Have you ever wondered why captains of industry talk about market forces as if they are a basic element of nature like fire, wind or air? On our “Ask Me Anything” episode of Pitchfork Economics, Civic Action founder Nick Hanauer busts this common myth.

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Market forces such as price increases, reduced wages, and diminished customer service are socially constructed and manipulated by powerful individuals, Hanauer explains. In fact, captains of industry have spread the “force of nature” myth in order to keep markets as unregulated as possible:

“It’s a propaganda game aimed at convincing the broad public that anything that constrains businesses or capital will be bad for everybody. And look, corporations hate regulations for the same reason that robbers hate cops. It makes it harder to steal,” said Hanauer.

In other words, Hanauer explains, if wealthy people like him can convince people like you that the market is forcing them to cut wages, jack up prices, or hand over profits to shareholders in buybacks, you'll be less likely to complain. But the truth is, the free market doesn't tell anyone what to do – greed does.

To learn more about economic myths like this one, tune into our “Ask Me Anything” episode of Pitchfork Economics. You’ll hear Nick Hanauer answer questions that listeners submitted – like whether raising wages means higher prices and whether there is a recession on the horizon.

Follow this link to listen to the “Ask Me Anything” episode of Pitchfork Economics now. >>

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– Team Civic Action



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