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.
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.