Season 11 began in January 2021, and will run through December 2021.
This week, Professor Wolff gives updates on President-elect Biden's economic advisor "team", how Argentina's women's movement leads the defeat of the government and Roman Catholic Church oppositions to win legalized abortion and now targets other basic social changes, and how the deepening inequality of US wealth and income cause and reflect the growing gap between stock market prices and the depressed Main street US economy. The second half features an interview with Noam Chomsky on political and economic realities and possibilities facing us in 2021.
This program introduces the economic concept of "externalities." Those are the real costs of employers' business decisions that employers do not pay for or take into account: costs "external" to businesses' profit/loss calculations. Examples include costly damage to the environment, to employees' private lives, etc. Those real social costs are external and additional to capitalists' private costs. Therefore, capitalists' investment decisions based on comparing costs and revenues do NOT take into account the real, external costs. Thus their decisions are not "efficient." Capitalism never was the efficient system its apologists claim.
Other Seasons of Economic Update
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