Wait, bottled water was the poster child for the “new” green movement??? That’s insane. I remember a time when you just drank the water from your spigot or the hose. Think about the amount of plastic pollution that has come from those bottles. I doubt Lynda does.
As a Man og 62 years of age . I was hoping to be as Smart or even half as smart as Prof. Wolff and Robert Reich . Never stop learning . Only one thing I see the same as they do . This is why I'm so interested in expanding my mind .
In my opinion, I think we will not get any rate cuts until something financially or psychologically breaks in the market. I believe the fed is trying to give it's self room to act when it's appropriate to, however, wall street is trying to bully the fed into a corner. Wall street wants lower rates to boost market valuations at the cost of higher inflation for the average middle class consumer. As how unpopular my opinion may be, I think the market and the economy needs to go through a recession to reset everyones sky high expectations and fix the psychological around the inflation argument.for me Bitcoin is the ultimate defence against a tyrannical government.r.. I would like to thank Seren Wintersun community for being my source of crypto education as I comfortably earned 12.7 BTC. So now I'm ready for New Year.
In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Seren’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.
The same high-yield potential exists in both bullish and bearish situations; what matters is how information and technique are used. Not neglecting professional advice.
The process of trading can be complicated when you have limited knowledge. However, with the right strategy and setups, you can be successful. That's the whole point of investing.
Classical economists saw the efficiency of an economy as one free from rent - feudalism was a rent based economy. Simon Patten (1852 - 1922) was an American economist and the chair of the first Business School in America. He believed that government spending on infrastructure & government ownership of the major service monopolies to be run as non-profits, was the 4th arm of production. This would allow all costs to be much lower. His idea was to lower the cost of living, not to lower wages with a squeeze on workers. How? By placing all the vital monopoly services people need to live, in the hands of the pubic sector, to be run as non profits, or even subsided, but certainly not run as private monopolies. Both workers & businesses would then not have to pay exorbitant monopoly rent for their essential services, making literally everything more affordable, whilst greatly aiding production & making exports far more competitive. If your ride to work costs a nickel not a dollar, you’re happier with what you have - everyone’s a winner - btw in this case 95 cents is monopoly rent & counted in GDP. Maybe we should study the classical economists instead of banning them from university curricula.
Actually that was and has been done...that's how you got here...because there is nothing worse than a government monopoly which already has a monopoly on FORCE! ( see other post explaining it here, ) For this to actually work...one must be able to calculate the TRUE cost ( empirically )...and that has always been the primary problem.
@@jgalt308 It's simpler than that. Rent incudes monopoly rent, bank rent, landlord rent, etc. Interest is rent, it grows exponentially, but the real economy does not. it grows in an S-curve, plateaus out, it cant keep up so you get a crash. The battle between creditors & debtors is as old civilization - the Babylonians periodically cancelled all private debt to restore balance. Rome put an end to all that.
@@Jay...777 Except that is NOT true...only certain debt was canceled and only for a specific reason and ONLY for a specific part of the population.The crowning of a new king doesn't qualify as a reliable concept of periodically. ( and other periods have been used. ) Then there is the motivation for the specific debt cancelation and these were credit systems with the credit issuer being the GOVERNMENT. ( so you are hearing what you want to hear and you think there is something significant being revealed. ) Now, let's deal with what those specifics actually were. This was all connected to the harvest...and the credit was extended to the farmers to be settled at harvest time. ( and extended by merchants to the farmers, for whatever goods and services that were needed between harvests, also to be settled at harvest time. If the harvest was bad, then the farmers could not settle their debts, and it was these debts, and ONLY these debts that were forgiven. The motivation for this policy was to avoid the consequences of a failure and these were collapse or revolt...or the LOSS OF POWER AND CONTROL by the GOVERNMENT. ( and the advantages that having such power conferred including that of survival itself...about as basic a motivation as you can get...but apparently lost in recent times...in developed nations where some people think the world owes them a living.) All of this ( economics ) rests on elements that were beyond the control of humans...determined by nature, and the variability of the two rivers that determined harvests in Mesopotamia. ( and this dynamic plays out in Egypt also ) Now, let's examine the quality of the available evidence used to arrive at the above scenario. The clay tablets which were the first KNOWN evidence of writing...were cuneiform symbols in Sumerian and Babylonian, and there are thousands of them, but those with the ability to understand them, are few...and these are dead languages...so whatever other specific cultural information, etc is minimal. More details are contained in the Assyrian evolution...which emerges a few thousand years later. You can learn more about this from Irving Finkel's work. ( the emergence of written language and what we have REALLY learned from them. ) Since this is a SURVIVAL THING...