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How Adam Smith Inspired Karl Marx - Economic Update with Richard Wolff

Prof Wolff explains how a concept in the Wealth of Nations inspired Karl Marx to write his own Labor Theory of Value- a very important concept to explain how capitalism works.

"For Marx, as one of the many people who marveled at what Smith had written, here was something spectacular. For Marx, it was the linkage of the value of the things that we see produced in the world as linked to, as dependent on, as created by labor. For Marx, it put labor at the center of what economics was all about. Adam Smith and the people who follow him saw something very valuable in that line, but it was different from what Marx thought."

Click on more for the link to the entire episode of his Economic Update as watched from Youtube. I highly suggest viewing the entire episode which explains a lot of happenings going on around the world. And the potential of the future for the US.

William_Mary 8 July 30
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It seems to me that labor is inevitably going to wind up on the short end of the stick as robotics, AI and automation continue to evolve and replace us. In the not-too-distant future, capital, in the hands of a decreasing few, will realize vastly greater profit margins as the goods and even some services produced by machines become significantly cheaper. At the risk of stating the obvious, in a future where jobs are declining, a rethinking of the economic fundamentals is warranted.

You're describing the potential towards mass poverty rates where few will we be able to buy their products. Their market system collapses. Virtually pushing societies back to the opening of Wolff's discussion as hunters and gatherers, self reliance.

If anyone has been critically paying attention, the numbers in their market facade, as unemployment, never actually expose the actuality of reality. Those that fall into the cracks from for example from each holiday season and those who no longer make it to claim unemployment are not tallied in with the numbers. It's as deceptive as the current claim we aren't in a recession. We've been in a recession for approximately 2 decades now. Which it and the market has been deceptively masked from that exposure from virtually none stop printing of money since the expansion of perpetual warring by Bush Jr.

All one really needs to do to understand this is to collectively put the pieces together in correlation to growing poverty and homeless numbers which our medias purposely fail to educate our society of. The effects of gentrification agendas happening in major cities across the country, for example, aren't discussed by our medias when they inform us of the big projects taking place when they level an area once vital to lower class citizens for upper class benefits. Those people fall into the cracks created and often into poverty. Forced to move further from work to pay more on rent and to now travel to work. If they can't afford that they may tend to sleep in their car close to work or on the street.

Part of the employment issue today is many are refusing to work 2 or 3 jobs to survive. Possibly having had to hunker down with family, friends, or co-workers and don't need or want to. Essentially resembling the migrant workers that come here who rely on sustaining each other in groups.

I don't know if you're comment is that of being negative or positive towards Professor Wolff's update, but it indicates to me another negative aspect of what capitalism does to society. If you followed the link as I suggested to watch the entire update, I think the rest of the update collectively correlates the failures of capitalism and how western societies are being negatively manipulated.


Very interesting!

Krish55 Level 8 July 30, 2022

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