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Externalities & Capitalism's Inefficiencies
🕑 Added 2021-01-10 01:46:54 +0000 UTC[S11 E01] New
This program introduces the economic concept of "externalities." Those are the real costs of employers' business decisions that employers do not pay for or take into account: costs "external" to businesses' profit/loss calculations. Examples include costly damage to the environment, to employees' private lives, etc. Those real social costs are external and additional to capitalists' private costs. Therefore, capitalists' investment decisions based on comparing costs and revenues do NOT take into account the real, external costs. Thus their decisions are not "efficient." Capitalism never was the efficient system its apologists claim.
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**Economic Update is a Democracy at Work production. We make it a point to provide the show free of ads and we are so grateful to you, our patrons, for supporting our work. Your contributions help keep this content free and accessible to all in this critical time.
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Learn more about Prof Wolff's new book, "The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself" released in September 2020. Available as a paperback now! democracyatwork.info/books
Check out Prof. Wolff's other books "Understanding Socialism" and "Understanding Marxism" http://www.lulu.com/spotlight/democracyatwork
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