( and still is Virginia, no matter how much you have convinced yourself it isn't ) and the Assyrians were the first empire, the adoption of "conquest" becomes an obvious step or adaptation in an attempt to ameliorate the effects of nature in all of its variants. ( it doesn't play favorites and neither does the universe, and if we didn't know better...( and we don't ) it doesn't appear to give a damn one way or the other. Coined money makes its appearance around 600 BCE. ( as another adaptation since distance and the normal raping, looting and killing rewards...were needed to counter immediate need vs delayed gratification. ( and we haven't mastered that one either. ) Us vs Them is older than civilization...so all civilization introduces is the ability to gather more of US than THEM...and the rest is history. ( not done yet ) So as much as you want to believe there is some lesson in this debt forgiveness stuff...it's not there...and in capitalism the issue is self-resolving...it's called bankruptcy...and the present problem is that the GOVERNMENT has decided to interfere with this process...because all that theory stuff in your first post...was done by GOVERNMENT with FIAT money, so anything to do with this fake money must be prevented from failing...and as government has used it to expand its own power and control, so it too is now BANKRUPT as is every other country. Since you are a fan of SIMPLE...let's try it ONE MORE TIME. The key component regarding the ownership and control of the means of production is PRODUCTION. The incentive for this production is PROFIT...whose benefits begin with SURVIVAL and then the gradual improvement and control of those resources which improve the probability of that SURVIVAL and the conditions of one's existence. ( see other post here...for an explanation of the present conditions and the ROLE of GOVERNMENT in creating them. )
From Slavery Socioeconomic System to Feudalistic Socioeconomic System and Feudalistic Socioeconomic System to Capitalist Socioeconomic System the change happened while the old one is not capable to provide required growth and the conflict between the Exploiting Class and Exploited Class reached a threshold point. So till there will exist both Exploiting Class and Exploited Class the conflict between them is bound to exist and it will bound to reach to a threshold point. This doesn't depend on the wish of any one, it is normal and natural beyond the control of human.
I think something needs to be stressed here that isn't pointed out enough. The idea that corporations only duty is to serve shareholders has been repeated so often it is now taken as a given, even by many progressive pundits. But as far as I can tell, Milton Friedman made this claim out of whole cloth. There was no historical truth to it, he just pronounced it and "poof" it eventually became common establishment wisdom...
Friedman has recognized and formalized it, but the idea of increasing the value of the shareholders is a direct result of the concept of Capitalism. It was always there and just required someone to put it down in writing.
Greetings Democracy @Work and Richard D. Wolff! Great insights and thanks for all you do to keep us all informed. We just purchased a hard copy of your new book 📕 , Understanding Capitalism via your website. Thanks for sharing.
Ideology is always theoretical if it is related to the future we have not seen, we have to accept it or not, depends on logic, knowledge, past experiences behind it. Once upon a time Dalton's Atomic Theory, Ether etc were accepted purely based on logic, when proven wrong we accepted new one. Marx analyzed past primitive communism, Slavery System, Feudalistic System and existing Capitalist System. No one imposed primitive Communism, Slavery System, Feudalistic System, Capitalist System, Socialist System on Human Society, it is natural and normal process. Disappearence of Capitalism( extreme form Imperialism) will also be a Natural and Normal Process. Initially Imperialism used to export goods as it was natural and normal during initial stage of Imperialism which was not as per wish of any one, at present Imperialism export capital as natural and normal process at its developed and final state which is not as per wish of any one.
Capitalism has nothing to do with imperialism...that is a function of government...nor does capitalism include or preclude the role of government. ( for the role of government and any problems you might have with capitalism...see the "other post" here that explains it. )
I didn't have to take this long detour. I'm a citizen of the former GdR. The very basics of the theory of the capitalist economy and political system was taught to every student in our schools. Furthermore, lessons on the political economy of capitalism and socialism were part of the courses at every college in every subject, inevitably, for a good reason.
