Professor Wolff examines how and why capitalism's crisis following the sub-prime lending debacle is actually deepening - not nearing an end as reported by most media. Additionally, Wolff explains how the social impact of that crisis in the US, Greece, Spain, and beyond are building to a historic change in our world.
Updates on billionaires buying newspapers, the bad news in latest US jobs report, IMF proposals for Spain's economic crash, and a progressive new bill in the US Senate. Interview with Theology Professor Joerg Rieger on religion, class, and capitalism. Response to listeners: recognition of extraordinary leadership by Mayor Gayle McLaughlin of Richmond, CA.
On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.
Professor Wolff recalls his longtime friend and close colleage Stephen A. Resnick on the occasion of Resnick's memorial service.
In capitalist enterprises across the US, when the working day ends and employees return to their homes, many stop at bars along the way. Signs invite them in for a “Happy Hour” of drinking. The implication is that the previous hours – working – are the day’s unhappy hours. Similarly, current mainstream academic economics (“neoclassical economics”) ascribes “disutility” to labor, an absolute and universal characteristic of labor per se.