Economist Jim Stanford presented an alternative view of economics at Carleton University on March 9 — one that highlights the contribution of workers, the need for pensions and an over-dependence on mutual funds.
“My goal is to demystify economics and de-privilege economists,” said Stanford, chief economist with Unifor and lecturer at the Dick, Ruth and Judy Bell Lecture hosted by the Faculty of Public Affairs.
“As a union economist, my aim is to empower and educate workers to understand the economy and the importance of work.”
Among Stanford’s comments was a critique of the financial advice from industry and mutual fund companies specifically. Describing RRSPs as a “get rich slow” scheme, Stanford argued that workers need pensions, not investing advice: “The best financial literacy you could offer is to teach people how to start a union. That’s virtually the only way to get a pension.”
Stanford also questioned the message of financial austerity and encouraged governments to use workers to their fullest potential to ensure economic success. He said more than two million Canadians are either unemployed or underemployed, which harms Canada’s progress.
FPA Research Month has been hosting events and showcasing the best of the faculty’s research projects since Feb. 24. The month ends on March 24.