Karl Marx and Adam Smith never saw a planned obsolescence economy. Keynes never saw a television commercial for an automobile. But Marx used the word 'depreciation' 35 times in the first two volumes of Das Kapital though cars had not been invented. ChatGPT says 650+ million cars have been made in the United States since 1950. Where did the depreciation go? Economists do not talk about the NET Domestic Product. Adam Smith never heard of it but he wrote read "write and ACCOUNT" multiple times in Wealth of Nations. He used the word 'education' EIGHTY Times. So why isn't EveryBody advocating mandatory accounting in the schools? That could have been done since Sputnik.
No one from D@W reads the comments...and you have to PAY for the CHANCE that your question MIGHT be selected. None of those claiming to be educated by D@W answer questions either...nor do they ask them.
@@jgalt308 wrote "No one from D@W reads the comments" Is that why 2 hours ago (scroll up a couple of comments) you wrote your entire friggin' life story? TOTALLY DEMOLISHED THE LITTLE FREAK !!!
@@psikeyhackr6914 What capitalists are in charge of the schools? Last time I checked the DEPT of Education and the teacher's unions run the schools. Capitalism doesn't involve government...it's the PRIVATE ownership of the means of production.
What would happen if we replaced the boards of directors of the 50 biggest concentrations of assets with people chosen at random, like jurors, and instructed to act in the best interests of the company, in line with the public interest, but prohibited from profiting from the corporations they direct?
@@Nemesisnxt Absolutely BRILLIANT thinking Numbskull (I mean Nemesisnxt). It's easy to see why everyone here considers you such a genius. (do you think he fell for it?)
Thanks for the analysis! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
To my opinion to understand the actual problem of Capitalism which is within Capitalism it self is how generated value is being distributed, the Labour Force who r generating value, the investor or Capitalist Group, the owners of generated value, profits, capital, means of production but don't generate value though receive a portion of value ( generally as dividend etc) and the portion which is converted to enhance capital ( dead generated value). Actually the Labour Force don't get any portion of generated value, the get the price of sold Labour.
Again, NOT TRUE. The labor gets paid first...before any profit has been realized. The mythology of socialism ( and that of the no true socialism fallacy ) is that all ventures produce a profit. Amazon, which was a marketing solution to the increased cost of production as a result of "fiat" money printing which began in 1934...went years without producing a profit. It does NOT pay dividends, so the only means of profit taking for anyone who invested in them was the appreciation in the price of the stock. To realize this gain, you have to sell the stock...and pay the capital gains tax on the profit. There is no inflation adjustment for the loss of purchasing power that has occurred between the fiat dollars you paid for the stock, and the fiat dollars you received for selling it.
There is no basic difference between Intellectual Labour Force and Manual Labour Force. Both sell their Labour, Generate Values but don't have right on generated value, profits, capital, means of production, even the Labour they have already sold.
They say Musk is "worth" over 400 billion dollars. That is (over) a four with eleven zeros to the right before you reach the decimal place. If you say he added $10,000 of value to the world each day (I like $10,000 for this because while a large sum for most Americans, it IS a sum most Americans can grasp the value of) How long would Musk have had to increased the value of the world $10,000/day to reach a "worth" to the world of $400 Billion? Well. divide the value by the daily contribution (10k) to reduce it to the number of days he must do that and you get 40 Million days. Divide 40 Million days by the number of days in a year (365.25) and you find he would have had to add $10,000.00 per day to the value of society for 109,514 Years to have made, or earned, 400 Billion dollars. That is to say he started contributing $10,000.00 a day to the value of Human Society almost 100,000 years BEFORE Agricultural societies began. Do YOU believe he has added that much value? Do you believe he has added anywhere close to that? Do you think many people on earth would believe that? Nobody EARNS a billion dollars. They EXTRACT it from the value productively working people create. There IS a point at which there is no denying wealth is theft. Nobody EARNS even a single a billion dollars. To get that much, They EXTRACT (steal) it.
😂 Yes, he has added that much value. You know how I know, because consumer and investors have voted democratically with their money to say that he has.
Since you like math, you need to divide 400 billion by 42, which works out to 9.92 billion...that's how much 400 billion is worth in 1974 dollars. The theft would be those who devalued what the fake money could buy, by printing it.
Marx understood that "money is a commodity"...as of 1934 money ceased being a commodity...therefor any discussion that does not acknowledge this fact, and that GOVERNMENT is responsible for this... has nothing to value to contribute to any discussion.
