- Published on February 8, 2011VIDEO
These Tuesday evenings each begin with an update and analysis of major economic events of the last month and their contexts of longer-term economic trends shaping politics and society here and abroad. We focus on the evolving global capitalist economic crisis and its consequences. Topics examined include
You say that a good way to balance the US budget and cut the national debt to zero, would be by applying a 10% tax on stocks and bonds of the ultra rich American population. Do you believe that the same could be applied in Greece as well, given that the two countries have huge differences in the rates of their economic growth and that Greece strives to attract investments?
- Published on January 13, 2011VIDEO
Professor Wolff spoke about the particular relationship between the Left and the current state of the world economy at the Marxist-Humanist Initiative Conference at Pace University in New York on November 6th, 2010.
Saturday Nov. 6, 2010 - 9 am to 6 pm
Today’s capitalist crisis caps 30 years of divisive economic development in the United States. Real wages stagnated and are now roughly at the mid-1970s level. Over the same period, labor’s productivity soared, yielding employers’ record revenues and profits from 1980 to 2000. Income and wealth inequality returned to late 19th century levels. That divisive economic development generated the economic crisis. Now, the so-called “recovery” further deepens the inequalities and divisions.
Poor Paul Krugman, stuck in the old Keynesian rut amidst its blinders. The recession would be over, he says, if only the government ran more and bigger deficits to provide the needed fiscal boost. If only the Obama people and those crazy Republicans were less afraid of such bold government action, less befuddled by ideology, and less ignorant of economics. Krugman keeps warning that 2010 will replay 1937 and plunge the economy back down.
- Is The U.S. Moving Toward Socialism? A Socialist Weighs InPublished on September 17, 2010AUDIO
The upcoming elections will be decided in large part based on what voters think about economics. So Planet Money is looking into the economic thinking behind much of today's politics.
We're going to start today with socialism.
Now, with the notable exception of Vermont Senator Bernie Sanders, no major figure in American political life identifies as socialist. Certainly no serious contender for national office this November does.
Orthodoxy, like heterodoxy, lies largely in its beholders’ eyes. Across the nineteenth century, Marxian economics contested the orthodoxy of classical political economy much as socialism contested capitalism.
After teaching both graduate and undergraduate economics since 1969 at Yale, at the City University of New York, and, since 1973, at the University of Massachusetts, Amherst, I retired at the end of 2008. The economic crisis that exploded across the second half of 2008 had suddenly created exciting new opportunities for Marxian critiques of capitalism to reach large audiences. As usual, the economics profession was far behind the flow of events; most economists continued to celebrate the private enterprises and markets that were so spectacularly imploding all around them.