People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.

~ Nick Hanauer

Nick Hanauer Economics People Moral

The person earning the federal minimum wage of $7.25 isn't going out to eat at restaurants. They're not taking piano lessons. They're not going to the gym or the yoga studio. They're not sending mom flowers on Mother's day. What good is this person in the economy? If you raise it to $15 an hour, they're doing all of those things.

~ Nick Hanauer

Nick Hanauer Mother Mom Flowers

Economics is mostly how humans rationalize who gets what and why. It's how we instantiate our preferences about status, privileges, and power.

~ Nick Hanauer

Nick Hanauer Economics Why Status