She's trying to get re-elected by appearing to compromise with the right wing. This is how the country has gone down the drain. You can't compromise with a lion when your head is in it's mouth, no matter what you believe.
Marxism is an Ideology based on Scientific Analysis of different Socioeconomic System we experienced so far. Marxism is out of emotion but Human Society is not out of emotions, that's why while it is being implemented those Human Factors to be affected which should be avoided. Except premitive Communism we don't have seen Communism so far. We have seen Socialist Socioeconomic System in USSR in past now in China. Socialist Socioeconomic System is a fluid state between Capitalism and Communism, it can turn in to either sides. If CPC learned from fall of USSR, takes proper protective action, then it can protect Socialism for longer duration even up to the stage of Communism. So far no Socioeconomist logically find out any flaws in Marxism, though a number of Socioeconomist tried to prove Marxism wrong without using proper scientific analysis even using the emotional part of Human Characteristics though emotion has no value in scientific analysis.
@ I did. It is meaningless in the context used here. Exactly the kind of academically amorphous critique of a former socialist government that I would expect from a Marxist academic egg head.
@@clive-live Oh NO!!!...another of Wolff's fellow travelers chimes in...ya know...Marxists, Gypsies.. the unemployed, felons, pickpockets.....beatnicks... malcontents...nair do wells . drug fiends and democrats.
That's because Friedman said to hell with everyone else. The man didn't think a doctor should be licensed because it allowed them to make more than the average professional, among other really stupid ideas. He constantly played what makes sense for everybody up against what made money for the few. A master of confusion, just like who is now coming to power. Shock and awe economics, for goodness sakes.
155 lakh crore ka India ki Janta ke ooper Karz hai ---- 15 se 20 lakh crore ka Businessmen aur Industrialists ka NPA maaf kar diya --- When Pranab Mukherjee was the Finance minister -- 47 lakh crores were written off --- and the rupee plunged from 43 to 64 rs per dollar ---- Basically the Indian Economy is standing on the hard earned money sent in dollars by NRI's working in the Gulf -- America and Europe --- States like UP are taking a major chunk of money and producing nothing --- except hate against Muslims ---- See our Politicians and their Royal Mansions -- One HUL from Trump and the ruppee is shaky --- imagine what will happen if he really starts deporting Indians ----
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](http://i.ytimg.com/vi/eU-AkeOyiOQ/mqdefault.jpg)
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](/img/tr.png)
Big up the Wolff man as always.
Thank you professor
Always enjoy your shows. Greetings from Ireland
Greeting from the United States
Wait, bottled water was the poster child for the “new” green movement??? That’s insane. I remember a time when you just drank the water from your spigot or the hose. Think about the amount of plastic pollution that has come from those bottles. I doubt Lynda does.
I love Dialectic at Work!
As a Man og 62 years of age . I was hoping to be as Smart or even half as smart as Prof. Wolff and Robert Reich .
Never stop learning . Only one thing I see the same as they do . This is why I'm so interested in expanding my mind .
@@spanky7277 If you think either of them is smart, you have stopped learning.
I bought your book Professor wolf. Haven’t read it but it’s in my Queue
I have a copy x
Dialectic at work is a great program. Looking forward to a new episode.❤from the Netherlands
In my opinion, I think we will not get any rate cuts until something financially or psychologically breaks in the market. I believe the fed is trying to give it's self room to act when it's appropriate to, however, wall street is trying to bully the fed into a corner. Wall street wants lower rates to boost market valuations at the cost of higher inflation for the average middle class consumer. As how unpopular my opinion may be, I think the market and the economy needs to go through a recession to reset everyones sky high expectations and fix the psychological around the inflation argument.for me Bitcoin is the ultimate defence against a tyrannical government.r.. I would like to thank Seren Wintersun community for being my source of crypto education as I comfortably earned 12.7 BTC. So now I'm ready for New Year.
@Serenwintersun
In a field as rapidly evolving as cryptocurrency, staying updated is crucial. Seren’s continual research and adaptation to the latest market changes have been instrumental in helping me make informed decisions.
Always backup your trading with a good strategy.
The same high-yield potential exists in both bullish and bearish situations; what matters is how information and technique are used. Not neglecting professional advice.
The process of trading can be complicated when you have limited knowledge. However, with the right strategy and setups, you can be successful. That's the whole point of investing.
as a global south person living in the north, this interview hit home!
