Democracy at Work has a list of Economic Updates. The one I want to focus on today is on YouTube with the title Economic Update: The Rational & Irrational in Anti-Vaxxers.
Richard D. Wolff breaks down why so many in the United States distrust government mandates and the long history of private, medical capitalism influencing our public health. While the suspicion is well-founded, he answers what we must do to protect ourselves from COVID-19 and build a better society in the future.
I came to this episode by seeing a snippet of it just about the first topic about vaccines. When the snippet seemed to end abruptly, I felt sure that they had edited out the finish to that topic. So I looked up this video of the entire episode of Economic Update.
On many of the topics covered today, Prof. Wolff leaves us hanging. He tells us about problems and how we got to have these problems, but he doesn’t offer any alternative. If you can find someone to blame for a problem, getting rid of that cause may not lead to its solution. What is the solution that follows getting rid of today’s causes?
One of the things he fails to mention is that the rules and the enforcement of those rules in the USA economy has made it more profitable to ship manufacturing jobs to other countries while turning to extracting economic rent as a way to make money. The cost of labor in the USA is high because our workers have all this “rent” to pay. If we changed the rules so that manufacturing was more profitable than rent extraction, businesses would go back to focusing on manufacturing. If we cut out the rent seeking, our cost of labor could be more competitive.