Economic Update with Richard D. Wolff

Latest Episodes:

When Stale Debates Distract Feb 27, 2020

Show notes

On this week's show, Prof. Wolff presents updates on how air-bnb reflects workers' falling living standards, price-gouging anti-virus masks, purpose of Trump's record deficit, end of Brexit distraction makes UK face its real problem: capitalism, and cause of San Diego's pension crisis.

The second half of the show features a major discussion of the economics' centuries-old, #1 debate - more vs less govt economic intervention. That debate mostly distracts from the feared debate over capitalism vs really alternative systems.

Larger Social Changes to Support Worker Coops Feb 20, 2020

Show notes

This program responds to a criticism that D@W focuses too much on the transition from capitalist firms to worker-coop firms with too little attention paid to the larger social changes needed to get beyond capitalism. Discussion focuses on the broader social changes needed to sustain a worker-coop based economy including a government that administers an economy-wide democratic sharing of profits and resources among the worker-coop enterprises.

Socialism and Left Unity in the US Feb 14, 2020

Show notes

Updates on Trump's 2019 $ 1 trillion plus deficit, burden of poor countries' debt, Amsterdam forgives young peoples' debts, "strong man" governments' fund-raising strategy, and gross failures of Trump/GOP's 2017 tax cut. Interview Karen Ranucci (Center for Critical Thought) and Rob Robinson (Left Forum) on their programs and their collaboration to serve the rising US interests in socialism and building a movement for transition.

Capitalism's Uneven Development Feb 06, 2020

Show notes

Introduction to capitalism's systematically uneven economic development. From Marx's original criticism of capitalism for producing and reproducing unevenness to the many historical examples, today's program argues that there are heavy social costs that flow from capitalism's uneven development. Those costs then become bases for arguing the need to move beyond capitalism.

Exposing Economic Myths Jan 30, 2020

Show notes

Discussions of (1) "unemployment rate" as inadequate measure of economy's well-being; (2) decline of real value of US minimum wage; (3) multiple failures and flaws of markets, (4) corporations as less economically efficient than worker coops.

Military Spending and Debt Jan 23, 2020

Show notes

Updates on France's successful mass uprisings (Yellow Vests in 2019; mass union strikes in 2020) that forced gov't to back down on changes that workers opposed; how endless wars impose huge debts; and how US Catholic Church uses bankruptcy law to keep assets from compensating victims of pedophile priests. Interview with journalist Bob Hennelly on military spending and debts in the US economy.

Independent Media Jan 16, 2020

Show notes

Updates on sale of coop craft brewery, US medical costs highest in world, and the "overcoming poverty" defense of capitalism's inequality and instability. Interview Laura Flanders on independent media.

[S10 E02] Answering our Critics Jan 09, 2020

Show notes

On this all new episode, Prof Wolff discusses three major criticisms of Economic Update: (1) that we don't praise capitalism for reducing world poverty, (2) that we don't admit that "socialism has never worked anywhere," and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal partners with the inventor, originator of the business. Today's program answers these criticisms, refuting their arguments systematically.

[S10 E01] US Capitalism and the Family: Myth vs Reality Jan 02, 2020

Show notes

Updates on Job Quality Index and its US decline, the French activism against President Macron's effort to cut pensions, Gartman Letter urges investors to sell stocks in face of Trump's policies deteriorating the economy, Obamas purchase $11.5 million Martha's Vineyard mansion, and Kansas City cuts public transport fares to zero. Interview with Dr Harriet Fraad on myth vs reality of US capitalism and the family.

Beyond Basic Universal Income Dec 19, 2019

Show notes

REPEAT [S9 E13] In-depth analysis of UBI shows its advantages over most welfare, safety net systems. An even better alternative would avoid capitalism's unnecessary production of unemployment because it utilizes technical progress (rising productivity) for profits. The alternative benefits workers' leisure rather than profits. It is more democratic and avoids splitting people into unemployed vs employed, non-poor vs poor. population.

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