by 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
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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.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
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Mike Norman considers the following as important:
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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