Global Capitalism: July 2016 Monthly Economic Update


“The Great Emerging Conflict: Capitalism vs Worker Coops”

Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church

These programs begin with 30 minutes of short updates on important economic events of the last month. Then Prof. Wolff analyzes several major economic issues. For July 2016, these will include...READ MORE

Showing 2 reactions

Please check your e-mail for a link to activate your account.
  • Arlen Comfort
    commented 2016-07-15 13:24:06 -0400
    Richard Wolf,
    What about this?
    The tax code can change incentives. Tax codes are social engineering they encourage some things and discourage other things.

    In many cases we raise taxes on things that we think are socially destructive (cigarettes and alcohol) and we remove taxes from things we think are good for society (churches and charitable organizations.) Jobs are good for society but we tax them heavily. We should try to remove all of the economic penalties (taxes) from labor.

    If a person does work, they and their employer pay several taxes. If a machine does the work it
    pays none. When a machine does the work of 10 people then it could be taxed at
    the same amount that 10 people would be taxed. That would be fair . . . right?

    With this system I don’t think we would be lacking for jobs. If we have enough “people jobs” available, then the discrepancy in income should be less and a minimum wage might not be necessary.

    A person working and paying taxes . . . not good.
    A machine working and paying taxes . . . is good

    I just saw this prediction . . . their may be some truth to it.

    “unrestrained development of humanoid robots equipped with artificial intelligence looks set to replace 90% of ALL employment for humans in just the next 9 years.”

    Note: Half of American males employees are employed to drive something. So I read recently . . . and we know where driving is going.

    We need to make more jobs soon. Past civilization have put their unemployed to work by building pyramids and great walls. What are we going to do?
    A busy/working person is not a troublemaker to the rulers.
  • Richard Wolff
    published this page in Updates 2016-07-14 15:25:22 -0400