All of us are familiar with Adam Smith’s "Wealth of Nations" and Thomas Sowell’s "Basic Economics." We’ve all studied the “invisible hand” in school and why capitalism is the greatest economic system to ever grace this planet. And if you’re like me, your high school teachers also mentioned some deranged, bearded communist name Karl Marx who scribbled some ramblings about systems that served as the foundation for bloody revolutions and state-sanctioned genocides. My tenth grade teacher told my class of his "Communist Manifesto," likening it to Hitler’s "Mein Kampf" - just a crazy book written by a crazy man. By doing so, my teacher effectively blinded me from what is widely regarded as the most comprehensive critique of capitalism. And this is something that Professor Wolff really hates.
Professor of economics Richard D. Wolff has been saying for decades that while it is perfectly acceptable for grade school teachers to tell their students of the many successes of capitalism, it is also their responsibility to educate them on the flaws and numerous failures of the system. As a Marxian economist, Professor Wolff has a rather unique perspective when it comes to interpreting the last forty years of private capitalism in the United States and the fifty years of state capitalism that preceded it. I think it is fundamentally important for anyone interested in politics or economics to listen to what he has to say not because he’s right and everyone else is wrong, but because he offers a different argument from what is considered conventional thinking. And when observe where we are as a nation, it’s hard to claim that conventional thinking has given us a reality to be proud of. It is the central idea of the “counterargument” that first got me interested in Wolff’s writing and lectures. I strongly believe that anyone wishing to formulate a respectable opinion of economics needs to be acquainted with Wolff’s school of thinking. After all, you don’t exclusively read the five star reviews of items on Amazon before confirming the purchase, do you?
There is not a single reasonable American out there who can look at our current political and economic climate and not think that we can do better. Not a single reasonable American can claim that we are at an ideal place. Professor Wolff has not shied away from this sentiment. And yet, though he has made a career out of synthesizing Marx’s criticisms of capitalism and making them accessible to a wider audience, Wolff has not yet taken a definitive stance on what his ideal society would look like. You should be aware that you won’t have all the answers to the world’s money problems just by reading his work. To me, it’s served better as a jumping-off point for my own opinions.
Luckily for us, Professor Wolff has made his teachings very accessible on the Internet. He has a weekly podcast, "Economic Update," which can be found on iTunes. It’s essentially just him talking about the ongoings of the politico-economic world through a Marxist lens. I have found it to be a great resource for a perspective I won’t find on CNN or Politico. And aside from his numerous lectures made available on YouTube, he also has two websites that offer a wider range of content for people interested in the Left side of economics - rdwolff.com and democracyatwork.info. I have found both to be excellent sources of articles with nontraditional perspectives on American and global economics.
It doesn't take much to find a young millennial who advocates for a socialist state. We’re everywhere - and for the most part, we actually have no idea what we’re talking about. Not because of ignorance, but because of the fact that we’re idealistic college kids. It takes a bit more effort to find an economist who shares those Marxist tendencies. And this guy really knows what he’s talking about. Professor Richard D. Wolff is a great and mostly untapped resource not only for the many millennials who are looking to learn more about Left-leaning economics and politico-economics, but for anyone who wants to have an educated opinion on capitalism as a system and its alternatives.
