Economic Update: Keynesian vs. Marxian Economics

Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. This week’s program is in a slightly different two-part format that includes: Part 1 is on how and why the government take-over of private corporations need not be and often is not “socialism” and why it is often done to strengthen private capitalists. Part 2 deals with Keynesian economics as a theory that clashes with both the mainstream economics (“neoclassical”) that celebrates private capitalism and with critical theories such as Marxian economics that are opposed to capitalism.