Richard D. Wolff

I would like to have a list of books on basic economics and mathematical economics. My background is in physics and math, and I would like to approach a critique to modern day economics from a mathematical perspective but I don't know much about economics besides a partial reading of the Capital by Marx and common sense.

I'm not sure if you are familiar with Mark Blythe. His work is gaining popularity in light of the failure and perpetuation of Austerity policies in Europe and the USA. He draws an interesting correlation between labor and stagflation. Basically that the inflation of the 70's was a result of Keynesian policy; the government targeting full employment empowering unions and driving up wages, stimulating a reactionary price hike in the value of commodities. This stagflation then led to the knee jerk Neo-liberal policies that focused on minimizing inflation and completely ignored employment. Stagnating wages resulted in deficit spending both in public spending and individual households. His solution to the current crisis seems to fall in line with the Bernie platform. Single payer healthcare, free college education etc. I understand that as a Marxist, you believe that it is naive to assume that there is any one factor that drives economic change, however I found this correlation to be very compelling as it illuminates the conflicts of and trials of capitalism for both Keynesian and Neo-classical models. In a society divided by class even when Labor is in a position of power, their advantage can be systemically undermined by manipulation of the value of currency. Do you think that this correlation exists? In relation to currency manipulation (which Adam Smith himself acknowledged), did unpinning the dollar from the Gold Standard make manipulation like this easier? It appears to me that interest, in terms of Macroeconomics was not a factor until post WW2.

I have lived in Budapest, Hungary during the first 32 years of my life until 1973 when I came to Brooklyn, NY. as the wife of a first generation American. (I am a Hungarian Jew, a Holocaust survivor.) I grew up poor, started working at age 14, received my Business Administration (Kozgazdasagi Technikum) kind of degree at night school at age 25. Our government and economic system was socialist (we were building socialism), not communist. The idea of Communism was somewhere in the future, something to aspire to. Hungary had both co-ops and state enterprises, in the cities and the countryside, both functioning well although before 1956, industry received much greater government support. There was full employment and changing jobs had been easy: it was treated as a transfer from job to job and benefits such as paid vacation, continued to accrue. (I have a work history of 16 years by age 32). We had 'Socialized Medicine', meaning free healthcare and almost free medicine. Higher education was free but to get into a university, one had to excel in his/her studies and pass rigorous entrance examinations. Even then, depending on the number of applicants, occasionally one had to apply more than once to be accepted. (My first cousin got into the University of Engineering promising two years working outside of Budapest in a smaller city after graduation.) In general, education and continuing education was strongly encouraged in every field, even to be a waitress or a seamstress. Educational level became a status symbol. There were all kinds of vocational and technical schools that provided both technical skills and higher education unlike in the USA. Culture in general was affordable, almost free: I could afford to go to see a play, listen to a classical music concert or go to one of the two opera houses or any art museum more than once a week after work or on weekends. Parental leave? At one time when the government had been concerned about very low population growth, women were offered 3 years of paid leave to have babies. (My brother and his wife received an apartment after signing a written promise to have two children.) Kindergarten and preschool education for all was the standard, and they were excellent, since both parents were working full time. I have more to say but need to leave to go to Bed-Stuy. Andrea

Changes to our pensions will make much worse what we can expect in retirement, as at present we can be reasonably certain about what we will receive. Now we are being forced to 'bet' on the stock market, and we know, because of the built in periodic crises, that that doesn't go so well. Our union, the University and Colleges Union has this page: https://www.ucu.org.uk/uss-dispute-questions?list=9041 A key feature is the desire of (some) of the Universities to remove the 'risk' of the pension from their balance sheet and to load all of that risk onto their staff. Here is a counter proposal that they have so far refused to consider: https://medium.com/@mikeotsuka/how-uk-university-employers-could-greatly-improve-their-uss-pension-offer-at-no-cost-to-them-1fd970844bcc Many of us believe they will not agree to *any*thing* we come up with because they hate us because we are "collective"

For example, how does socialism differ from Marxism? What are Leninism, Trotskyism, and so on. Are there meaningful differences we should be aware of? As I start to dip my toes into reading about Marxism, these leave me scratching my head and thinking the basic ideas of Marxism have become overcomplicated.

