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Economic Update - September 13, 2013 at 10:00am

Economic Update, for September 13, 2013 - 10:00am

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What was the name of the song

What was the name of the song played at the end of the show on 9/13/13? I believe it was a Malian or Senegalese woman singing and uptempo song.

The first song played during

The first song played during the first break (c. 31:17) is "This Land Is Your Land" performed by Sharon Jones & The Dap-Kings. (I can't ID the last song, which played after the show ended.)

By the way, Dr. Richard Wolff introduced Paul Krugman as a "Nobel-winning" economist, but the truth is there is no such thing as a Nobel Prize in Economics ( ). What people are deceptively told is the Nobel Prize in Economics is merely the Bank of Sweden Prize masquerading as a Nobel Prize. But since it's awarded by bankers, questions of conflict of interest readily come to mind, especially when considering it's notable recipients include reactionaries (such as Hayek and Friedman) and neoclassical apologists (such as Krugman). Meanwhile, more worthy economists, such as Joan Robinson have been dissed. As my intermediate microeconomic analysis professor has noted, probably as few as four 'Nobel' recipient economists have even deserved any prize at all in economics. (Of course, we're reminded of the problems with the official Nobel Prize anyway, as Obama, after a year in office, was given one for being the most recent figurehead of USA imperialism and drone strikes.)

Finally, it's good Krugman is drawing attention to the colossal loss of output every single day the USA is operating under full capacity or full employment of labour and real resources. But UMKC economists have been saying this for some time and it probably goes back as far as Keynes. Consider this 2012 presentation by UMKC Economics Dept. Chair, Dr. Stephanie Kelton (previously featured on Guns & Butter): Dr. Kelton debunks the myths around the fiscal cliff and claims the USA is broke or in the hole, which Dr. Wolff has called "political theater" on Democracy Now and elsewhere. Then Dr. Kelton discusses the sectoral balances model of macroeconomics, the USAs monetary sovereignty, and the massive self-imposed austerity and economic waste behind the political decision to keep the USA under full employment.

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