Jan 17 2014

Richard Wolff Reinterprets Conventional Economic Analysis for the 99%

As world leaders are meeting in Davos, Switzerland for their yearly gathering, even the world’s economic elite see income inequality as an issue worth discussing, because it threatens to derail their perception of an economic recovery, and because they worry about the social upheavals it may cause.

The health of our economy is taken to be measured by such obscure and meaningless markers such as the Dow Jones average, rather than by the rates of real unemployment, the wages, job security, and decision making power of the employed, and by the ratio of the lowest wages to the highest CEO paychecks.

We turn next to an economist who turns conventional economic wisdom upside down and relates it to issues of importance to 99% of people, rather than just the richest 1%.

GUEST: Dr. Richard Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst and currently a Visiting Professor in the Graduate Program in International Affairs at the New School University in New York City. He also teaches at the Brecht Forum in Manhattan and is the host of Economic Update heard on KPFK on Sundays at 9 am.


Richard Wolff will be speaking on Saturday January 18th from 2 to 5 pm in Los Angeles at the Professional Musicians Local 47, 817 Vine St, Los Angeles, CA 90038. This event is organized by KPFK and will also benefit the station.

Click here for details of the event.

3 responses so far

3 Responses to “Richard Wolff Reinterprets Conventional Economic Analysis for the 99%”

  1. Ollyon 01 Feb 2014 at 1:39 pm

    Reminder: Reagan’s slick marketing gimmick introduced in 1980 called “trickle-down”, “supply-side” “free market” economics has not worked, systemically. The systemic documented inequality existing in 2014 is solid proof.

    Trash the fictitious lies and manage the US economy responsibly thereby leading toward (not away from) economic justice.

    “Common sense is not the common.”

  2. Russell Spearson 12 Feb 2014 at 6:25 am

    Progressives are not followers; they are more like wild lions, Conservatives are like obedient sheep. Guess which one is easier to herd.

    Occupy has, long since the tents in the park, become a viable political understanding and perspective. I understand this now and will never be the same. I am Occupy now and this has nothing to do with what other people think or do.

    The economy is out of control and facing the contradictions that it is built upon. Ready yourselves… The reality of the situation will prove even to the sheep that it is time to move beyond capitalism, banks, student loans, debt, expensive healthcare and yes exploitative “job market.

    Look towards Bitcoin, Democratically run worker Cooperatives, Free Online Universities, Distributed Manufacturing, Universal healthcare, state banks, local currency, sharing economies, Eminent Domain to Reclaim housing and factories, Etc… As these were and continue to be the fruits of Occupy!

    Mr Wolff has contributed a lot this this!

  3. Scoton 21 Feb 2014 at 7:19 pm

    Prof. Wolff is accidentally speaking to the L.L.C.s vs. Corporations debate, without mechanically referencing LLCs.

    LLCs are capable of separating capital and income shares more efficiently than Corporations (i.e. Income Shares as payment for labor)

    “how to perform this idea on a larger scale” probably references a company with less than 500 LLC “workers” (not employees). A 1/4% shareholder in an LLC is a partner, not an employee.

    This business model exists in Law, Accounting, Mining, Engineering and Property Management, Trucking.