This time Eric welcomes back to the show Marxist economist and author Michael Roberts to discuss the prospects for the global economy amid the COVID-19 pandemic. Eric and Michael begin by discussing whether the virus was an exogenous calamity or merely the tipping point for much deeper structural problems with global production and profitability. From there, Michael explains why Keynesians are wrong in describing “demand crises” when really it’s supply crises that drive economic downturns, and why comparisons of 2020 and 1987 fall flat. The second half of the episode explores the role of oil price collapse and corporate debt in exacerbating the coming depression, and the material reality of life for workers under the dire economic conditions we now face. Lots of ground covered with one of the best economists working today. Don’t miss it!
Music: Dean Wareham – Wayfaring Stranger