Tag Archives: Economic inequality

#CAPITALISM by 1% Nick Hanauer: wake up, fellow plutocrats, the pitchforks will come for us!

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!