This TED talk is about economics rather than money creation. But at least he does challenge ‘trickle down’ academic economics. Nick Hanauer has founded, co-founded and funded some 30 companies, i.e. he talks as an entrepreneur. At the end of the day, everybody can make some kind of difference. The difference the top 1% can make is just bigger!
“I am not making a moral argument. I am arguing that RISING economic inequality is STUPID. The model should be Henry Ford who intuited that
- an economy needs to be understood as an ecosystem.
21st century understanding of economics is about
- complex, adaptive, ecosystemic
- not efficient and effective.
Capitalism does not work by effectively allocating resources.
His ideas of ‘new capitalism’ include
- shrinking the size of government
- investing in the middle class
- balancing the power between ‘minimum wage’ and people like me.
Economics encode social and moral preferences, it’s not an exact science.
Fellow plutocrats, it is time to commit to a new kind of capitalism!