Ask Prof Wolff: The Impacts of a Wage-Price Freeze

Direct Download

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.

Ask Prof Wolff is a Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.

Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/economicupdate/community.


Follow us ONLINE:

Patreon: http://www.patreon.com/economicupdate

YouTube: 

Facebook:

Twitter:

Instagram:

DailyMotion: 

Shop our CO-OP made MERCH:  https://democracy-at-work-shop.myshopify.com/


Check out the NEW 2021 Hardcover Edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: https://www.lulu.com/

“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


Showing 1 comment

  • Edward Dodson
    commented 2022-08-03 13:08:16 -0400
    Mandating a price freeze on domestically-produced goods and services is certainly possible. However, the cost of imported goods could not be controlled. Would this not require a broad international agreement between nations?
Please check your e-mail for a link to activate your account.

Donate to Become a

[email protected]

Monthly Supporter


Customized by

Longleaf Digital