The irony of Musk complaining about drug use amongst the homeless all the while he recreationally takes ketamine and goes on tangents on Twitter.
The invisible hand of capitalism hascturned into an invisible slap to workers
It always was though
Shame that capitalism didn't exist when the invisible hand thing made its debut!
No it didn’t
Thank you Shahram Azhar & Professor Wolff
Thank you
Classical economists saw the efficiency of an economy as one free from rent - feudalism was a rent based economy.
Simon Patten (1852 - 1922) was an American economist and the chair of the first Business School in America. He believed that government spending on infrastructure & government ownership of the major service monopolies to be run as non-profits, was the 4th arm of production. This would allow all costs to be much lower. His idea was to lower the cost of living, not to lower wages with a squeeze on workers. How? By placing all the vital monopoly services people need to live, in the hands of the pubic sector, to be run as non profits, or even subsided, but certainly not run as private monopolies. Both workers & businesses would then not have to pay exorbitant monopoly rent for their essential services, making literally everything more affordable, whilst greatly aiding production & making exports far more competitive. If your ride to work costs a nickel not a dollar, you’re happier with what you have - everyone’s a winner - btw in this case 95 cents is monopoly rent & counted in GDP. Maybe we should study the classical economists instead of banning them from university curricula.
Actually that was and has been done...that's how you got here...because there is nothing worse than a government monopoly
which already has a monopoly on FORCE! ( see other post explaining it here, )
For this to actually work...one must be able to calculate the TRUE cost ( empirically )...and that has always been the primary problem.
@@jgalt308 It's simpler than that. Rent incudes monopoly rent, bank rent, landlord rent, etc. Interest is rent, it grows exponentially, but the real economy does not. it grows in an S-curve, plateaus out, it cant keep up so you get a crash.
The battle between creditors & debtors is as old civilization - the Babylonians periodically cancelled all private debt to restore balance. Rome put an end to all that.
@@Jay...777 Except that is NOT true...only certain debt was canceled and only for a specific reason and ONLY for a specific part of the population.The crowning of a new king doesn't qualify as a reliable concept of periodically. ( and other periods have been used. ) Then there is the motivation for the specific debt cancelation and these were credit systems with the credit issuer being the GOVERNMENT. ( so you are hearing what you want to hear and you think there is something significant being revealed. )
Now, let's deal with what those specifics actually were. This was all connected to the harvest...and the credit was extended to the farmers to be settled at harvest time. ( and extended by merchants to the farmers, for whatever goods and services that were needed between harvests, also to be settled at harvest time. If the harvest was bad, then the farmers could not settle their debts, and it was these debts, and ONLY these debts that were forgiven. The motivation for this policy was to avoid the consequences of a failure
and these were collapse or revolt...or the LOSS OF POWER AND CONTROL by the GOVERNMENT. ( and the advantages that having such power conferred including that of survival itself...about as basic a motivation as you can get...but apparently lost in recent times...in developed nations where some people think the world owes them a living.)
All of this ( economics ) rests on elements that were beyond the control of humans...determined by nature, and the variability of the two rivers that determined harvests in Mesopotamia. ( and this dynamic plays out in Egypt also )
Now, let's examine the quality of the available evidence used to arrive at the above scenario. The clay tablets which were the first KNOWN evidence of writing...were cuneiform symbols in Sumerian and Babylonian, and there are thousands of them, but those with the ability to understand them, are few...and these are dead languages...so whatever other specific cultural information, etc is minimal. More details are contained in the Assyrian evolution...which emerges a few thousand years later. You can learn more about this from
Irving Finkel's work. ( the emergence of written language and what we have REALLY learned from them. )
Since this is a SURVIVAL THING...( and still is Virginia, no matter how much you have convinced yourself it isn't ) and the Assyrians were the first empire, the adoption of
"conquest" becomes an obvious step or adaptation in an attempt to ameliorate the effects of nature in all of its variants. ( it doesn't play favorites and neither does the universe,
and if we didn't know better...( and we don't ) it doesn't appear to give a damn one way or the other. Coined money makes its appearance around 600 BCE. ( as another adaptation since distance and the normal raping, looting and killing rewards...were needed to counter immediate need vs delayed gratification. ( and we haven't mastered that one either. )
Us vs Them is older than civilization...so all civilization introduces is the ability to gather more of US than THEM...and the rest is history. ( not done yet )
So as much as you want to believe there is some lesson in this debt forgiveness stuff...it's not there...and in capitalism the issue is self-resolving...it's called bankruptcy...and
the present problem is that the GOVERNMENT has decided to interfere with this process...because all that theory stuff in your first post...was done by GOVERNMENT with FIAT money, so anything to do with this fake money must be prevented from failing...and as government has used it to expand its own power and control, so it too is now BANKRUPT as is every other country.
