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In recent decades there has been a major restructuring of the economy from capital-intensive manufacturing to knowledge-intensive, innovation-driven fields which increases the demand for high skilled workers. But why is it, that the US is producing a lot more innovation than other parts of the world?Edward W. Conard is an American businessman, author, and scholar. He is a New York Times-bestselling author of The Upside of Inequality: How Good Intentions Undermine the Middle Class and Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong; and a contributor to the book Income, Wealth, Consumption, and Inequality. Conard is an adjunct fellow at the American Enterprise Institute for Public Policy Research. Previously, he was a managing director at Bain Capital, where he worked closely with former presidential candidate Mitt Romney.Edward and Greg talk about how information technology led to increased productivity and how the vast majority of the benefits generated by these technological advances go to the consumers and only a tiny fraction is captured by the people that are in the business of producing it. They also discuss why the argument that the middle class is being hollowed out is wrong, and Edward's strategy for increasing wages for the middle and working classes.Episode Quotes:The constraint to growth in the world04:52: We can't afford to waste our talent because we have a lot less of it. And we have a lot more need from our population in terms of the economic help they need in order to live a happy life and in our economy. Because we have a lot of talent, a lot of it is not properly trained, and ultimately, we have to get the properly trained talent to take risks. (05:20) Because if all we do is our doctor or lawyer, they're not going to increase productivity. They're not going to produce innovation. And so that is the constraint to growth in our economy, it's probably the constraint to growth in the world.41:41: The lack of talent is a real constraint in trying to get things done. Not only find the ideas but reduce the risk. And so that's a very important piece of it. This whole risk with our savings gives the impression that capital's really cheap.How ideas affect taxes07:22: If you have great ideas, the tax rate is going to matter a lot because you're multiplying by the tax rate. If you don't have good ideas, it doesn't matter if you have zero times in a high or a low tax; then we're still going to be zero.Two effects of properly trained talent 39:41: Properly trained talent has two effects. One is that it goes out and finds the ideas because, without talent, you don't find the ideas. But the second thing it does is reduce the risk of implementing those ideas. So it has this risk-reducing function.Show Links:Recommended Resources:Thomas PikettyEquality and Efficiency: The Big Tradeoff by Arthur Okun Guest Profile:Professional at American Enterprise InstituteEdward Conard's WebsiteEdward Conard on LinkedInEdward Conard on TwitterEdward Conard on YoutubeEdward Conard on FacebookHis Work:Articles in National ReviewThe Upside of Inequality: How Good Intentions Undermine the Middle Class Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong The Economics of Inequality in High-wage Economies By Edward Conard

Ed Conard is an AEI visiting scholar who authored two top 10 New York Times bestselling books: The Upside of Inequality: How Good Intentions Undermine the MiddleClass (2016) and Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong (2012). He has written op-eds for most major news outlets and has made hundreds of media appearances. He is a retired partner at Bain Capital, where he headed the firm’s New York office. On this episode, Ed corrects the misconceptions about the middle-class wagers being squeezed by the top 1% as we are all made to believe. He gives a fresh perspective of the upsides of inequality relative to economic growth. He also shares his vision of what the U.S. economy would be like in the next couple of years. At the end of this episode, Ed discloses his own personal portfolio including how he manages his money and where he invests.   Where we are: Johnny - Bulgaria Sam - Florida   Links: Edwardconard.com   Books: The Upside of Inequality: How Good Intentions Undermine the Middle Class Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong   Time Stamps: 04:30 – The Middle Class vs. the Top 1% 06:21 – What’s driving slow growth for the middle class? 09:32 – Understanding the American economy 16:04 – Measuring GDP 18:57 – Financial stability of households now and then 23:30 – American households’ savings 26:44 – Taxes on Government Services 30:02 – To what point will taxes slow down growth? 33:38 – His stand on the Trump Economy 35:12 – What he sees in the future economy 38:32 – Ed’s personal asset allocation 41:09 – Long-term upsides of inequality   If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2017. All rights reserved. Read our disclaimer here.    

Jason Hartman and Ed Conard, founding partner of Bain Capital, discuss the current economic situation facing America. Conard is the author of Unintended Consequences: Why Everything You've Been Told About the Economy is Wrong, and The Upside of Inequality: How Good Intentions Undermine the Middle Class. The conversation includes discussion on CEO pay, the tech industry, and the impact of current regulations on competition in the marketplace. Key Takeaways: [1:28] Ed the tremendous growth Bain Capital was able to achieve while he was there with Mitt Romney [3:30] Bain Capital offered clients the ability to invest in capital management and management supervision deals [5:07] Bain Capital also used a higher risk strategy, which allowed them to capitalize on investments in undervalued assets. [7:21] The Upside of Inequality explores the American workers productivity [12:18] The US economy is accelerating and the Fortune 400 continues to have turnover, which are both good signs for our country [14:47] CEO pay may grab headlines, but it may not be quite so outlandish [19:36] Tech companies pay less taxes and have fewer regulations [21:22] Profitability in the tech sector continues to grow [22:23] There's a profitability squeeze in most of the economy [24:45] Trained talent and risk tolerance are the limiting factors to growth in this new economy. Website: www.EdwardConard.com www.twitter.com/edwardconard

