A patron of Economic Update asks: "There is an argument that states "if worker wages rise, the owner/board of directors will pass off the cost to the consumer which offsets the gains made in wages to the worker." Is this true? How would argue against this?"
This is Professor Richard Wolff's video response.
Ask Prof Wolff is a @Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/economicupdate/community.
Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself," available now at www.democracyatwork.info/books
“A magnificent source of hope and insight.”
Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy
Follow us ONLINE:
Shop our CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/