Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic

dimensions of our lives and those of our children. I'm your host, Richard Wolfe.

Today's program, in its entirety, is devoted to Marxism.

The works of Karl Marx, the tradition he inspired that has led to many other people around

the world, developing his way of thinking, has led to many practical experiments trying to

apply this way of thinking to making a better world.

I'm going to talk about it because some of you have kindly asked me to explain where I get

the approach to events happening in the world that you hear me talk

about on this program. How do I come to my analyses? Where do I get my inspiration? What is the

approach I take? Well, I thought it might be interesting for you to know, A, where the inspiration comes from,

and B, how exactly that inspiration works to give me the approach that you hear and see me

articulate in the various platforms that I have. So let me begin. Is Karl Marx an influence

on my work? Absolutely. Couldn't be otherwise. Carl Marx, in a way, has an influence on everybody's

work, those who follow and like what he has to say, and those who react badly and try to refute or overcome what he had to say.

Marx is a part of the modern world.

Is Marx the only influence on me? Of course not.

I couldn't do that even if I tried to or imagined I could.

Many other scholars, writers, thinkers, friends, relatives have influenced the way I think.

I don't want to reduce it all to Marx.

That would be inaccurate and silly.

But Marx is not excluded, and that may be the key thing here. I take Marx seriously.

I think he had very important insights to teach us, and I certainly make use of those in the

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