Mercury Rising 鳯女

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Archive for March 29th, 2011

For your edification

Posted by Charles II on March 29, 2011

As Eschaton demonstrates, many of the key debates in our country come down to economics and finance. Most Americans need to understand these better, and MercRising does its best to make sometimes complicated topics accessible.

In that spirit, we bring to you Richard D. Wolff, Professor of Economics Emeritus, U. Mass. Amherst (now at New School, NYC). This website includes a rich array of resources on left– actual left– economics. [Boilerplate disclaimer: linking a site does not mean I endorse everything the speaker says. It means I think that you can’t fully understand what is going on without including the speaker among your sources].

Almost no one in economics is asking the larger question of why Americans feel poorer, even though the statistics seem to say that the American family has held its own. Almost no one challenges the assumptions built in to our economic system. But we are coming up on (or are in) an economic crisis of proportions greater than we have ever faced, and we are going to have to resolve it. I think it’s at root a political crisis, brought about by an imbalance of power. Wolff proposes that the imbalance is inherently an economic and that our nation’s success was based on a shortage of labor, which forced employers to raise wages over many decades and therefore created a stable political system of fairly happy workers. The implications for how to fix the problem are very different if you believe that the problem is fundamentally economic than if you believe it is fundamentally political.

Wolff is one of the best and the brightest, well worth listening.

Posted in economy | Comments Off on For your edification

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