Since you are a fan of SIMPLE...let's try it ONE MORE TIME. The key component regarding the ownership and control of the means of production is PRODUCTION. The incentive for this production is PROFIT...whose benefits begin with SURVIVAL and then the gradual improvement and control of those resources which improve the probability of that SURVIVAL
and the conditions of one's existence. ( see other post here...for an explanation of the present conditions and the ROLE of GOVERNMENT in creating them. )
@@Jay...777 The reply here was , of course, blocked...will try "new post" ...select new to view and respond...
Big contrast from what you hear in commercial news programs where talking heads paint a positive picture of the economy.
From Slavery Socioeconomic System to Feudalistic Socioeconomic System and Feudalistic Socioeconomic System to Capitalist Socioeconomic System the change happened while the old one is not capable to provide required growth and the conflict between the Exploiting Class and Exploited Class reached a threshold point.
So till there will exist both Exploiting Class and Exploited Class the conflict between them is bound to exist and it will bound to reach to a threshold point.
This doesn't depend on the wish of any one, it is normal and natural beyond the control of human.
Catchy theme song
Wow! Wow! It is so wonderful to hear the stupidity of the richest man in the world speak of homelessness.
I think something needs to be stressed here that isn't pointed out enough. The idea that corporations only duty is to serve shareholders has been repeated so often it is now taken as a given, even by many progressive pundits. But as far as I can tell, Milton Friedman made this claim out of whole cloth. There was no historical truth to it, he just pronounced it and "poof" it eventually became common establishment wisdom...
Friedman has recognized and formalized it, but the idea of increasing the value of the shareholders is a direct result of the concept of Capitalism. It was always there and just required someone to put it down in writing.
Greetings Democracy @Work and Richard D. Wolff! Great insights and thanks for all you do to keep us all informed. We just purchased a hard copy of your new book 📕 , Understanding Capitalism via your website. Thanks for sharing.
Go the nurses ❤
Ideology is always theoretical if it is related to the future we have not seen, we have to accept it or not, depends on logic, knowledge, past experiences behind it.
Once upon a time Dalton's Atomic Theory, Ether etc were accepted purely based on logic, when proven wrong we accepted new one.
Marx analyzed past primitive communism, Slavery System, Feudalistic System and existing Capitalist System.
No one imposed primitive Communism, Slavery System, Feudalistic System, Capitalist System, Socialist System on Human Society, it is natural and normal process.
Disappearence of Capitalism( extreme form Imperialism) will also be a Natural and Normal Process.
Initially Imperialism used to export goods as it was natural and normal during initial stage of Imperialism which was not as per wish of any one, at present Imperialism export capital as natural and normal process at its developed and final state which is not as per wish of any one.
Capitalism has nothing to do with imperialism...that is a function of government...nor does capitalism include or preclude the role of government.
( for the role of government and any problems you might have with capitalism...see the "other post" here that explains it. )
@@jgalt308
Let me guess jgalt is a sock puppet for nemesisnxt.
I know, I know, I'm a friggin' genius.
TIME TO SWITCH PUPPETS !!!
@@TheTerminator-1 Just imagine how much more interesting the world will be when you figure out what the words mean.
I didn't have to take this long detour. I'm a citizen of the former GdR.
The very basics of the theory of the capitalist economy and political system was taught to every student in our schools.
Furthermore, lessons on the political economy of capitalism and socialism were part of the courses at every college in every subject,
inevitably, for a good reason.
Karl Marx and Adam Smith never saw a planned obsolescence economy. Keynes never saw a television commercial for an automobile.
But Marx used the word 'depreciation' 35 times in the first two volumes of Das Kapital though cars had not been invented.
ChatGPT says 650+ million cars have been made in the United States since 1950. Where did the depreciation go?
Economists do not talk about the NET Domestic Product. Adam Smith never heard of it but he wrote read "write and ACCOUNT" multiple times in Wealth of Nations. He used the word 'education' EIGHTY Times.
