On the 202nd birth anniversary of Karl Marx, I have finished listening to this wonderfully educative lecture series. The language used by Prof. Wolff is accessible and comprehensible. This is absolute gold. Thank you very much, Prof. Wolff.
Marvelous work...I am a big fan Dr. Wolff. I think tremendous changes to our society would happen if the majority of people looked at their daily lives in terms of the Marxist theory of surplus value.
Dr Wolff, thank you for giving of your time and expertise. You are an excellent and very gifted teacher. Clearly explaining concepts that other economists muddy up. Please consider doing a series (if you haven't already) which involves another economist. A debate of ideas, I think someone that challenges you would be very educational for your audience. thank you again...I will now go watch another of your series.
A wonderful, insightful series. It’s so sad so few have viewed this. The summation at the end is particularly poignant. If we don’t see this for what it is, well meaning people will attempt reforms and we will do it all again. Sure enough, seven years later, all those reforms were undone, and we’re in the worst economic crisis since the Great Depression. The only difference is now we have 90,000 dead as well.
The changes in conditions described by Professor Wolff are important in terms of the depth and duration of our economic dislocations. However, they simply accelerate and exacerbate the built-in systemic instability of a rentier-driven societal structure. The organization Redefining Progress developed a different statistical measurement of well-being in our society. This "Genuine Progress Indicator" showed that the quality of life in the U.S. peaked around 1978. Wealth and income were already becoming more and more concentrated. Some economists wrote about why this was occurred but were ignored. With women entering the workforce (and in many cases establishing single person households) the competition for housing increased far faster than builders could find land, obtain approvals and construct new housing units. Land prices climbed and climbed, so that land acquisition in many metropolitan markets amounted to more than half of the total cost of a residential property. Absent a fundamental change in how government at all levels raises its revenue to pay for public goods and services, the boom-to-bust character of our economic system (call it capitalism if you must) will only get worse as income and wealth become increasingly concentrated. As Henry George argued over a century ago, we must capture the full potential rental value of land, of natural resources and all land-like assets (e.g., the broadcast spectrum or even take-off and landing slots at airports) IF we are to change the course of history to eventually achieve a full employment society and eliminate poverty. Edward J. Dodson, M.L.A. Director School of Cooperative Individualism www.cooperative-individualism.org
IIRC an NPR segment that reported that when the wife quit her job, they found the drop in expenses more than compensated for the lost income. In some cases, both parents working does not lead to improved finances.
Great series. It paints a vivid picture of america that there are only 1118 hits on a video that affects everyone's life considerably when waste-of-life videos hit in the millions. I believe the neglect of a proper education, whether it be self-imposed or state-imposed, is at the root of any economic problem. I think it should also be mentioned that the proletarian doesn't produce the entire surplus, machines do as well. Furthermore, the capitalist takes on much more risk than the worker. Perhaps an additional expense, imposed by legal stipulation, for the capitalist could be a prorated wage bonus (that doesn't seem like the best word choice) in proportion to increases in surplus that is given back to the worker so they can share in the surplus' marginal expansion. But capitalism is out of control and with the wealth gap increasing, either a revolution will ensue or the U.S will become a police state economy. I look forward to the future with an even mix of anticipation and apprehension.
I'm not an economist, but it seems that their risk can be considered overhead. (In many cases it could be insured against entirely, for a monthly premium, making it simple overhead.) And, owners aren't alone in taking risks... Workers risk getting laid off, dying in industrial fires, suffering career ending injuries, chronic toxic exposure, workplace violence, and occupational hazards of many more kinds. Taxi drivers for instance literally risk their lives, while their bosses risk only their insurance deductibles and/or potential profits - and many thousands of similar examples. Obviously a rational actor would rather risk some potential future earnings than their entire existential future - if they had a choice - or if they knew they had a choice. It might seem okay to put the blame on an individual taxi driver for not starting his own business - but capitalism couldn't exist at all if everyone was an entrepreneur. There'd be no surplus.
You say they're "waste of time" videos, but isn't this desire for entertainment simply a result of capitalism, nothing personally wrong with the people themselves?
Haha. Try to compare working hours per week/month of working class between the US and China or any other Asian countries. You'll find Americans happy enough.
You obviously are not getting the freaking point. 😂 He clearly explained how Americans got fucked. They made real wages generally static for the last 40 years while profit consistently rose...that means surplus value has increased at record rates for around 40 years. 😂 How do you not get this? And I'm not so sure if you can calculate it so easily. Have you been to asian countries?
On the 202nd birth anniversary of Karl Marx, I have finished listening to this wonderfully educative lecture series. The language used by Prof. Wolff is accessible and comprehensible. This is absolute gold. Thank you very much, Prof. Wolff.
Marvelous work...I am a big fan Dr. Wolff. I think tremendous changes to our society would happen if the majority of people looked at their daily lives in terms of the Marxist theory of surplus value.
Dr Wolff, thank you for giving of your time and expertise. You are an excellent and very gifted teacher.
