A patron of Economic Update asks: "Econ 101 taught me that some level of unemployment is necessary, in part, to prevent a wage and inflation upward “spiral”. Is it true that an economy with wide spread worker-owned enterprises would not face the same “threat” of wage inflation? Would asking for a raise be akin to decreasing one’s own profits in a co-op economy and act as a check on runaway demand-pull inflation?"
This is Professor Richard Wolff's video response.
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Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books
“A magnificent source of hope and insight.”
Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy
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