So why isn't EveryBody advocating mandatory accounting in the schools? That could have been done since Sputnik.
No one from D@W reads the comments...and you have to PAY for the CHANCE that your question MIGHT be selected. None of those claiming to be educated by D@W answer
questions either...nor do they ask them.
@@jgalt308 wrote "No one from D@W reads the comments"
Is that why 2 hours ago (scroll up a couple of comments)
you wrote your entire friggin' life story?
TOTALLY DEMOLISHED THE LITTLE FREAK !!!
Obviously socialism doesn't require any real knowledge.
@jgalt308
Where are the Capitalists advocating mandatory accounting in the schools?
@@psikeyhackr6914 What capitalists are in charge of the schools? Last time I checked the DEPT of Education and the teacher's unions run the schools.
Capitalism doesn't involve government...it's the PRIVATE ownership of the means of production.
Thank You Professors.
Merci !
Very polite presentation 😅
Shahram is a very good singer as well. He used to sing for the band called laal which mean red
Very good to see you after so many years @shahram.
The commies are getting desperate...7 days left.
thanks prof wolff!
What would happen if we replaced the boards of directors of the 50 biggest concentrations of assets with people chosen at random, like jurors, and instructed to act in the best interests of the company, in line with the public interest, but prohibited from profiting from the corporations they direct?
What if we elected a random person to oversee your financial and lifestyle decisions.
@@Nemesisnxt
Absolutely BRILLIANT thinking Numbskull (I mean Nemesisnxt).
It's easy to see why everyone here considers you such a genius.
(do you think he fell for it?)
🇫🇮♥& has the new book "Understanding Capitalism".
Kapiolani, you were correct
Thanks for the analysis! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Elon Musk the answer to homelessness is an affordable home, or howmany are you willing to contribute?. For Free
Excellent!.
Share
Love the book❤❤❤
To my opinion to understand the actual problem of Capitalism which is within Capitalism it self is how generated value is being distributed, the Labour Force who r generating value, the investor or Capitalist Group, the owners of generated value, profits, capital, means of production but don't generate value though receive a portion of value ( generally as dividend etc) and the portion which is converted to enhance capital ( dead generated value).
Actually the Labour Force don't get any portion of generated value, the get the price of sold Labour.
Again, NOT TRUE. The labor gets paid first...before any profit has been realized. The mythology of socialism ( and that of the no true socialism fallacy ) is that all ventures produce a
profit. Amazon, which was a marketing solution to the increased cost of production as a result of "fiat" money printing which began in 1934...went years without producing a profit.
It does NOT pay dividends, so the only means of profit taking for anyone who invested in them was the appreciation in the price of the stock. To realize this gain, you have to sell the stock...and pay the capital gains tax on the profit. There is no inflation adjustment for the loss of purchasing power that has occurred between the fiat dollars you paid for the stock,
and the fiat dollars you received for selling it.
👍🌹
Another insightful analysis from both professor Wolff & Ahzam.
There is no basic difference between Intellectual Labour Force and Manual Labour Force.
Both sell their Labour, Generate Values but don't have right on generated value, profits, capital, means of production, even the Labour they have already sold.
Capitalism - a long excuse on why few AH shall own most of the planetary resources.
They say Musk is "worth" over 400 billion dollars. That is (over) a four with eleven zeros to the right before you reach the decimal place. If you say he added $10,000 of value to the world each day (I like $10,000 for this because while a large sum for most Americans, it IS a sum most Americans can grasp the value of) How long would Musk have had to increased the value of the world $10,000/day to reach a "worth" to the world of $400 Billion? Well. divide the value by the daily contribution (10k) to reduce it to the number of days he must do that and you get 40 Million days. Divide 40 Million days by the number of days in a year (365.25) and you find he would have had to add $10,000.00 per day to the value of society for 109,514 Years to have made, or earned, 400 Billion dollars. That is to say he started contributing $10,000.00 a day to the value of Human Society almost 100,000 years BEFORE Agricultural societies began. Do YOU believe he has added that much value? Do you believe he has added anywhere close to that? Do you think many people on earth would believe that? Nobody EARNS a billion dollars. They EXTRACT it from the value productively working people create. There IS a point at which there is no denying wealth is theft. Nobody EARNS even a single a billion dollars. To get that much, They EXTRACT (steal) it.