Clearly explaining concepts that other economists muddy up.
Please consider doing a series (if you haven't already) which involves another economist.
A debate of ideas, I think someone that challenges you would be very educational for your audience. thank you again...I will now go watch another of your series.
Excellent series. Keep it comming, Dr. Wolff!
A wonderful, insightful series. It’s so sad so few have viewed this. The summation at the end is particularly poignant. If we don’t see this for what it is, well meaning people will attempt reforms and we will do it all again. Sure enough, seven years later, all those reforms were undone, and we’re in the worst economic crisis since the Great Depression. The only difference is now we have 90,000 dead as well.
Hi from the future, we're up to nearly 300,000! Breadlines are now a reality!
amazing job..Thanks Dr. Wolff..enjoyed every minute of all your sessions
Informative. Thanks for uploading. I wish he'd elaborated on how it is that mainstream economists refuse to accept the existence of the surplus
The changes in conditions described by Professor Wolff are important in terms of the depth and duration of our economic dislocations. However, they simply accelerate and exacerbate the built-in systemic instability of a rentier-driven societal structure.
The organization Redefining Progress developed a different statistical measurement of well-being in our society. This "Genuine Progress Indicator" showed that the quality of life in the U.S. peaked around 1978. Wealth and income were already becoming more and more concentrated. Some economists wrote about why this was occurred but were ignored. With women entering the workforce (and in many cases establishing single person households) the competition for housing increased far faster than builders could find land, obtain approvals and construct new housing units. Land prices climbed and climbed, so that land acquisition in many metropolitan markets amounted to more than half of the total cost of a residential property.
Absent a fundamental change in how government at all levels raises its revenue to pay for public goods and services, the boom-to-bust character of our economic system (call it capitalism if you must) will only get worse as income and wealth become increasingly concentrated. As Henry George argued over a century ago, we must capture the full potential rental value of land, of natural resources and all land-like assets (e.g., the broadcast spectrum or even take-off and landing slots at airports) IF we are to change the course of history to eventually achieve a full employment society and eliminate poverty.
Edward J. Dodson, M.L.A.
Director
School of Cooperative Individualism
www.cooperative-individualism.org
Absolutely fantastic lecture, the best explanation of concepts I've found yet
Splendid series of lectures. Prof. Wolff is very charismatic and comprehensible educator. However, the sound quality of the recording is rather poor.
Great series. Thank you !
Thank you for posting!
IIRC an NPR segment that reported that when the wife quit her job, they found the drop in expenses more than compensated for the lost income. In some cases, both parents working does not lead to improved finances.
10：16 who can explain the talk? I'm very confused cause there are no subtitles.
there were many more sessions, they disappeared! Could you please upload them back?
did you find them?
Great series. It paints a vivid picture of america that there are only 1118 hits on a video that affects everyone's life considerably when waste-of-life videos hit in the millions. I believe the neglect of a proper education, whether it be self-imposed or state-imposed, is at the root of any economic problem. I think it should also be mentioned that the proletarian doesn't produce the entire surplus, machines do as well. Furthermore, the capitalist takes on much more risk than the worker. Perhaps an additional expense, imposed by legal stipulation, for the capitalist could be a prorated wage bonus (that doesn't seem like the best word choice) in proportion to increases in surplus that is given back to the worker so they can share in the surplus' marginal expansion. But capitalism is out of control and with the wealth gap increasing, either a revolution will ensue or the U.S will become a police state economy. I look forward to the future with an even mix of anticipation and apprehension.
I'm not an economist, but it seems that their risk can be considered overhead. (In many cases it could be insured against entirely, for a monthly premium, making it simple overhead.)
And, owners aren't alone in taking risks... Workers risk getting laid off, dying in industrial fires, suffering career ending injuries, chronic toxic exposure, workplace violence, and occupational hazards of many more kinds. Taxi drivers for instance literally risk their lives, while their bosses risk only their insurance deductibles and/or potential profits - and many thousands of similar examples. Obviously a rational actor would rather risk some potential future earnings than their entire existential future - if they had a choice - or if they knew they had a choice.
It might seem okay to put the blame on an individual taxi driver for not starting his own business - but capitalism couldn't exist at all if everyone was an entrepreneur. There'd be no surplus.
Machines are precisely capital, btw.
You say they're "waste of time" videos, but isn't this desire for entertainment simply a result of capitalism, nothing personally wrong with the people themselves?
Only human labour can ever create value
Arman M that's really dumb
Excellent
👏👏👏👏
"Only a nation of unenlightened half-wits would create what America is today. A shopping mall." ~ George Carlin
Haha. Try to compare working hours per week/month of working class between the US and China or any other Asian countries. You'll find Americans happy enough.
You obviously are not getting the freaking point.
😂 He clearly explained how Americans got fucked. They made real wages generally static for the last 40 years while profit consistently rose...that means surplus value has increased at record rates for around 40 years. 😂 How do you not get this?
And I'm not so sure if you can calculate it so easily. Have you been to asian countries?