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Professor Wolff receives hundreds of questions per week covering a wide array of topics, from economics and politics, to historical movements and current events. While Professor Wolff does his best to reply to some questions on Economic Update with Richard D. Wolff, he's received more questions than can be answered individually. Prof. Wolff will now provide video answers to his favorite questions on this page.
 
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Stores closing. Food deserts grow. Monarch Airlines is ceasing operations, thousands stranded.

http://www.chicagotribune.com/g00/business/ct-ultra-foods-calumet-park-0629-biz-20170628-story.html?i10c.encReferrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8%3D http://www.nwitimes.com/business/retail/highland-and-kankakee-ultras-to-close-despite-millions-in-renovations/article_2620c2f4-7eb3-588c-b730-a7e197714b44.html http://www.independent.co.uk/news/business/news/monarch-airline-ceo-andrew-swaffield-six-figure-salary-new-company-companies-house-a7981046.html

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Timely topic for Economic Update.

https://www.washingtonpost.com/opinions/the-report-trump-officials-dont-want-you-to-see/2017/10/02/f6c77a6c-a7ab-11e7-850e-2bdd1236be5d_story.html?utm_term=.5c04ed20ac7a

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Is there a word for the phenomenon of corporate moguls taking over competitors?

I have contemplated this often. This phenomenon of the impulse for corporations to knock out competition through predatory and pernicious business tactics. A prime example is Harley Davidson, The very icon of American freedom. Yet at the onset of war war one, there were over 100 American motorcycle manufacturers. ..Cleveland, Henderson, Exellsior, Ace and Indian to name a thimble full. Harley Davidson put them each and every one out of business by pernicious, predatory business tactics .. . I brought this up in conversation that parties, cafés even at work although that tends to be frowned upon. And the most common response I get is: "That's the American way!" Really?! One choice, is all you get? That's the "American Way" I'm calling bullshit on that particular "American Way" paradygm. The big three auto makers have done it all along, Cosmetic companies do it, the big three beer guys ate snapping up micro breweries as fast as they can pervert them. I could go on and on, I really could. ..but seriously ~ there should be a word for this specific facet of capitalism . .. So I ask you Richard Wolf , if you don't know of one already... i've been known to invent a few words in my life and career as a swashbuckler/ revelator. I'm going to try to attend one of your lectures in October, and if you can't think of something before I meet you let's collaborate . I think this phenomenon deserves a name. .. but not a pretty one ! Thanks for your persistence and calm under the mayhem of collapse. With regards, Yours truly: Thom Thinn 213-221-9092

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Is an economically democratic society that chooses Neoliberal policies socialism?

Would a society that is 100% terrible policies would that be socialism?

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Is Modern Monetary Theory viable?

I am curious about your thoughts on Modern Monetary Theory. Excluding political challenges, do you consider it viable? Why or why not? https://en.wikipedia.org/wiki/Modern_Monetary_Theory

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Could you talk a bit about the nobel price in economics?

The German economist and writer Ulrike Herrmann has pointed out here https://www.youtube.com/watch?v=i0cWLUh77hY&t=15m5s that the nobel price in economics is NOT a real nobel price, but in fact means that the "science of business" is the termination of democracy. I'd love if you could say a few words about that in one of your economic updates.

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The 'Just Third Way' - your thoughts?

Dr. Wolff, I am looking at establishing an ESOP, and in the course of my research I found something called 'Just Third Way' economics. Mr. Kelso outlines his theory of Binary Economics here: http://www.cesj.org/wp-content/uploads/2012/05/BinaryEconomicsOfLouisKelso_CWP1.pdf I'd really like to hear your take on his work. Thanks in advance, G. Gibson

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Why Cuba has not suffered in Irma and Maria hurricanes while Peureto Rico did?

You told us this but nobody seems to know...can you please enumerate the steps cubans took to make it much safer? This will perhaps tell us why Capitalism is designed to squeeze ordinary folks for the benefit of the few.......sorry i know you are busy... Thanks. Bob Patil

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If WSDE's have two kinds of workers could this lead to conflict between the two?

This question comes from Chapter 7.1 of your book Democracy at Work. It is the only part of the book that I don't fully understand and therefore cannot fully agree with. My feeling is, if within the organisation of a WSDE you create two types of worker, the Surplus Producers and the Enablers, you create the possibility for tensions and hostility to arise between the two groups because the Surplus Producers have more of a 'democratic voice' in the way the enterprise functions. Why can't both the Surplus producers and enablers have exactly the same entitlements within an enterprise? Why must the Surplus Producers have extra rights to votes that the enablers do not have? Hope this question can be cleared up for me. Sincerely Daniel Watson United Kingdom

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Restauratnt Co-ops

https://www.eastbayexpress.com/oakland/are-co-ops-the-future-of-a-sustainable-restaurant-industry/Content?oid=9423964

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Can you please run for president?

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Please invite Peter Joseph on Economic Update

Please invite Peter Joseph on Economic Update to discuss his new book The New Human Rights Movement - Reinventing the Economy to End Oppression. I think people may enjoy a discussion on whether or not the market system of economics must be removed from the equation altogether.

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Take from Capitalist book to kill capitalism!...your ideas needed.

They killed MLK, RFK and JFK, as well as hundreds of labor leaders, workers, socialists and communists....they still kill abortion doctors.....Very cleverly they have used govt. apparatus for a large part of murders. They have business brains and cannot accept that middle class made them pay for SS, medicare, Medicaid and unemployment compensation. They have already dismantled most of the welfare state and Trump wants to finish the job....when are we going to be mad enough to take out some weapons maker CEO's, fossil fuel CEO's, Insurance CEO's, hedge fund managers and banks folks for example? In the face of money, brains and weapons we are left voiceless....They control press and both the parties and already made laws that legalizes most of their behavior. what do you suggest? Thanks. Bob Patil

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What are the must read Marxist critiques and defenses of cooperative economics?

I know Luxembourg and others critiqued the possibilities of cooperatives in a global capitalist market. Srnicek takes this as a given in his "Platform Capitalism." Who has answered these theoretical challenges best?

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