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Ask Prof Wolff: Demoting Profit from the Bottom Line

A patron of Economic Update asks: "Dear Prof. Wolff, Douglas Lane, on the Zero Books podcast, recently summarized a critique of worker co-ops from "a Marxist perspective," saying that "market forces" determine that co-ops can only reduce work hours or raise wages if the enterprise remains "profitable." If profit is the surplus value that owners extract from labor, and co-op workers are the owners, in what sense must a worker co-op be "profitable"? In what sense does profit even enter into a worker co-op? (Maybe he was confusing "profitable" with competitive?)."

This is Professor Richard Wolff's video response.

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