Jason Hartman talks with Ed Conard, economist, and founding partner of Bain Capital, alongside Mitt Romney. Jason and Ed talk about his New York Times Bestselling book Unintended Consequences: Why Everything You've Been Told About the Economy is Wrong, along with his soon to be released book, The Upside of Inequality: How Good Intentions Undermine the Middle Class. The two discuss CEO pay, the technology sector, and why regulations tend to hurt companies trying to get started. Key Takeaways: [1:28] Ed discusses his time at Bain Capital with Mitt Romney, when they experienced enormous growth. [3:30] Bain Capital gave clients the opportunity to invest in capital investment and management supervision related opportunities. [5:07] Bain Capital also provided a higher risk strategy, so they could capitalize on investment opportunities of undervalued assets. [7:21] The Upside of Inequality tackles the productivity of the American worker [12:18] The US economy is picking up, and Fortune 400 companies continue to turn over, suggesting companies aren't just negotiating for a bigger piece of the pie [14:47] People may find it hard to believe, but CEO pay may not be as ludicrous as it appears [19:36] Compared to other sectors of the economy, tech companies pay less taxes and have much looser regulation [21:22] Tech sector profitability has been amazing [22:23] The economy is squeezing the profitability out of most other sectors. [24:45] The way to grow in today's economic landscape is to have trained talent and the willingness to take a risk Website: http://www.edwardconard.com https://twitter.com/edwardconard

Micah Hauptman is the financial services counsel at the Consumer Federation of America. Micah and his organization are fighting to save the Department of Labor’s Conflict of Interest Rule (a.k.a. the fiduciary standard) which is under assault by the Trump administration. Micah Hauptman Conflict of Interest Rule Fact Sheet Email comments to: EBSA.FiduciaryRuleExamination@dol.gov. Include RIN 1210-AB79 in the subject line of the message. To President-Elect Trump: What If Everything You’ve Been Told About the DOL Fiduciary Rule Is Wrong? The Committee For The Fiduciary Standard 403(b)wise Meridian Wealth Management  

Jason Hartman talks with Ed Conard, economist, and founding partner, with Mitt Romney, of Bain Capital. Conard wrote the New York Times Bestselling book Unintended Consequences: Why Everything You've Been Told About the Economy is Wrong and his soon to be released book, The Upside of Inequality: How Good Intentions Undermine the Middle Class. The two discuss the misunderstandings on CEO pay, why the technology sector is doing so well, and how current regulations tend to benefit the big players in the market. Key Takeaways: [1:28] Ed discusses his time at Bain Capital with Mitt Romney, when they experienced enormous growth. [3:30] Clients of Bain Capital were given the opportunity to invest in capital investment and management supervision related opportunities. [5:07] The company also utilized a higher risk strategy, which allowed them to take advantage of investment opportunities of undervalued assets. [7:21] The Upside of Inequality delves into American workers productivity [12:18] The US economy is accelerating and we don't see a stagnant Fortune 400, which means companies aren't just negotiating for a bigger piece of the pie [14:47] While the headlines make it seem ridiculous, CEO pay may not be quite as outrageous as it appears [19:36] Tech companies pay less taxes and have lax regulation, especially when compared to other sectors, who have to continuously look for loopholes to give get a competitive advantage. [21:22] The rise of profitability in the tech sector has been extraordinary. [22:23] The economy is squeezing the profitability out of every most other sectors. [24:45] Properly trained talent and a willingness to take risk are the binding constraints to growth in this new economy. Website: http://www.edwardconard.com https://twitter.com/edwardconard

Edward Conard is the author of the New York Times top-ten bestselling book, Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong (2012), and his recent book The Upside of Inequality: How Good Intentions Undermine the Middle Class which reached #7 on the New York Times Bestsellers list and is #1  on the New York Times business book list month. He is a visiting scholar at the American Enterprise Institute. and former Bain Capital partner. Ed Conard has debated economists, policymakers and journalists on topics related to inequality, the 2008 mortgage crisis, and the U.S. budget. He has appeared on television over 150 times, most notably when he debated Jon Stewart in one of the longest interviews in the Daily Show’s history. Ed has also written opinion pieces for the Wall Street Journal, The New York Times, Foreign Affairs and many other respected publications. Check out all the links, books and resources mentioned by ed conard at www.economicrockstar.com/edwardconard.

Edward “Ed” Conard is the author of two top ten New York Times bestselling books: The Upside of Inequality: How Good Intentions Undermine the Middle Class and Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong (2012). Before Ed was the author he is today with top-selling books, he was just an average high school student who didn’t try hard at being a good academic. He went on to college, however, and earned a degree as an engineer because he was good at math. He went on to take a good job, but then was laid off. When Ed saw a friend got into a top-tier university he decided to apply and got in. He had a long run at a few great jobs, but he didn’t really stick with any of them. He even worked with Mitt Romney at Bank Capital… for free. You’ll have to hear this part of his story!! It is amazing. The numbers he was dealing with were absolutely mind-blowing. Ed became a partner in Bank Capital for specific reasons, one of which was his ability to close deals. But he was just a guy feeding his family in a way. It wasn’t the income that motivated him. You want to know what did? You’ll have to listen to this interesting episode of the Cash Flow Diary podcast. Learn more. LISTEN NOW.

Top 5 Most Suppressed News Stories. The Five Most Suppressed News Stories You Haven’t Been Told About…http://alexexumshow.tumblr.com/post/74192015263/top-5-most-suppressed-news-stories

Top 5 Most Suppressed News Stories. The Five Most Suppressed News Stories You Haven’t Been Told About…http://alexexumshow.tumblr.com/post/74192015263/top-5-most-suppressed-news-stories

Porter and Aaron welcome private equity guru, Ed Conard to the show.  Ed was a partner at Bain Capital from 1993-1997. His experience has led him to write a new book, “UNINTENDED CONSEQUENCES: Why Everything You’ve Been Told About the Economy is Wrong.” We discuss income inequality, why investors are sitting on the sidelines, and why real wages haven’t risen with inflation.