Economy Media Criticism Richard Wolff

VIDEO: Ask Prof Wolff: What the NYTimes Gets Wrong About Inflation

Pmk58, CC BY-SA 4.0, via Wikimedia Commons

By Richard Wolff / Democracy At Work

A Patron of Economic Update asks: “Christopher Leonard, author of “The Lords of Easy Money” has a piece in the 6/11/22 NYT (https://www.nytimes.com/2022/06/11/op…) that addressed the issue of inflation’s cause(s). He danced around your principal point, without actually saying it, namely that capitalism is in its death throes. I would be interested in your comments on his writing.” This is Professor Richard Wolff’s video response.

Richard Wolff
Richard Wolff

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.
Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also regular lecturer at the Brecht Forum in New York City.

11 comments

  1. As usual I agree with what Dr. Wolff says, but am disappointed in the mild mannered way he presents it. Call me old school, but lay me down some fiery wrath to go with that truth….

    You need to accomplish two things to get the people to act, and act constructively toward the greater common good. You have to educate the people on how they have been used and abused, lied too and deceived, subjugated and exploited. Then you have to make them really freakin pissed off about it. It’s how you make things happen. Education without righteous indignation goes nowhere, as does righteous indignation that lacks the critical knowledge to act correctly.

    Put them both together and then brother…..you got something.

    1. @JustAMaverick
      Wolff is a college professor, not a preacher or rabble rouser.

      1. Yes that’s the problem Jeff.

        God forbid we have a rabble rouser, the people might actually defend themselves….

      2. @Just
        We have rabble rousers, like you for instance. People each have their roles, you can’t expect everyone to be everything. I’m old and now I mainly write and discuss. When I was younger, I was in the streets, getting arrested, and doing things I don’t talk about, almost all for the natural environment and anti-war. Diversity works the same in human societies as it does ecologically: we need different people doing different things. There’s no point in complaining that someone like Hedges doesn’t also do other things beside what he does.

  2. While Prof. Wolff is certainly correct that Capitalism — particularly this deceitful from of Capitalist EMPIRE — is a Disguised Global Crony Capitalist Racist Propagandist Criminal Ecocidal ‘Children-Killing’ and ‘War-Starting’ Empire — is the last stage of Empire!

    However, aside from Einstein’s “Why Socialism?”, written in 1949, but sent to the manipulated ‘little-man’ un-Truman, the natural path of the “long arc of history” turning toward progressive ‘democratic socialism’ under FDR, our first non-violent coup d’etat occurred in 1944 when the OSS, DNC, and “Our Vichy Gamble” learned on Hitler’s dime how to torpedo FDR’s brilliant socialist VP, Henry Wallace.

    So the more complete analysis is that the natural (‘baked-in’ arc of history) was already moving from FDR’s social democracy in the direction of Wallace’s democratic socialism — when America’s arc of history was aborted by Empire and “Empire-Thinking” — or “drowned in the bath-tub” as Grover Norquist wrote many years later.

    Which is why my newest demonstration signs simply say:

    GROW LOVE
    ABORT EMPIRE

  3. If they declare a price-stop, then we basically make the same mistake as in the socialist/communist system. An artificial bureaucratic price control distorts the market and is completely unacceptable in a free market economy. It will end up with empty shelves and supply problems, because the balance between supply and demand is upset/destroyed.
    Politicians, and some professors too, should keep their hands off regulating the market pricing (and perhaps a lot more…) because they lack the skills.
    Markets will always fall back into balance.
    It is to change things that work into something that sounds good!

    1. @Jensenius Rasmussen
      1. Richard Nixon did a price & wage freeze in the 1970s. I didn’t notice empty shelves or supply rooms, can you tell me when that happened?

      2. Your right wing free market ideology is nonsense and has been proven false. We don’t have anything approaching a free market to begin with, with all sorts of subsidies and tax breaks for large corporations, and bailouts for large corporations and banks. Show me a true free market economy where none of this exists and we’ll talk.

  4. corporate US capitalism privatizes profit, socializes risk…in socialist nations—China, /russia, Hungary, Cuba, etc, energy, transportation, mining, etc are partly or entirely nationalized, well planned, inexpensive—all provide universal health care, state paid parental leave—Russia the longest and no tuition university. nationalized production is not incentivized to eradicate small enterprises….in socialist markets you will have actual choices—bakeries, tailors, etc that are not required to compete with monopolistic homogenized Walmarts, etc….the anarchy of monopoly capitalism requires over production and imperialism to survive and the creation of false consciousness—artificial needs encouraged by advertising….little in anglo nations is produced for use—most for exchange….thus most of the USA economy is financial services and the service industry. low paid, low skill jobs. consumer culture motivates corporations to off shore—so national wealth exists not in USA but in China, Korea, Colombia, Mexico etc—sustainable short term via manipulation of interest rates, debt, printing money

  5. every upset in any economic system becomes structured to enrich those who structured the system to begin with; they protect themselves while seizing real property from the uninformed victims, all the while promoting a blame game among the same while they just carry on

    anyway, they may live thru climate change while the rest of us perish but it will not be fun, so we’ll see who has the last laugh

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