Pitchfork Economics with Nick Hanauer

Novelist Cory Doctorow and intellectual property expert Rebecca Giblin discuss their book "Chokepoint Capitalism," exploring tensions between extractive corporations and creative laborers. They offer solutions to fight back against the devaluation of creativity caused by monopolies. The speakers highlight the significance of power in economic analysis and the impact of large corporations on wages and content creation. They emphasize the need for countervailing power in the economy and stronger antitrust measures.

Delving into the power of storytelling in economics and politics, the podcast discusses messaging challenges for Democrats and the Winning Jobs Narrative Project. Exploring the impact of relatable narratives on policy agendas, the conversation highlights the importance of centering working people as heroes and advocating for policies that benefit everyone. The episode emphasizes the value of honoring work, restructuring the system, and flipping the minimum wage narrative to encourage political participation.

We’ve lived in the shadow of trickle-down economics for over 40 years. During that time, our leaders unquestioningly embraced economic policies that prioritize the wealthiest and most powerful, with the idea that their wealth will eventually "trickle down" to everyone else. Finally, a contrasting progressive economic understanding is beginning to take hold. Middle-out economics—the idea that prioritizing the working- and middle-class is better for everyone in the economy—is having a moment. But where did middle-out come from? Michael Tomasky’s new book chronicles the history of middle-out and the rise of progressive economics in the United States.Michael Tomasky is a journalist and author. He’s top editor of The New Republic, editor of Democracy: A Journal of Ideas, and a contributing opinion writer for The New York Times.Twitter: @mtomaskyThe Middle Out https://www.penguinrandomhouse.com/books/671443/the-middle-out-by-michael-tomasky Website: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

While President Biden has embraced middle-out economics here in the states, the UK’s new leaders have decided to enthusiastically revive trickle-down economics. Political economist Mark Blyth, who teaches International Economics, shares his thoughts on the United Kingdom’s troubling new budget policies, certainty’s role in building an economy, and much more on this wide-ranging episode. Mark Blyth is Director of the William R. Rhodes Center for International Economics and Finance. He’s a professor, author, and political economist. His latest book, Diminishing Returns, is out now.Twitter: @MkBlyth Forget trickle down, what the UK needs is middle-out economics https://www.theguardian.com/politics/2022/sep/25/forget-trickle-down-what-the-uk-needs-is-middle-out-economics Angrynomics by Mark Blyth and Eric Lonergan  https://angrynomics.com Website: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

The United States is in the midst of a housing crisis. Prices are skyrocketing, supply is dwindling, and wages haven't kept up with cost of living. It's a complicated problem, but the good news is that many of its solutions are relatively simple. Jenny Schuetz literally wrote the book on how good policy solutions can help resolve some of the worst pressures on our stressed housing market.  Jenny Schuetz is a Senior Fellow at Brookings Metro, and is an expert in urban economics and housing policy. She’s also the author of a new book, Fixer-Upper: How to Repair America’s Broken Housing Systems.Twitter: @jenny_schuetzFixer-Upper: How to Repair America's Broken Housing Systems https://www.brookings.edu/book/fixer-upper  Don’t Think of a Recession https://civicventures.substack.com/p/dont-think-of-a-recessionWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

President Biden recently announced his plan for student loan forgiveness. It’s a policy that helps build the economy from the middle out by erasing some of the 1.7 trillion dollars in debt that’s holding Americans back. Economist Marshall Steinbaum, who has spent most of his career researching student debt, explains why this forgiveness plan is a great start—and why Biden can, and should, do more.Marshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow in Higher Education Finance at Jain Family Institute.Twitter: @Econ_MarshallThe Student Debt Crisis is a Crisis of Non-Repaymenthttps://www.phenomenalworld.org/analysis/crisis-of-non-repaymentA Middle-Out Education https://civicventures.substack.com/p/a-middle-out-education Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Millions of Americans are being kept out of the workforce due to the lingering effects of Covid, resulting in billions of dollars in lost wages and productivity. How is this affecting our economy? Returning guest Katie Bach shares the findings from her new report which outlines just how severe the labor market effects of long Covid have become.Kathryn Bach is a Nonresident Senior Fellow at the Brookings Institute and the CBO of &pizza.Twitter: @kathrynsbachNew data shows long Covid is keeping as many as 4 million people out of work https://www.brookings.edu/research/new-data-shows-long-covid-is-keeping-as-many-as-4-million-people-out-of-workWebsite: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

