Adam Smith’s Rubbish Bin (TM)
Professors Bill Keep and Nancy Lasher defend the benefits of competitive markets while exposing business behaviors that just might make Adam Smith turnover in his grave. As a reminder, Smith was the 18th century philosopher whose theory of supply and demand gave us the market economy
Adam Smith’s Rubbish Bin (TM)
Everyday Consumers and the Lost American Dream
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BKNL Productions LLC
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Season 1
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Episode 3
In this episode we look at the impact of increasing income and wealth disparities and prices on consumer spending. For example, the top 10% of all US households now accounts for 50% of consumer spending and the average house price ($500K) is now six times median household income ($80,020). In 1955 the average house price was 2.5 times the median income.