Economy and psychology

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

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.

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.

Podcasts

Economic and Personal Effects of the Crisis: Part One

Monday, August 30, 2010

An economic crisis so deep and long-lasting as this one has profound impacts on society now and into the future. Capitalism’s crises impose massive social costs. Unemployment, home foreclosures, job insecurity and falling wages and benefits change the economy, politics, and culture, but they also transform our personal lives. This podcast – the first of three - explores these interacting direct effects of today’s global economic meltdown

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Family and Economy: Part Five

Monday, July 26, 2010

The family powerfully influences the larger economy and society. We introduce (and apply) Louis Althusser's analysis of the contradictions between family and economy in the US today. On the one hand, families are an "ideological state apparatus" shaping people in ways as important for sustaining capitalism as the police, courts and the military are (Althusser's "repressive state apparatuses"). Yet families also challenge and undermine capitalism. We explore these family-economy tensions.

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Family and Economy: Part Four

Thursday, May 6, 2010

 

A kind of labor goes largely unrecognized and unrewarded in our society. It is emotional labor: using our brains and muscles to support or improve the emotional well-being of ourselves and/or others. We examine its differences from and similarities to the labor that produces physical goods and services. Tragic social consequences flow from denying or minimizing the importance of emotional labor at home and on the job. We challenge the lack of attention to emotional labor and analyze why that lack exists. Respect for emotional labor is a profound political issue.

 

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Family and Economy: Part Three

Wednesday, March 24, 2010

The current forms of organization of both households and workplaces in the US are very particular; they are neither natural, inevitable, or the only kinds of organization. Human beings have organized their family lives, for example, in social ways very differently from the small, isolated, nuclear family organization typical in the US. The same applies to workplaces. The capitalist organization that pits employers against employees is neither inevitable nor natural nor all that exists today. Here we explore the very different possible forms of organizing our lives at home and at work.

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Family and Economy: Part Two

Sunday, February 28, 2010

Today’s discussion focuses on class and class struggles in the two places where we live most of our lives: in the larger wage economy and inside the family economy. By class we mean the particular ways in which the work process (production) is organized wherever it occurs. Class issues concern who does the work, whether workers produce more - a "surplus" - than they themselves get to consume, who gets such surpluses and what they do with them. We explore how production and class organizations of production occur in both the wage economy and the household economy. We then begin to ask and answer questions about what happens to people's lives as a result of participating in two different class structures at work and at home.

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Family and Economy: Part One

Sunday, February 14, 2010

Introduction: This series of podcasts explores the two economic systems we all live in and with: the family or household economy and the larger wage economy. Each of them shapes and is shaped by the other. Their interaction influences us deeply but also in a contradictory way. Families both support yet also undermine the larger wage economy and vice versa. Today, that contradictory relationship provokes acute tensions and conflicts in both economic systems. The results are transforming everything from our world’s political struggles to the intimacies of our personal lives

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US Working Class Passivity?

Saturday, January 30, 2010

The US working classes have suffered extraordinary economic reverses for the last thirty years: stagnant real wages, increasing individual work loads, rising household debt levels before 2008 and then record levels of unemployment and home foreclosures since. Yet, unlike workers in other advanced industrial economies, they have shown remarkable passivity in terms of social or collective efforts to end these conditions. We begin a conversation about why this is the case, whether it will continue, and what its social and individual effects may be.

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Blog

Bernanke as Minor Irritant

Friday, September 3, 2010 by Richard Wolff

Today’s New York Times covers Ben Bernanke’s testimony yesterday to the Financial Crisis Inquiry Commission.

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People Beginning to Move

Tuesday, August 3, 2010 by Richard Wolff
The banks, insurance companies, hedge funds – the whole collection of major financial enterprises – thought they had pulled off the coup of the century.

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The reform and regulation hustles

Sunday, July 18, 2010 by Richard Wolff

With financial reform now  newly passed, politicians who supported it go into overdrive to exaggerate its likely effects.

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A Critical Note on Keynesian Economics

Tuesday, June 8, 2010 by Richard Wolff

The economics profession’s self-subordination to corporate capitalism is nowhere more in evidence than in its strict limitation of debates over alternative economic systems to two possibilities: private capitalism versus state capitalism.

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Holy Fathers

Saturday, May 22, 2010 by Harriet Fraad

With superb editing by Jean Carey Bond 2010

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Economic Crisis, Unequal Burdens, and Mass Psychology

Sunday, May 9, 2010 by Richard Wolff

The intimate interconnections between economics and psychology show up in asking and answering this question “How far can an unequal sharing of economic costs and benefits go before its victims rebel, say enough is enough, and demand change?” The economic crisis that officially starte

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Has the Catholic Church Lost It's Moral Authority?

Sunday, April 11, 2010 by Harriet Fraad

Actually the Catholic Church has changed over the years. The idea of papal infallibility is from the 1800s. Pope John XX111 had a huge impact.

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Suffer the Children to Come Unto Me

Tuesday, March 30, 2010 by Harriet Fraad

The newspapers are full of the latest priestly sex abuses. This is an on going story. Within the last year, mass scandals have erupted in Brazil, Australia, Canada, Ireland, Italy, Germany, the Netherlands, Switzerland, Austria. and the United States.

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Economy and Psychology in Greek Dramatic Form

Wednesday, March 24, 2010 by Richard Wolff

Nothing better illustrates the intersection of economy and psychology than the psychodramas swirling around the efforts of the new Greek government to lower the costs of its borrowing.

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Economic Crisis and Political Theatrics

Monday, March 15, 2010 by Richard Wolff

Deep into one of capitalism’s worst crises, we confront the twin spectacles of downward economic decline for most while politicians and mass media act in and produce political theater.

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