[Hac-announce] Conversations -- Nov 7, 2:30p.m.

[L.M.C. Harvey]

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Conversations                                                                                                     November
5, 2009 

   

Over
the last few months Conversations has talked about some of our society's
economic problems following  the near
meltdown of financial markets and the prospects of providing health care for
all of our people in the near and extended future.  Most of these ideas concern the formal
arrangements and regulations of our economy as they exist now.      

   

Milton
Friedman*   ". . . economics has
become increasingly an arcane branch of mathematics rather than dealing with
real economic problems" 

   

Are
there other approaches?  Professor of
Economics Emeritus Richard H. Wolff 
offers another analysis.  [The
video lecture] "Capitalism Hits the Fan chronicles [Wolff's] growing alarm
and insights as he watched, from 2005 onwards, the economic crisis build,
burst, and then dominate world events. The argument here differs sharply from
most other explanations offered by politicians, media commentators, and other
academics. Step by step, Professor Wolff shows that deep economic
structures—the relationship of wages to profits, of workers to boards of
directors, and of debts to income—account for the crisis. The great change in
the US economy since the 1970s, as employers stopped the historic rise in US
workers’ real wages, set in motion the events that eventually broke the world
economy."** 

   

"Over
the last twenty five years, in collaboration with his colleague, Stephen
Resnick, he has developed a new approach to political economy. While it retains
and systematically elaborates the Marxist notion of class as surplus labor, it
rejects the economic determinism typical of most schools of economics and
usually associated with Marxism as well."** 

   

Douglass
North*  "We live in an uncertain and
ever-changing world that is continually evolving in new and novel ways.  Standard theories are of little help in this
context.  Attempting to understand
economic, political and social change requires a fundamental recasting of the
way we think” 

Professor
Emeritus Economics, Washington University, St. Louis, MO 

   

   

Hope
to see you all  Sat. Nov 07,  2:30 
at the UU Association  in Hamden 

   

*   Quoted by the home page of Post Autistic
Economics.                        http://www.paecon.net 

**
Quoted from  Wolff's web site  http://www.rdwolff.com



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