Trickle-down economics and shareholder primacy 'turns out to be bulls---,' said NickHanauer
Nick Hanauer is a wealthy, Seattle-based venture capitalist and progressive political activist.
In an episode of his podcast"Pitchfork Economics," Hanauer called shareholder value maximization"the world's dumbest idea," a reference to a line from former General Electric CEO Jack Welch. Hanauer is a proud capitalist and isn't ashamed of his wealth , but he thinks that today's capitalism is warped by four decades of bad policy — and shareholder primacy is at the top of the list.
Shareholder primacy went from theory to dogma, and it was assumed that if a corporation did everything it could to pursue profits, all other stakeholders would benefit. It's the same basic principle behind trickle-down economics.
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