Economic Update: The System is the Problem

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In this week's show, Prof. Wolff talks about insurers defrauding pensions, record highway deaths, inflation and risk, interest rate rises, Massachusetts to vote on millionaires tax, Starbucks CEO as dictator, and Mitt Romney's sudden concern with "fairness" exposed.


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NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: 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.”

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Showing 1 comment

  • Edward Dodson
    commented 2022-06-08 12:17:00 -0400
    On the subject of inflation, I find myself constantly repeating myself. The starting point for most of inflation is the societal failure to capture the rent of land and other natural assets. Both Marx and Smith told us that if rent was fully captured to pay for public goods and services, there would be no rental income stream to be capitalized into a selling price for land (or other natural assets, such as frequencies on the broadcast spectrum). This savings in the cost of land would then be passed on throughout the economy. Housing prices would fall to the actual value of the housing unit (i.e., its replacement cost, less depreciation). Many other costs would fall significantly, without reducing the wages or legitimate returns to those who invest in goods production.
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