I'm disappointed when I talk to joe average about finance/economics/world affairs with their common refrain that its too complicated. It only compounds when I see the 'experts' confuse things with sloppy terminology. Recently you compared Jeff Bezos net worth woth the GDP of US states. Wealth is stock, GDP is flow. I'm amazed a professor of economics would make that mistake. No wonder people are confused. Another example I often see (but can't point to a specific one from you), is presenting things in different unit of measures. eg: The DOW fell 3% and the NASDAQ was up 156 points today. When you are presenting a case, accuracy of terminology is important. A suggestion is to do some reading on NLP. Great resource on how language is used to reframe arguements.

Actually we know thecore of the right is wall streeters and the rich. Whites and Christians do not realize that most of them will be poorer and poorer under US economy. In most countries christian churches are becoming anti capitalists Even ultra nationalists must know they are only providing numbers for the rich to win electios! Republican party is based on the fears of these groups just like the Insurance Industry is based on public fears! Thanks. Bob Patil

As someone who cannot afford a university education but would still like to achieve some level of economic literacy, what textbooks/books do you recommend?

http://fortune.com/2017/10/30/ge-executives-extra-plane/

Flint, MI residents either pay for poisoned water or see liens placed on their property, 1200 days + and no accountability. Between this a Philip Alston's initial report on poverty in America, I feel like screaming in the street... Our political and economic systems are morally bankrupt! https://shadowproof.com/2017/10/24/little-changed-flint-residents-forced-pay-poisoned-water/ https://www.theguardian.com/society/2017/dec/15/america-extreme-poverty-un-special-rapporteur

This sounds like a good idea initially, but upon further reflection I can't help but wonder, if Walmart is conceding the financial insecurity of its employees, than why pay these startup companies to facilitate what they are calling Earned Wage Access (EWA), why not just raise your minimum wage? It's hard to read the Bloomberg story (link below) and feel all warm and fuzzy inside when familiar with Walmarts past policies. (Dead peasant's policies on their employees, treatment of employees who've looked into union representation, no notice of store closure to employees, etc., etc.). What is your take on this story? It has to benefit Walmart somehow or they wouldn't be doing it. https://www.bloomberg.com/news/articles/2017-12-13/wal-mart-to-allow-workers-early-access-to-pay-via-fintech-accord

World Economic Forum--https://www.weforum.org/agenda/2017/12/is-management-era-over/

Good day Prof. Wolff My name is Lionel and I am very interested in studying socialism and worker cooperatives and I have read that a criticism of worker cooperatives is that they have a tendency to lead to unemployment, with examples such as Yugoslavia which was said to have a market socialist economy with worker owned-firms. What is your reply to this critique? Can socialist worker cooperatives overcome a potential problem of unemployment? Thank you for taking the time to read my question,

Professor Wolff, Even if the United States and other industrialized countries were able to transition to 100% renewable energy, it seems that having an economy that must grow to sustain itself is ultimately unsustainable. What are the root factors in American Capitalism that necessitate or motivate growth? Is it possible to have an economy that does not grow, or even shrinks, without mass-unemployment and suffering? Thank you for your continued work, Winston Meier Undergraduate Student at Portland State University

Prof. Wolff, I recently watched one of your lectures where you explained that the fundamental principles of Socialism aren't about its history or the various attempts at its implementation (evolutionary / revolutionary), but it's about the basic concept that companies should essentially be equally owned and controlled by its workers. And of course, the success of the company should benefit the workers equally - thus creating liberty, egality and brotherhood in society. I believe this is exactly how you described Marx' original vision of Socialism. There currently exists in the U.S. every mechanism required to make this common place in our society. I can draft an Operating Agreement, Articles of Incorporation and Bylaws, and then register an LLC that would create the exact entity that Marx described and envisioned as Socialism. Additionally, we have an existing judicial system that would enforce the provisions of the Operating Agreement, Articles of Incorporation and Bylaws should anyone attempt to breach them. So my questions are: have you ever tried to start or been a part of a company that has been successful at doing this? Do you know of any companies that have been successful at doing this? If not, why not? Why aren't more people doing this? Finally, since the mechanism already exists in the current U.S. economic system to implement Socialism as envisioned by Marx, why aren't you dedicating your time to teaching, consulting and promoting its actual current implementation?