Great to hear him speak. I've read his book and enjoyed his perspective on inequality. He had very good conclusions that should make us think about where we want to go in the future.

@jamesmorton7881

3 жыл бұрын

Like right NOW ! CAPITALISM, THE VULGARITY OF WEALTH In Marxist philosophy, the bourgeoisie is the social class that came to own the means of production during modern industrialization and whose societal concerns are the value of property and the preservation of capital to ensure the perpetuation of their economic supremacy in society. CAPITALISM IS NOT DEMOCRATIC AND IT IS BROKEN ( crashes ) you are labor, sorry ARE YOU THE EMPLOYER OR THE EMPLOYEE ARE YOU THE BOURGEOISIE OR LABOR ARE YOU THE LORD OR A SERF ARE YOU THE MASTER OR A SLAVE Can you quit your job ? retire ? No, then you are labor, make that a slave. LOL when can you retire ? $10B AT 3.65% = $1M PER DAY $365M PER YEAR $1B AT 3.65% = $100K PER DAY $36.5M PER YEAR $100M AT 3.65% = $10K PER DAY $3.65M PER YEAR $10M AT 3.65% = $1K PER DAY $365K PER YEAR $1M AT 3.65% = $100 PER DAY $36.5K PER YEAR $100K AT 3.65% = $10 PER DAY $3.65K PER YEAR What is wrong ? well punk, are you a slave ? That's right the Capital brings the relationship of power, class division if you understand it as so. Capital is not only that described by prof. Wolff but also political power that is needed to maintain it, the superstructure. So for example, in 2008 the Gov. could have instead of giving the billions bailout "almost free money" to the financial system, actually financed(bought) part of the debt of the people who bought the houses or whatever. Even if the price was too high, the effect would be exactly the same(maybe better for the bubble) for the economy except that the power would go to save the people and no the rich capitalists who made a lot on the financial system. The money would come exactly from the same place, but without people have lose their homes, etc. Unfortunately, that is not possible because who owns the Gov. are the Capitalists and Banks and that would reduce their relative power. Capital is power,as much any previous class system we had. The only difference is that the previous systems used a form of violent dominance over the lower class, while Capitalists uses their Capital and power to create their ideology, including that fake story that says everyone can be rich is just a matter of hard working or good entrepreneurship. got your rice and beans ? 👍👍👍👍👍👍👍👍👍👍👍👍👍👍

if so-called democratic governments did what public opinion wants, their economies (and foreign policies) would be very very different.

Others say that Capital s very important..yes but we should know that Capital and labor s inseperable plus knowledge,skills and hardwork..without s where s tomorrow? Congratulation Prof Piketty for ur wonderful speech.. ❤

Thanks

Very Good thx

Piketty does not research rate of return in human and physical capital. Without understanding of moral, intellectual, social, and physical capital, we can not negate negatives ( huge inequality ) in global economy.

the more things change the more they stay the same. a bourgeois economist comes along and tells us all something Marx said almost 200 years ago then everyone pretends it's a new idea or at all surprising

@kraxhaug2279

9 ай бұрын

Read the book and understand the important difference between Piketty and Marx

@afgor1088

9 ай бұрын

@@kraxhaug2279 yeah i actually have thanks...

@kraxhaug2279

9 ай бұрын

“My conclusions are less apocalyptic than those implied by Marx’s principle of infinite accumulation and perpetual divergence (since Marx’s theory implicitly relies on a strict assumption of zero productivity growth over the long run). In the model I propose, divergence is not perpetual and is only one of several possible future directions for the distribution of wealth. But the possibilities are not heartening. @@afgor1088 forgot this then have you?

Piketty was SHOCKED to discover that capital is more productive than unskilled labor! Capital has ALWAYS been more productive than labor!!!

@wda65

4 жыл бұрын

more productive? more profitable is a very different matter

@clarestucki5151

4 жыл бұрын

@@wda65 Not a "different matter" at all. Those are two versions of the same thing!

@spawnmedia2461

3 жыл бұрын

you haven't paid attention, all he's saying is that the ratio between the two is reaching 19th century levels again and will most likely go beyond

@afgor1088

2 жыл бұрын

how well does a tunnel boring machine work without people to build, operate and maintain it? capital is a tool that labour uses to increase it's productivity, capital on it's own is not productive, if i drop a shovel in the middle of a garden will it dig a hole itself? no of course not. don't be so silly

Thanks