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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 as it explains a lot of happenings going on around the world. And the potential for the future of the US.

William_Mary 8 July 30
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