If you're a salaried worker, chances are you're no longer eligible for the overtime pay that you would have received 40 years ago. A robust federal overtime standard used to serve as a kind of minimum wage for the middle class, providing both a valuable source of extra income and a shield of protection for the 40-hour workweek. When he interviewed workers around the country, Journalist Marcus Baram learned firsthand why we must raise the overtime threshold and restore overtime protections for American workers. Marcus Baram is a journalist and author who has written for The New Yorker, The WSJ, Capital & Main, and moreTwitter: @mbaram(Full disclosure: Civic Ventures is a partial funder of Capital & Main's inequality reporting project.)Who Killed Overtime Pay? https://capitalandmain.com/latest-news/the-50-100-pay-gap/who-killed-overtime-pay-the-50-100-pay-gap America Gave Up on Overtime https://time.com/6168310/overtime-pay-historyWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

The Inflation Reduction Act may be smaller than the original Build Back Better plan, but it still represents a huge leap forward in middle-out economic thinking. The IRA addresses out-of-control healthcare costs, it helps build a fairer tax code, and it combats the climate crisis. It’s a huge win for the Biden administration and, more importantly, for the middle class. Economist Rose Khattar breaks down the many benefits of the IRA on our first episode back from summer break.Rose Khattar is the Associate Director of Economic Analysis at the Center for American Progress. Twitter: @rose_khattarTop 11 Benefits of the Inflation Reduction Acthttps://www.americanprogress.org/article/top-11-benefits-of-the-inflation-reduction-actI Helped Coin the Phrase “Middle-Out Economics”, Biden is Making It a Reality https://newrepublic.com/article/167506/biden-middle-out-economics How the Inflation Reduction Act could help normal Americans fight rising costs https://www.businessinsider.com/democratic-budget-bill-inflation-reduction-act-could-fight-intrest-rates-2022-8Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

One of the central theories of classical economics is that markets respond quickly and efficiently to changes in demand. But the supply chain disruptions that left store shelves empty for much of the pandemic demonstrate that the markets aren’t the efficient adapters that classic economists believe them to be. Nobel laureate economist Joseph Stiglitz explains why the tendency to believe in the market is one of the most deeply rooted trickle-down myths, and why government intervention is the best way to respond to economic downturns.This episode was originally released in May 2020.Joseph Stiglitz is a Nobel laureate economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute.Twitter: @JosephEStiglitzPeople, Power, and Profits: Progressive Capitalism for an Age of Discontent: https://www.indiebound.org/book/9781324004219Four Priorities for Pandemic Relief Efforts: https://rooseveltinstitute.org/four-priorities-for-covid19-pandemic-relief-efforts/Why Our Affluent Society Is Facing Shortages in the Face of the Coronavirus Pandemic: https://time.com/5811505/affluent-society-shortages-coronavirus-pandemic Deficit Lessons for the Pandemic From the 2008 Crisis: https://prospect.org/economy/deficit-lessons-pandemic-2008-crisis/How the Economy Will Look After the Coronavirus Pandemic: https://foreignpolicy.com/2020/04/15/how-the-economy-will-look-after-the-coronavirus-pandemic/Top economist: US coronavirus response is like ‘third world’ country: https://www.theguardian.com/business/2020/apr/22/top-economist-us-coronavirus-response-like-third-world-country-joseph-stiglitz-donald-trumpWebsite: https://pitchforkeconomics.com Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer