“Well, you know, the irony is, it’s one of the bizarre ways an economy works. There was no incentive to take all that money and go in and produce things that might have driven up prices and so on, because the people in America can’t afford to buy it. Our wages have been stagnant. The debts have been so big that people are afraid to borrow the way they once did, even though they still do, but not at the growing scale as before. So, all that extra money kind of went into the stock market to make itself make quick money by buying shares, hoping that they would go up. And if all the rich people who get it into their hands do that kind of thing, you see the stock market go up, but the underlying economy doesn’t go anywhere. And again, after a while, that’s not a sustainable arrangement.”

— Richard D. Wolff

On why hasn’t inflation increased dramatically in the U.S despite the Federal Reserve kept interest rates low.
We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

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Richard D. Wolff18

American economist 1942

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“We have a lot of employment, but the quality of the jobs has collapsed over the last 10 years. The people who work now used to be people who had a job with good income, good benefits and good security. The jobs, overwhelmingly, created have none of those things: low wages—that’s why our wages have gone nowhere; bad benefits—those are shrinking, pensions and so on; and the security is virtually gone. One of our biggest problems in America is people don’t know one week to the next what hours they’re working, what income they’ll get. You can’t have a life like this. So, what we’ve done is we’ve ratcheted down the quality of jobs. We’ve made people use up their savings since the great crash of 2008, so they’re in a bind. They have really no choice but to offer themselves at lower wages or at less benefit or at less security than before, which is why there’s the anger, which is why there was the vote for Mr. Trump in the first place, because this talk of recovery really is about that stock market with the funny money that the Fed Reserve pumped in, but is not about the real lives of people, which are in serious trouble, hence the numbers, like a average American family can’t get a $400 emergency cost because it doesn’t have that kind of money in the background. So, you’ve undone the underlying economy, you have this frothy stock market for the 1 percent, and this is an impossible tension tearing the country apart.”

Richard D. Wolff (1942) American economist

We Need a More Humane Economic System—Not One That Only Benefits the Rich (December 26, 2018)

“If you're trying to get a lot of money and attention and cars and just stuff like that, being in a band is a really bad way to do it, because it takes a lot of work, it's constant work, it's very grueling, and you don't really have time to spend money. So that would probably not even make my top 10 list of ways to make a lot of money, because records aren't selling anymore. The richest musician in America still doesn't even come close to a mid-level athlete.”

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“And this is probably a good place for me to end by just saying that the issue of climate change is a perfect example of why young people have to lead. Because old people, they've created a mess, and then they'll be gone. And then you -- (applause) -- you're the ones who have to deal with it. And also what happens is old people get set in their ways. So the older you get, the more likely you are to say, that's how it's always been so that's how I'm going to keep on doing it -- even if there's a better way to do things. Young people, they're asking, well, why do I have to do it that way? Let's try it this way. And that kind of willingness to accept challenges and try things in a new way, to not be stuck in the past, or to look towards the future, that's what all of you represent.”

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“The way out of this recession, the way to create jobs, is to grow the economy by encouraging investment in factories and equipment, and by speeding up tax relief so people have more money to spend. For the sake of American workers, let's pass a stimulus package.”

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“If that’s the way you want to describe a government that’s going to be active and focused on making sure that we have jobs in our regions, that we have infrastructure that’s well supported and that we’re growing our economy by ensuring that we are investing in our people, then that might be the way you describe it. I describe it as a proactive government – one that’s focused on people.”

Jacinda Ardern (1980) Prime Minister of New Zealand

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“One thing we know about incentives is you can't incent a dead person. No matter what we do, Hawthorne will not produce any more works, [even if] we can give him all the money in the world.”

Lawrence Lessig (1961) American academic, political activist.

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“I certainly didn't expect to find myself in this position a year ago. I've been struck by how hungry we all are for a different kind of politics. So I've spent some time thinking about how I could best advance the cause of change and progress that we so desperately need…The decisions that have been made in Washington these past six years, and the problems that have been ignored, have put our country in a precarious place. America's faced big problems before. But today, our leaders in Washington seem incapable of working together in a practical, commonsense way. Politics has become so bitter and partisan, so gummed up by money and influence, that we can't tackle the big problems that demand solutions.”

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In a video posting, announcing his candidacy for President of the United States (16 January 2007) http://www.barackobama.com/video/from_barack_transcript/ <br class="br">2007

“I've been going a long time now
along the way I've learned some things.

You have to make the good times yourself
take the little times and make them into big times
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“Morality is a matter of money. Poor people cannot afford to have morals. So they have religion.”

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Variant: Maorality is a matter of money. Poor people cannot afford to have morals. So they have religion
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“It makes it easier to get happiness. I do believe in a material world to a certain extent. I think material happiness is quite an important step before you look for spiritual happiness. There are people who think the other way round. They might also be right. But in the kind of education and the world where I have grown up, and we all are growing up, a certain level of consumerism become a reality. (as an answer to the question: Do you think that money can buy happiness?)”

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Richard D. Wolff18

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