Economy and psychology

How economic well-being and mental health depend on each other

Dr. Harriet Fraad has a thriving private practice in New York City. Her special interests include problems in intimate relationships and eating disorders; her special competence lies in the practices of psychotherapy and the uses of hypnotherapy. She publishes widely on the social causes and consequences of psychological problems [for a recent publication, see “American Depressions”]

Dr. Richard D. Wolff is a professor of economics who has taught at Yale University, the City University of New York, the University of Massachusetts, Amherst, and currently teaches in the Graduate Program in International Affairs of the New School University in New York. His publications are available elsewhere on this website. 

Dr.s Fraad and Wolff have been married since 1965 and have two adult children.

The podcasts and blogs below are produced by professionals with extensive experience working in their respective fields as a psychotherapist and an economist. Here they combine what they have learned to explore how the twin crises of the US economy and our psychology interact today. Isolation, anxiety, loneliness, and depression are psychological issues that profoundly impact work, consumption, and debt. Likewise, unemployment, income inequality, and exploitation shape our emotional and intimate lives. The interaction of economy and psychology helps to determine our society and our individuality as well. Yet these topics remain loaded with taboos, confusions, ignorance, and fear preventing us from asking big questions and daring to discuss big answers. Getting past these limits to explore economics, psychology, and their mutual influence is our goal and purpose.

Podcasts

Hope

Sunday, November 27, 2011
 
While hope is an elusive reality, it is crucial for our personal lives and in society. Hope destroyed leads to decline and desperation. Hope rekindled - think Obama in 2008 and Occupy Wall Street today - is a powerful social and personal force.

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Money and Sex: Strauss-Kahn and Schwarzenegger

Monday, May 23, 2011
 
Recent mass fascination with an alleged rape by then-IMF Chairman Dominique Strauss-Kahn and an admitted extra-marital relationship and child by former California Governor Arnold Schwarzenegger stress almost exclusively these events' sexual,personal and moral dimensions. Yet such events are also fostered and reproduced by our society's  economy and psychology. Hence our interest in examining them.

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Royal Wedding and Social Distraction

Thursday, May 5, 2011

Why did last week's royal wedding in London attracted millions of UK and US spectators? What social functions did the distraction serve with its huge costs just when economic austerity is official policy and with its celebration of marriage and family just when strains and breakdowns afflict both institutions in both countries? We explore the psychology and economics of the spectacle.

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Challenging the Mental Health Drug Business

Monday, March 28, 2011
 

The drug industry operates right at the juncture of economics and psychology, and this is especially true of its hugely profitable drugs for mental health problems. We discuss who benefits and who loses when drugs replace the therapeutic relationship between patient and psychotherapist, when treating health problems at great cost takes precedence over the less costly prevention of those problems.

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Wisconsin Demonstrations Can Change History

Tuesday, February 22, 2011

Who wins when politicians only debate which public services and public employees to cut - but dare not tax big businesses and the richest individuals more?What kind of system cuts public services just when most people need them more, and thereby knowingly damages the nation's future? Harriet focuses on growing male unemployment and how it is shaking and changing America.

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Capitalist Crisis and Personal Relationships

Wednesday, February 9, 2011

The US crisis continues for the many, despite the over-described "recovery" of banks, the stock market and selected larger corporations. Far too little attention is directed to the crisis's impacts on our personal relationships. Here we discuss relationships, the social and economic conditions damaging them, and what must change to end so much unnecessary personal suffering.

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The Social Changes We Really Need: Part Two

Tuesday, November 30, 2010

In this series' second and final podcast, we illustrate two other kinds of needed social changes: in personal life and in economics. To overcome the undesirable social consequences of extreme inequalities of income and wealth in the US now, we suggest changes in how Americans think about, organize and support our personal lives and economic activities.

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The Social Changes We Really Need: Part One

Friday, November 5, 2010

November, 2010, produced some sad absurdities in the US elections. We thought it the perfect moment to discuss what real change in the US could and should mean if genuine democracy and genuine concern for people were to be our supreme values. In Part One, we focus on the needed changes in politics and support for families.

Click here to listen to or download this podcast

Economic and Personal Effects of the Crisis: Part Three

Thursday, September 30, 2010

In the continuing crisis, most of its victims remain isolated, abandoned to individualized survival efforts. The government's crisis response has served them poorly. We discuss why some very different kinds of projects and programs are now needed to provide real solutions for this crisis.

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Economic and Personal Effects of the Crisis: Part Two

Monday, September 13, 2010

Beyond the direct effects of the economic crisis, its impact on government affects us indirectly. Unemployment, home foreclosures, and business cutbacks have reduced tax revenues collected by the federal, state and local governments in the US. They react by cutting government programs and borrowing more. Both actions add indirect costs (immediately and long into the future) to the direct social costs of the crisis considered in Part One of this series.These costs raise major questions about the economic system.

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Blog

Europe's Economic Drama: Enter Fitch

Saturday, December 17, 2011 by Richard Wolff
Today, Fitch – the major rating company that, with its fellow majors, Moody’s and Standard and Poor, dominate the business of assessing the riskiness of debt instruments – downgraded in various ways and degrees the creditworthiness of the sovereign debts of many European co

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Austerity Politics Descends on US States (Blog)

Sunday, August 21, 2011 by Richard Wolff

Last week, Democratic Governors in New York and Connecticut repeated the austerity politics of Greece’s Prime Minister Pappandreou and Portugal’s Socrates.

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The S&P Downgrade of US Debt: What it Means

Saturday, August 6, 2011 by Richard Wolff
Much verbiage is piling up on this issue.

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The "Live Within Our Means" Hoax

Tuesday, August 2, 2011 by Richard Wolff
The President, countless Senators, Congresspersons, media representatives and even many ordinary people speak often, these days, about Washington “learning to live within our means.” Now, there is an empty phrase if ever there was one.

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Fakery and Tragedy in the Debt Ceiling Theatrics

Wednesday, July 20, 2011 by Richard Wolff

We are nearing the end of all the made-for-media theatrics and rhetorical fakery around the “great struggle” between Republicans and Democrats, Obama and the Tea Party, over the US national debt ceiling and thus over budget deficits.

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Banks Again Depress US Economy

Sunday, May 29, 2011 by Richard Wolff
Banks are once again depressing the broader US economy. Its all collateral damage as they take care of their own business, making money and shoring up their balance sheets.

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The Great Recession and Gender Marriage Transformation

Wednesday, April 6, 2011

If this old stereotype of women had truth to it once, it doesn't now. Harriet Fraad writes, "Women now initiate most US divorces as well as refuse to marry in the first place." Why? Because men just aren't doing their share.

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Profiting from mental ill-health

Wednesday, April 6, 2011
There's a reason psychiatrists prescribe drugs rather than talking therapy: the latter makes no money for pharmaceutical firms
By Harriet Fraad
Prozac

Debts, Truth and Lies in the US

Saturday, March 19, 2011 by Richard Wolff
Debts and lies about them are being used to push conservative agendas in Wisconisn and across the country. Lots of statistical flim-flam is flowing from the pushers of those agendas. Yet alternative progressive agendas make more sense.

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Wisconsin Republicans Attack Collective Bargaining

Thursday, March 10, 2011 by Richard Wolff

The Republican attack on Wisconsin’s public employees’ rights to collectively bargain is yet another stunning display of politics serving business interests.  The economic crisis has now become another opportunity for the agenda of corporations and the rich to be furthered at

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