The United States and the world are facing one of the worst economic crises in history, but the typical analysis looks to mistakes made and regulations ignored, not systemic problems.
New School economist Richard Wolff argues that today’s economic mess is not simply the result of individual mistakes or lack of regulation or even a failure to look far enough ahead, as President Obama says.
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Wolff says the structural changes that lowered wages in the 1970s are at the root of the current crisis and that's what must be addressed. At a minimum, wages must go up as productivity goes up, he says.
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