The rational approach is to ask which works better in an industry or to meet any social need: private enterprise or government enterprise. It is irrational and dogmatic to think only one or the other is allowed. For 100 years we have wasted time debating which is good and which bad. It's time to move on. Let's talk less about macro-issues like private vs public and more about the micro issue: what is the best way to organize enterprises (factories, offices, and stores): top-down hierarchical or democratic. That could bring much-needed change and improvement to today's economic systems.

We hope you enjoy this discussion and look forward to joining you next week for another all-new episode of Economic Update.

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Professor Wolff's latest book, "Understanding Capitalism," is available now for purchase: https://linktr.ee/understandingcapita...