Ask Prof Wolff: Why Capitalism Is Obsessed With Growth

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Patron of Democracy at Work asks: "The focus on economic growth, something you talked about in the September 2022 Global Capitalism lecture, seems misplaced, at least for rich nations. I'm reminded of the Kenneth Boulding quote from the early 1970’s—“Anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist.” Can you please give your perspective on the obsession with economic growth that is seen almost everywhere? There is a degrowth movement which I believe you have mentioned in a discussion of capitalism. Where would economic growth stand in a socialist perspective?"

This is Professor Richard Wolff's video response.

Ask Prof Wolff is a Democracy At Work production.
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Showing 1 comment

  • Pasqual DiGesu
    commented 2022-10-05 12:23:53 -0400
    “Necessity is the mother of invention, or perhaps the new driver to forcefully use the already invented tools and different governing methods that our capitalist controllers refuse to employ because they provide no future profit personally to themselves, or takes away their present means for growth. This is especially true if the solution involves regression, a direction considered sacrilegious to the present business culture”. -Guzziferno (Reflection 2022 edition)

    Unsustainability is the new factor in the new economic science or equation.

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