Economic Update: Inflation and Labor Shortage

[S11 E25] New

On this week's show, Prof Wolff talks about the social effects of inflation and the lack of accountability on the part of employers. Capitalist employers set prices with the only motive of maximizing. Employees, the vast majority, must live with inflation but...READ MORE

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  • pasqual digesu
    commented 2021-07-21 22:16:03 -0400
    Very good lecture
    So it is agreed, prices must be controlled and certain liberties must be limited for the good of all or the good of the whole. In capping costs your capitalist will resort to increased manufacturing to regain lost profit or “pre cost control” income levels since they can’t simply continue to charge more for less. Now you will have to control the levels of excess product flow from all into the market to avoid depreciation of product or material values for the protection of all manufacturers’ survival or end up with monopolies that in the end eliminate all their competitors. You must now do this also in the arena of our brand new ecological situation to reduce manufacturing levels and carbon emission. So now we can provide only basic necessities “but” at an affordable cost to all without depriving anyone of essentials. Of course all this limitation will require a controlled system of economics that requires a forceful establishment since we may never arrive by only “socializing” this problematic discussion eternally. Of course we will be lucky to make it to the next half century alone. We would love to place our present problems on King George, but 200 years later our problems with free market have consistently expanded in the vacuum of a monarchy.

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