Tag: labor

EconoMinute: Universal Basic Income

EconoMinute: Universal Basic Income

Capitalism has always, from its beginning, failed in a fundamental task: it failed to provide meaningful work, even under its own terms of exploitation, for everybody. It couldn’t do it! Its own mechanisms mean, that when you even get near to full employment, the position of workers bargaining for wages, allows them to put to …

3.0 Earning Income – How We Create Value Through Our Labor

3.0 Earning Income – How We Create Value Through Our Labor

Young children have a very limited understanding of income. From birth children have wants. They innately understand that their wants are greater than what is available in the world. And they understand that their wants are satisfied by their parents. So a child’s view is very simple: Want=get. If they want food, parents provide. If …

Why Chicken Sandwiches Don’t Cost $1500

Why Chicken Sandwiches Don’t Cost $1500

About a year ago, Andy George from the channel How to Make Everything released a video called “How to Make a $1500 Sandwich In Only 6 Months.” I made a chicken sandwich completely from scratch, which cost $1500 and six months of my life. The video was hugely successful—it got millions of views. Then, a …

EconoMinute: Median Household Income

EconoMinute: Median Household Income

This is Richard Wolff with another EconoMinute. In recent weeks the government has released statistics indicating that Americans’ household incomes went up between 2014 and 2015. And indeed they did. It’s interesting that that happened. It’s important. The gain was substantial. Median income, by the way, simply a measure that gives you a rough idea …

10. Marx’s Theory of Capitalism

10. Marx’s Theory of Capitalism

Prof: So one way you can think about comparisons between Marxism and the utilitarian tradition is that both have a micro story and a macro story. So when you think about the utilitarian tradition we have the micro story of the Pareto principle and how each individual transaction will go, and then we have a …

Labor theory of value

Labor theory of value

The labor theory of value is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of labor required to produce it. At present this concept is usually associated with Marxian economics, although it is also used in the theories of earlier …