Adam Smith’s Rubbish Bin (TM)
Adam Smith, the 18th century philosopher, laid down the foundations for market economies. Professors Bill Keep and Nancy Lasher explore how businesses and politicians influence markets to their advantage, and the price we pay as a result.
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.