😂 Yes, he has added that much value. You know how I know, because consumer and investors have voted democratically with their money to say that he has.
Disagree with me? Great, don’t buy a Tesla, don’t invest in his companies. Now you have voted to say he’s not worth it.
Since you like math, you need to divide 400 billion by 42, which works out to 9.92 billion...that's how much 400 billion is worth in 1974 dollars.
The theft would be those who devalued what the fake money could buy, by printing it.
Life Began with the people not the money . Is that the same of , what came first the chicken or the egg ?
Marx understood that "money is a commodity"...as of 1934 money ceased being a commodity...therefor
any discussion that does not acknowledge this fact, and that GOVERNMENT is responsible for this...
has nothing to value to contribute to any discussion.
Always Be Closing....( First prize is a Cadillac Eldorado. )
Last 4 years I made 2 suggestions none were implemented any difference this time, I think not.
Sharam is gorgeous n the full package
LOL no, he looks like he's high.
Eww
🇦🇺❤️👍👍👍💯❤️🇦🇺
That’s what Warren always does, which makes me doubt she actually means well
She's trying to get re-elected by appearing to compromise with the right wing. This is how the country has gone down the drain. You can't compromise with a lion when your head is in it's mouth, no matter what you believe.
He is from Pakistan. Me too thank you.
*_Che emergence of Marxism be a solution to Capitalism?_
Marxism is an Ideology based on Scientific Analysis of different Socioeconomic System we experienced so far. Marxism is out of emotion but Human Society is not out of emotions, that's why while it is being implemented those Human Factors to be affected which should be avoided.
Except premitive Communism we don't have seen Communism so far.
We have seen Socialist Socioeconomic System in USSR in past now in China.
Socialist Socioeconomic System is a fluid state between Capitalism and Communism, it can turn in to either sides.
If CPC learned from fall of USSR, takes proper protective action, then it can protect Socialism for longer duration even up to the stage of Communism.
So far no Socioeconomist logically find out any flaws in Marxism, though a number of Socioeconomist tried to prove Marxism wrong without using proper scientific analysis even using the emotional part of Human Characteristics though emotion has no value in scientific analysis.
There was very little science to be had in the late 19th century...
There is nothing scientific about Marxist bullshit.
Jimmy.
Page?
woke
Lets all "re-imagine" Marxism, ...............without the mountains of dead bodies...
Marxism is an idea. How others respond to this idea is a human problem, as history suggests
@@clive-live And history suggests your vile ideology leads to mass murder...
Capitalism has more dead bodies, what's your point?
Smh... no made in pakistan shirts unless thry pay workers.
Senator Warren knows her economics well .
What the hell is “economic essentialism”?
Look it up. It’s worth it.
@ I did. It is meaningless in the context used here. Exactly the kind of academically amorphous critique of a former socialist government that I would expect from a Marxist academic egg head.
🩵🩵🩵
I don't think Friedman ever said a corporation taking care of shareholders would help everybody else. (but go ahead with your strawman Mr Wolff.. )
A collective term for those who are already wealthy?
@@clive-live Oh NO!!!...another of Wolff's fellow travelers chimes in...ya know...Marxists, Gypsies.. the unemployed, felons, pickpockets.....beatnicks... malcontents...nair do wells . drug fiends and democrats.
That's because Friedman said to hell with everyone else. The man didn't think a doctor should be licensed because it allowed them to make more than the average professional, among other really stupid ideas. He constantly played what makes sense for everybody up against what made money for the few. A master of confusion, just like who is now coming to power. Shock and awe economics, for goodness sakes.
don't forget to tell us Russia is going to win their war so you can get that Putin cheese.
155 lakh crore ka India ki Janta ke ooper Karz hai ---- 15 se 20 lakh crore ka Businessmen aur Industrialists ka NPA maaf kar diya --- When Pranab Mukherjee was the Finance minister -- 47 lakh crores were written off --- and the rupee plunged from 43 to 64 rs per dollar ---- Basically the Indian Economy is standing on the hard earned money sent in dollars by NRI's working in the Gulf -- America and Europe --- States like UP are taking a major chunk of money and producing nothing --- except hate against Muslims ---- See our Politicians and their Royal Mansions -- One HUL from Trump and the ruppee is shaky --- imagine what will happen if he really starts deporting Indians ----