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That's only the 'basic concept of capitalism' at a reductionist Fischer-Price level-of-understanding by its detractors. That's just as impoverished a model of t
by gojomo 5y ago
That's only the 'basic concept of capitalism' at a reductionist Fischer-Price level-of-understanding by its detractors. That's just as impoverished a model of the real world, in its own way, as simple microeconomics analyses of 'perfect competition'.
- SequoiaHope 5y agoI disagree. The description I used is helpful in distinguishing capitalism from previous modes of production like feudalism or alternatives like communism. I explicitly said the description is not comprehensive, but it is one aspect of capitalism.
- TaylorAlexander 5y ago> a reductionist Fischer-Price level-of-understanding By the way I got this from Richard Wolff. Here is his education history: B.A. History magna cum laude Harvard 1963 M.A. Economics Stanford 1964 M.A. Economics Yale 1966 M.A. History Yale 1967 Ph.D. Economics Yale 1969
- gojomo 5y agoIdeology can make even the highly-credentialed pretty dumb. But did Mr. Wolff really say – "The basic concept of capitalism is that there are capital owners, and they hire workers who use that capital to generate value. The capital owners receive all of that value and then pay the workers for their time." – ? Where?