Economic Update: Capital for Worker Coops


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On this week's episode of Economic Update, Prof. Wolff provides updates on US workers' productivity rising while wages flat since 2009, US corps evading taxes, Gallup Poll on poor US job picture, wealth of  billionaires enough, if redistributed, to change global economic conditions, rising corp debt problem. Major discussions of (1) ways and means of providing capital to worker coops, and (2) why technical "progress" excites capitalists and worries workers: the problem is capitalism.

Showing 3 comments

  • commented 2016-10-13 13:56:43 -0400
    Here’s a thought-provoking 15-minute video on automation/robotics:

    “Humans Need Not Apply”
  • commented 2016-10-11 20:22:56 -0400
    Capitalists will almost always choose to increase profits through automation rather than confer benefits on workers. To think they would be unselfish and opt to improve the lives of workers, rather than boost the bottom line, is a pipe dream. The proliferation of robots, which is accelerating, is shrinking the proletariat. The number of unemployed and underemployed is growing. How will these people and their families survive? A guaranteed annual income provided by the government? Who will spearhead the socialist revolution if the proletariat declines significantly?
  • commented 2016-10-10 15:22:33 -0400
    First off, thanks to Mr. Wolff and all who make this possible. I have become addicted. You’ve given me the logical architecture and the language in which to build my complaints with capitalism. People have a harder time now telling me to shut up about it.

    In regards to the last bit about robotics, maybe I’m missing something but if the robots mean a 10% reduction in cost of production, and everyone works 10% less, but gets paid the same as before, then the point of the robots disappears.

    Robots cost a lot of money, I’m guessing. I don’t think the owners are going to outlay all that robot money so all could go home at lunchtime on Friday.

    I am though in favor of a midday quitting time on Friday or even Thursday if offered.
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