Prof Wolff debates Arthur Laffer on the David Lin Report in a discussion comparing capitalism and socialism in the context of the U.S. economy. They explore topics such as economic performance, income inequality, taxation, and government intervention. Wolff emphasizes the need to question the organization of workplaces, while Laffer advocates for low taxes, sound money, and free trade as solutions to economic challenges. The debate centers on the role of government and the effectiveness of different economic systems.