full transcript

From the Ted Talk by Nick Hanauer: The dirty secret of capitalism -- and a new way forward

Unscramble the Blue Letters

So, neoliberal economic aistospmun number one is that the market is an enieffcit equilibrium system, which basically mneas that if one thing in the economy, like wgeas, goes up, another thing in the enomocy, like jobs, must go down. So for example, in Seattle, where I live, when in 2014 we passed our nation's first 15 dollar minimum wage, the neoliberals freaked out over their precious equilibrium. "If you raise the price of labor," they warned, "businesses will purchase less of it. Thousands of low-wage workers will lose their jobs. The restaurants will close." Except ... they didn't. The unemployment rate fell dcllmiraatay. The restaurant business in Seattle boomed. Why? Because there is no equilibrium. Because raising wages doesn't kill jobs, it creetas them; because, for instance, when restaurant owners are sleudndy required to pay restaurant workers enough so that now even they can afford to eat in restaurants, it doesn't shrink the restaurant beunisss, it grows it, obviously.

Open Cloze

So, neoliberal economic __________ number one is that the market is an _________ equilibrium system, which basically _____ that if one thing in the economy, like _____, goes up, another thing in the _______, like jobs, must go down. So for example, in Seattle, where I live, when in 2014 we passed our nation's first 15 dollar minimum wage, the neoliberals freaked out over their precious equilibrium. "If you raise the price of labor," they warned, "businesses will purchase less of it. Thousands of low-wage workers will lose their jobs. The restaurants will close." Except ... they didn't. The unemployment rate fell ____________. The restaurant business in Seattle boomed. Why? Because there is no equilibrium. Because raising wages doesn't kill jobs, it _______ them; because, for instance, when restaurant owners are ________ required to pay restaurant workers enough so that now even they can afford to eat in restaurants, it doesn't shrink the restaurant ________, it grows it, obviously.

Solution

  1. economy
  2. means
  3. suddenly
  4. assumption
  5. efficient
  6. creates
  7. dramatically
  8. business
  9. wages

Original Text

So, neoliberal economic assumption number one is that the market is an efficient equilibrium system, which basically means that if one thing in the economy, like wages, goes up, another thing in the economy, like jobs, must go down. So for example, in Seattle, where I live, when in 2014 we passed our nation's first 15 dollar minimum wage, the neoliberals freaked out over their precious equilibrium. "If you raise the price of labor," they warned, "businesses will purchase less of it. Thousands of low-wage workers will lose their jobs. The restaurants will close." Except ... they didn't. The unemployment rate fell dramatically. The restaurant business in Seattle boomed. Why? Because there is no equilibrium. Because raising wages doesn't kill jobs, it creates them; because, for instance, when restaurant owners are suddenly required to pay restaurant workers enough so that now even they can afford to eat in restaurants, it doesn't shrink the restaurant business, it grows it, obviously.

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
neoliberal economic 5
economic theory 5
basically means 3
economic growth 3
rich people 2
economic policies 2
neoliberal economists 2
raising wages 2
widening inequality 2
creates economic 2
million dollars 2
thousand times 2
behavioral model 2
describes human 2
human beings 2
increasing amounts 2
consumer demand 2
social norms 2
neoliberal idea 2

ngrams of length 3

collocation frequency
neoliberal economic theory 4
describes human beings 2

Important Words

  1. afford
  2. assumption
  3. basically
  4. boomed
  5. business
  6. close
  7. creates
  8. dollar
  9. dramatically
  10. eat
  11. economic
  12. economy
  13. efficient
  14. equilibrium
  15. fell
  16. freaked
  17. grows
  18. instance
  19. jobs
  20. kill
  21. labor
  22. live
  23. lose
  24. market
  25. means
  26. minimum
  27. neoliberal
  28. neoliberals
  29. number
  30. owners
  31. passed
  32. pay
  33. precious
  34. price
  35. purchase
  36. raise
  37. raising
  38. rate
  39. required
  40. restaurant
  41. restaurants
  42. seattle
  43. shrink
  44. suddenly
  45. system
  46. thousands
  47. unemployment
  48. wage
  49. wages
  50. warned
  51. workers