Neoliberal Economics Has Always Been Bogus

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Eric Beinhocker is a professor at the University of Oxford and executive director of the Institute for New Economic Thinking at the Oxford Martin School. Nick Hanauer is an entrepreneur, venture capitalist, and founder of Civic Ventures. Together, they are the authors of the booklet Markets Built for Humans.

Beinhocker and Hanauer joined Current Affairs editor-in-chief Nathan J. Robinson to discuss why they believe neoliberal economics has failed, what the evidence really shows about the minimum wage and inequality, how bad economic ideas have shaped climate policy, and why they argue a thriving middle class is the foundation of a healthy economy and democracy. 

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0:00-9:14 How Neoliberalism Broke the Economy 

9:14-15:07 How Much Better Off Americans Could Be 

15:07-20:04 Why Markets Naturally Produce Plutocracy 

20:04-30:39 How Economists Got the Minimum Wage Wrong 

30:39-34:53 How Neoliberal Economics Failed on Climate Change 

34:53-44:42 Building an Economy for the Middle Class 

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