A Patron of Economic Update asks: "My question is about the wage-price freeze concept. If we are to assume that workers would have their wages frozen after decades of stagnated real wage growth and a collapse in purchasing power and we freeze prices how they currently are, then how would workers be able to pay for necessities when such a huge gap in wages and prices exist? Isn’t the problem that wages are so low that we cannot afford rent, buy a week’s worth of food, pay our bills, or stay out of default on student loans (of which I am in real danger of doing)? What would the effect be if we implemented a price freeze but left wages alone?"
This is Professor Richard Wolff's video response.
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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of [email protected]’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork