Raising the minimum wage allows business people to stop thinking about workers simply as costs to be cut and allows you to start thinking about workers as customers to be cultivated.
Nick HanauerRead
The most powerful forces in economics are not numbers or facts. They are prejudices and preferences. No amount of evidence will ever change the degree to which many of the rich and powerful prefer themselves to be richer and more powerful and others poorer and weaker.
Interpretation
What this quote means
Economic power often stems from biases rather than objective facts, leading to inequality.
In this quote, Nick Hanauer emphasizes that the driving forces behind economic decisions are not solely based on hard data or empirical evidence, but are instead influenced by personal prejudices and preferences. He highlights a tendency among the wealthy and powerful to prioritize their own interests, perpetuating systems of inequality regardless of clear evidence that showcases the need for fairness and balance.
Themes
EconomicsInequalityPrejudicePowerPreferences
In practice
Example use cases
In a discussion on economic policy, one might say, 'As Nick Hanauer pointed out, the motivations behind economic decisions are often driven by biases rather than facts.'
More from Nick Hanauer
All quotes βWhen you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.
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The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
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You show me a highly unequal society, and I will show you a police state. Or an uprising. There are no counterexamples. None. It's not if, it's when.
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The thing I've learned most about poverty is how expensive it is to be poor. It's super easy to pay rent every month if you earn enough to pay rent and have a decent job. It's super hard to pay rent if you need a coupon from the state and then need to go find an apartment that will accept that coupon and only that coupon.
Nick HanauerRead
If low taxes were the way that people like me created wealth, then we'd be starting our companies in the Congo or Somalia or Afghanistan, but we're not. We come to places where there are lots and lots of customers.
Nick HanauerRead
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I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it.
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