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Wage Growth Is Not a Myth!
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Steve Keen considers the following as important:
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Wage Growth Is Not a Myth!
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Michael Hudson writes Beyond Surface Economics: The Case for Structural Reform
Mike Norman writes Oh no…Eva Langoria leaving the U.S.!!!
Merijn T. Knibbe writes Argentina bucks the trend. Vitamin A deficiencies are increasing
Mike Norman writes Wishful Thinking
| Wage Growth Is Not a Myth! |
Boom! 💥 Economic dynamite in the face of aristocrats and R.U. SuperRoo Murdoch, the man who can not be named, and Kid Starver his manservant
Supply and demand. Import millions of poor people, wages go down, benefits bills go up
Please do your math. Or you are misleading.
@@Userkzb20253 1.6 million migrants not working.
On average migrants earn less. See the Cream papers on fiscal effects of migration.
There's a deficit. Mr Average doesn't generate enough tax to pay for the state. That's 38,500 a year for average wage.
Look at the migrants you meet. Most are working low wage jobs. They aren't hedge fund managers.
So that's why wages are down, taxes up, crime up. Poor people are more likely to commit crimes.
Invade and overthrow dozens of countries, steal billions of resources, create millions of poor people.
millions put trillion dollars into SSC , do they have the right to receive the benefits, ? medical insurance & pharma has wants the bills to Govt ( with patent, monopoly, restictive competition)
@Userkzb20253 he's right. It's basic economics
The problem is is that those gains go to the board members of corporations as bonuses. Take for example Walmart, they have a 70% turnover rate and can’t keep people employed because pay is terrible and instead of providing employees incentives and a wage that is good enough for them to contribute to 401k’s, and managers that actually give a shit about their people, people quit.
The Wharton business school was founded on this idea. It's a fascinating history.
There is no capitalism without a rentier class since the rent for rentiers is all, what capitalism is about. The capitalists are the rentiers.
The construct to create a rent is the ownership of capital, which has the effect, that the producers of commodities and services never own what they produce. The rent comes from lending the means of production to them and selling the products to them for a higher price than they were paid for the labour being used to produce those products.
So profit is just another word for rent.
But this generates an instability, which can only avoid the collapse when we do have growth, which means, we delay the collapse into the future.
Capitalism without a rentier class is called socialism.
This is very relevant when we think about climate change and our ecological boundaries. To survive on this planet, we do need a stagnant system which is smaller than what we do have now.
Making capitalism stagnate or even shrink is impossible, since the consequence is the collapse of the economic system. In order to stabilize the economic system we cause the collapse of the ecological system.
Which means: we are doomed.
I think this ignores the role of innovation in capitalism. Many of the most “capitalistic“ countries have socialized, housing, electrical, utilities, and/or telecommunications. Why? Because these are natural local monopolies/oligopolies. I do think you bring up a super important issue, which is the negative externalities of capital, sometimes called the “tragedy of the Commons” do not have appropriate pigovian fees attached to them.
@@commandersprocket innovation does not come from capitalism but from engineering. Someone investigated where the innovations origin, which made the IPhone possible. They were all funded by the government often for military purposes. Apple only collected those already existing parts and put it together into a new product. But not that new. An IPhone is nothing but a computer. New was only its size. Also pocket computers did already exist before, like those from Palm.
Economists like to attribute innovation to capitalism. But it origins more in enlightment and that science became more important for explaining the world rather than religion.
The great thing about capitalism is its distributed and decentral organisation, which can pick up innovations. But we should not leave it to the market alone. Companies would have never funded the work of Planck. About 100 years later a result of his work is the quantum computer.
We should think about capitalism more as a usefull tool. A tool needs a craftman who tailors and uses it.
@@ThomasVWorm Agreed, Turning engineering into products has been done best by capitalism. The old east German Trabant car had access to decades of innovation that it did not avail itself to. I also agree that all foundational science and engineering is publicly funded… And I would agree that it is tragically underfunded right now.
@@commandersprocket yes. But when judging socialism, we should not forget about the cold war and the restrictions it meant to the socialist countries. The design of the Trabant reflects to me that the engineers had to deal with limits of available resources.
@@ThomasVWormRichard Wolff has an interesting analysis of the Soviet/East European model as state capitalism: a system were the employer-employee relation is capitalistic, but with the state as the class owning and controlling the means of production. To him, it is not socialism unless the workers themselves are the owners, i.e. co-ops. I think he has a good point and even if there are well established co-ops such as the Mondragon I Spain, l know of no example of an economic ecosystem where co-ops are the norm. It would be interesting to compare such a system with the present capitalism.
It's unfortunate that dogmaticians can have multiple definitions of the word growth. Just kidding! No I'm not. Yes I am. I'm learning dogmatics 101.I just don't think I'm smart enough.
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I Highly recommend you watch Steve Keen on Nate Hagens The Great Simplication An Incredibly in-depth foresights on how investors finance corporations etc… think and work I found Steve along with other scientists Petrol geologists from Nate wonderful understanding and giving some hopeful solutions for our childrens ever challenging Future 🕊🌏😇💖
And let’s not forget the TENS OF MILLIONS OF ILLEGAL ALIENS that Biden/Harris pushed into our country. Supply and demand also has a huge effect. I refuse to call illegal aliens “undocumented” as leftist give them documents such as drivers licenses. Don’t get me started on monor voter as well!
Marxist aka democrats are bad for America and American citizens
We know who it's going to. Eventually society will fail and those folks will take one for the team. Shame really.
End mass immigration and wages will go up
40% of GDP is the financial sector. Purely extracting wealth from money itself, providing no tangible value to anyone except others doing the same.