researcher Kate Bahn, Director of Research from WorkRise argues that strikes, especially historic strikes such as the recent UAW strike, benefit both unionized and non-union workers, and have much broader ripple effects across the whole economy because they increase worker power and competition for workers across various sectors and industries. Kate Bahn is an economist and researcher, currently serving as the Director of Research for WorkRise, a research-to-action network hosted by the Urban Institute. Bahn's expertise lies in labor markets, gender economics, and income inequality. She has conducted extensive research on topics such as the gender wage gap, paid family leave, and the impact of automation on employment. Bahn's work combines rigorous analysis with a commitment to addressing the needs and challenges faced by marginalized communities.Twitter: @LipstickEconHow the UAW strike might benefit all workers: https://www.cnn.com/2023/09/15/opinions/union-member-negotiations-uaw-pay-bahn/index.html Labor unions are good for workers, and here’s why they also make good business sense: https://www.marketwatch.com/story/labor-unions-are-good-for-workers-and-heres-why-they-also-make-good-business-sense-a39f3697 Website: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Clara Mattei, an economist promoting austerity measures, discusses the connection between austerity and fascism. Topics include the negative impact of austerity on working people, the historical evidence and power dynamics of austerity, the need for democratic participation in economic systems, perspectives on work and capitalism, and the connection between austerity and capitalism.

Journalist Michael Tomasky joins the show to discuss the origins of middle-out economics, its contrast with trickle-down economics, and the importance of inclusivity in the economy. They explore the power of storytelling in shaping public perception, the lack of economic literacy in journalism, and the flaws of neoclassical economic theory. They also dive into the theory of middle-out economics, which prioritizes including more people and leveraging their knowledge as the main economic resource.

The podcast discusses the Federal Reserve's approach in combatting inflation and its potential negative impact on employment. It explores the concept of a full employment economy and highlights the benefits of high employment and robust wage growth. The role of fiscal policies in managing recessions and prioritizing workers' outcomes is also examined. The podcast touches upon geothermal energy, policy measures, and the advantages of a full employment economy including increased worker bargaining power and improved wages. It concludes with a discussion on the benefits of equal competition between workers and capital.

Former Federal Reserve economist Claudia Sahm joins the podcast to discuss the Sahm Rule, an economic indicator predicting recessions. They explore the importance of wage gains and valuing workers, the impact of COVID, and misconceptions about the rule. They also highlight recent wage compression and decreased economic inequality for workers at the bottom end of the scale.

No matter which indicator you’re using, American inequality has been increasing in recent decades. Whether you’re measuring the growing wealth gap, the stagnant wages of the middle class, or the concentration of wealth and power among a small group of elites, every indicator unfailingly suggests that inequality is getting worse. Nobel Laureate Angus Deaton joins the podcast to talk about his recent book on the subject, Economics in America: An Immigrant Economist Explores the Land of Inequality, in which he explains how his own experience as an immigrant has shaped his understanding of American inequality and its impact on upward mobility.Angus Deaton is a renowned economist and author known for his groundbreaking work in the fields of poverty, inequality, and health. He is a 2015 Nobel Prize Laureate and is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Princeton School of Public and International Affairs at Princeton University.Twitter: @DeatonAngusEconomics in America: An Immigrant Economist Explores the Land of Inequality https://bookshop.org/p/books/economics-in-america-an-immigrant-economist-explores-the-land-of-inequality-angus-deaton/19785471?ean=9780691247625 Nick's new book, Corporate Bullsh*t, is out now! https://www.corporatebsbook.com Website: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Nina Mast and Jennifer Sherer discuss the rise of child labor violations and the dangerous trend of rolling back child labor protections. They explore the complexities of child labor, the youth subminimum wage, and the importance of educating high school students about their rights at work. The speakers emphasize the need for changes at the federal and state level to strengthen protections and promote education.

Peter Turchin, author of 'End Times: Elites, Counter-Elites, and the Path of Political Disintegration', joins the podcast to discuss the causes of political communities falling apart. They explore extreme inequality, wealth redistribution, and the urgency of preventing political disintegration. The speaker also discusses a sense of impending doom and encourages action to prevent the collapse of civilization.

Joan Walsh and Donald Cohen join the show to discuss their book "Corporate Bullsh*t," exposing the lies politicians and business interests tell to protect their power and profits. They explore the social and psychological dynamics behind arguments against progressive policies, including moral defenses of child labor. The podcast also delves into how industries create doubt and spread lies, as well as the motivations behind the authors' work. Listeners are urged to pre-order the book to uncover corporate manipulation.

John a. powell, the Director of the Othering & Belonging Institute, discusses the importance of belonging in creating a healthy community and a thriving economy. Topics include the concentration of power, fear's influence on political discourse, targeted universalism, flaws in neoclassical economics, and the impact of income loss and othering.