Updates on California's vote for tax hikes on the super rich, a public-funded museum sued for charging admission, and worker self-direction as a solution for the bankrupt Hostess bakery. Interview with political science professor Peter Ranis on workers' coops in Argentina, Cuba, and the US. Response to questions on why corporations and the rich prefer austerity as policy in capitalist downturns.
Updates on student debt crisis, profit-driven history of US housing, and storm (Sandy) economics. Discussions of Keynesian and Marxian economics. Response to question on transition from capitalist to workers self-directed enterprises.On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.