Sunday , May 11 2025
Home / Mike Norman Economics / Nick Hanauer – The dirty secret of capitalism — and a new way forward

Nick Hanauer – The dirty secret of capitalism — and a new way forward

Summary:
Nick Hanauer says the mainstream economists have been captured by the oligarchs. He says how the evidence shows that a pure free market suppresses wages and employment so much that the demand falls off and a viscous circle sets in - a lack of demand means underperforming companies, which means companies employ less people and pay them less, which generally decreases the demand for goods and services, and so on. Everyone loses, except the 0.1%, the oligarchs.There's a curve, and increasing wages sufficiently will push up the demand meaning that the order books become full again.TEDx video:Nick Hanauer - The dirty secret of capitalism — and a new way forward

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model

Mike Norman writes The Accursed Tariffs — NeilW

Mike Norman writes IRS has agreed to share migrants’ tax information with ICE

Mike Norman writes Trump’s “Liberation Day”: Another PR Gag, or Global Reorientation Turning Point? — Simplicius

Nick Hanauer says the mainstream economists have been captured by the oligarchs. He says how the evidence shows that a pure free market suppresses wages and employment so much that the demand falls off and a viscous circle sets in - a lack of demand means underperforming companies, which means companies employ less people and pay them less, which generally decreases the demand for goods and services, and so on. Everyone loses, except the 0.1%, the oligarchs.

There's a curve, and increasing wages sufficiently will push up the demand meaning that the order books become full again.

TEDx video:

Nick Hanauer - The dirty secret of capitalism — and a new way forward

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *