Comments by "James Adams" (@ExPwner) on "Heated Debate On Capitalism with America’s Most Prominent Marxist Economist - Richard Wolff" video.
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@robertbarth5816 cite your source rather than copy pasting.
Never mind I found it and how you left out the key part that proves you wrong. They are talking about averages and not the people who actually start jobs at Amazon.
“Bloomberg's conclusion is false—it violates over 50 years of economic thought, and suspends the law of supply and demand,” a company spokesperson said in an emailed statement. “Hiring more, by paying less, simply does not work. Many of our employees join Amazon from other jobs in retail which tend to be predominantly part-time, reduced benefit jobs with substantially less than our $15 minimum wage. These employees see a big increase in pay per hour, total take-home pay, and overall benefits versus their previous jobs. What surprises us is that we are the focus of a story like this when some of the country’s largest employers, including the largest retailer, have yet to join us in raising the minimum wage to $15.””
Like I said, they increase the pay for the people working for them. Quit lying and being dishonest.
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@alams31 no you do not. You have about one source for the bogus “productivity pay gap” myth and that is a leftist propaganda organization known as EPI. I can produce multiple sources proving their garbage wrong and here is just an excerpt of one of them:
“The graph only includes the lowest paid 80% of the workforce production/non-supervisory workers. When using all workers, which is what you want to know if labor is lagging productivity, you must use all workers or else you aren't measuring pay vs. productivity! In fact, EPI uses all workers in another graph and shows the gap decreasing significantly. Strangely, that's not the graph that gets passed around. The headline and wage-inequality graph gets passed around. Savvy move on EPI's part, I have to commend them.
The graph uses average hourly wages which does not include overtime, bonuses, shift premiums, and employer benefits. Former VP of St. Louis Fed explains the problem. The graph provided ignores (better said, partially reflects) the growing share of compensation in benefits, not wages. This still smarts, no doubt, as no worker wants to see their paycheck just match inflation, benefits or otherwise.
The graph uses the slow moving NDP to deflate output, while using the fast moving PCI to deflate compensation. NDP is chained, but CPI is not.”
“So, to wrap up, we've got a graph that leaves out the most productive workers, a chunk of the compensation to those workers, and deflates compensation much more than their output”
Absolute smoothbrains such as yourself don’t have the intelligence to comprehend this or the effort required to even read what you claim to be facts. My side however has both.
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@michaelmappin1830 must be your reading comprehension problem again because you’re a paid shill.
“The game of Monopoly is so wildly dissimilar from a real market that it scarcely warrants a comparison. The vast majority of transactions in the game are forced and arise from random chance, whether the roll of the dice or a randomly selected card (from “Chance” or “Community Chest”) yielding reward or penalty.
Success in a capitalist society is rarely attained solely through chance. There are many ways to accumulate wealth, but the biggest one is through serving others by providing valued goods and services, not from forcibly extracting exorbitant rents from a land empire, as Monopoly seems to suggest.
In the real world, someone short on funds doesn’t have to stay at the priciest hotel in town when she drives by, nor is she harmed by their existence. Monopoly also ignores the actual workings of a pricing system.
In reality, prices are not fixed and outwardly determined, as though written on a card. Instead, prices are the result of interplay between buyer and seller, surrounding market conditions, and a whole host of other factors. Most importantly, as Hayek noted, prices adjust according to individual knowledge of economic conditions.
The end game of Monopoly is a caricature of reality. A player wins Monopoly by bankrupting the other players, gaining their assets in the process. Thus, the winner of the game is the “monopolist”, who controls all the money, all the railroads, the utilities, and real estate on the board.
Entrepreneurs don’t “win” the market by bankrupting consumers and rival producers. Entrepreneurs, and others engaged in the market process, “win” by creating value. Trade is a positive-sum game, yet Monopoly portrays a world where all trade is zero-sum; the gain of one is always the loss of another.
The game also treats the titular monopoly as an inevitability of the market process, but this is also baseless. The nature of the market process is to continually erode monopoly and market power. As time marches on, profit-seeking entrepreneurs will enter an industry.
It is remarkably difficult for any individual, or firm, to maintain anything close to a monopoly in the long term. In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely, and certainly not a sustainable end-state of affairs.
This false portrayal is not merely the result of a board game designer stripping down and simplifying the nuances of the market to package as a children’s game. The original designer of the forerunner to Monopoly (The Landlord’s Game) was a woman named Elizabeth Magie. Magie was a devoted Georgist, a devotee of the American political economist Henry George. Though his ideas have fallen substantially out of favor over the past century, he enjoyed a large populist following around Magie’s time.”
Do you have any argument or not?
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It is immoral because it grants the same decision making power to idiots and lazy people as it does to the competent and hard working. It is also ineffective in terms of generating the benefits that its cult followers claim. Case in point paid shill idiot Michael Mappin who will come in to insult since he cannot address the citation I am about to reference. This is a peer reviewed study yet I predict he will refuse to examine it and instead make dumb accusations like saying that I “cannot tell the difference between facts and opinions.”
WAGES, EMPLOYMENT, AND CAPITAL
IN CAPITALIST AND WORKER-OWNED FIRMS
JOHN PENCAVEL, LUIGI PISTAFERRI, and FABIANO SCHIVARDI
“The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the great- est incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the years 1982–94 largely corroborate the implications of orthodox behavioral models of the two types of enterprise. Co-ops had 14% lower wages than capitalist enterprises, on average; more volatile wages; and less volatile employment. Given the quality of the data set analyzed, the authors argue, these results can be regarded as having broad generality.”
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@MarkZielonko no, the Monopoly board game is not an accurate model, smoothbrain.
Monopoly is Not about Markets
Monopoly is a game built almost entirely around chance. By rolling a pair of dice, players advance across the board, with the opportunity to purchase properties as they land on them. If a player accumulates a full set of properties (usually based around one color), they can put up houses and hotels to dramatically raise the price of rent.
In reality, prices are not fixed and outwardly determined, as though written on a card.
As the game progresses, players who are unable to pay their debts liquidate assets and properties, and eventually become bankrupt. An opponent takes possession of all their holdings, and the process continues until one player owns and controls everything. All transactions, bar the trading of properties, are coercive and arbitrary.
The game of Monopoly is so wildly dissimilar from a real market that it scarcely warrants a comparison. The vast majority of transactions in the game are forced and arise from random chance, whether the roll of the dice or a randomly selected card (from “Chance” or “Community Chest”) yielding reward or penalty.
Success in a capitalist society is rarely attained solely through chance. There are many ways to accumulate wealth, but the biggest one is through serving others by providing valued goods and services, not from forcibly extracting exorbitant rents from a land empire, as Monopoly seems to suggest.
In the real world, someone short on funds doesn’t have to stay at the priciest hotel in town when she drives by, nor is she harmed by their existence. Monopoly also ignores the actual workings of a pricing system.
In reality, prices are not fixed and outwardly determined, as though written on a card. Instead, prices are the result of interplay between buyer and seller, surrounding market conditions, and a whole host of other factors. Most importantly, as Hayek noted, prices adjust according to individual knowledge of economic conditions.
The end game of Monopoly is a caricature of reality. A player wins Monopoly by bankrupting the other players, gaining their assets in the process. Thus, the winner of the game is the “monopolist”, who controls all the money, all the railroads, the utilities, and real estate on the board.
Entrepreneurs don’t “win” the market by bankrupting consumers and rival producers. Entrepreneurs, and others engaged in the market process, “win” by creating value. Trade is a positive-sum game, yet Monopoly portrays a world where all trade is zero-sum; the gain of one is always the loss of another. In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely.
The game also treats the titular monopoly as an inevitability of the market process, but this is also baseless. The nature of the market process is to continually erode monopoly and market power. As time marches on, profit-seeking entrepreneurs will enter an industry.
It is remarkably difficult for any individual, or firm, to maintain anything close to a monopoly in the long term. In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely, and certainly not a sustainable end-state of affairs.
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Yeah, he's a delusional Marxist who can't get basic economics right. Wolff's entire argument stems from his ignorance of economics, which is pretty hilarious because he's apparently an "economist." I've seen him make this same point over and over, and it's ridiculous each time. He always says something like "when you negotiate for your pay, let's say it's $20/hr, the only reason the capitalist can pay you that is because your labor generates MORE than $20/hr, otherwise the employer wouldn't hire you." This is logically incoherent. It's just wrong and indefensible. What is generating $20/hr is NOT simply the work of THAT LABORER. It's the work of that laborer mixed with everything else that went into creating and running the company, which includes the contributions of the owner. For example, if I build a machine that produces shoes at a rate of $100 worth of shoes per hour, but I need somebody to pull the lever every few minutes to generate a new pair of shoes, and I hire you to pull that lever. You're not generating $100/hr. It's you plus the machine.
The concept Wolff is talking about is Marginal Product of Labor, and a real economist would know that the marginal product of an additional unit of labor is NOT the same thing as what your labor is "worth." He's just wrong, plain and simple. It just sounds good to people who are either a) dumb or b) already inclined towards being sympathetic to Marxism..... but I repeat myself.
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@OneSliceNation well first off congrats on having a kid!
Second, don’t think all is lost. There are a lot of bad people and dishonest practices and bad policies here in the US, but there are also many ways to get around much of the crap. Consider putting your kid into a private school or homeschooling. Stick with peaceful parenting to encourage and show non-violence. Put money away for her into things like a 529 plan, series i bonds (high rates right now), or other funds that can be invested. You can also open a credit card in her name and just use it every so often and pay it off immediately, which will build up her credit just by having the account open for so long. If she can be financially independent and do her own work, she can stay away from most of the crazy.
Third, consider moving to a more remote or rural area of the country. It is cheaper, less noisy, less crime, and less woke garbage.
Feel free to reach out if you want any other tips or words of encouragement.
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Wolff's entire argument stems from his ignorance of economics, which is pretty hilarious because he's apparently an "economist." I've seen him make this same point over and over, and it's ridiculous each time. He always says something like "when you negotiate for your pay, let's say it's $20/hr, the only reason the capitalist can pay you that is because your labor generates MORE than $20/hr, otherwise the employer wouldn't hire you." This is logically incoherent. It's just wrong and indefensible. What is generating $20/hr is NOT simply the work of THAT LABORER. It's the work of that laborer mixed with everything else that went into creating and running the company, which includes the contributions of the owner. For example, if I build a machine that produces shoes at a rate of $100 worth of shoes per hour, but I need somebody to pull the lever every few minutes to generate a new pair of shoes, and I hire you to pull that lever. You're not generating $100/hr. It's you plus the machine.
The concept Wolff is talking about is Marginal Product of Labor, and a real economist would know that the marginal product of an additional unit of labor is NOT the same thing as what your labor is "worth." He's just wrong, plain and simple. It just sounds good to people who are either a) dumb or b) already inclined towards being sympathetic to Marxism..... but I repeat myself.
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No, you don’t, because the game of Monopoly has no resemblance to real life capitalism and was intentionally made as Georgist propaganda.
Monopoly is Not about Markets
Monopoly is a game built almost entirely around chance. By rolling a pair of dice, players advance across the board, with the opportunity to purchase properties as they land on them. If a player accumulates a full set of properties (usually based around one color), they can put up houses and hotels to dramatically raise the price of rent.
In reality, prices are not fixed and outwardly determined, as though written on a card.
As the game progresses, players who are unable to pay their debts liquidate assets and properties, and eventually become bankrupt. An opponent takes possession of all their holdings, and the process continues until one player owns and controls everything. All transactions, bar the trading of properties, are coercive and arbitrary.
The game of Monopoly is so wildly dissimilar from a real market that it scarcely warrants a comparison. The vast majority of transactions in the game are forced and arise from random chance, whether the roll of the dice or a randomly selected card (from “Chance” or “Community Chest”) yielding reward or penalty.
Success in a capitalist society is rarely attained solely through chance. There are many ways to accumulate wealth, but the biggest one is through serving others by providing valued goods and services, not from forcibly extracting exorbitant rents from a land empire, as Monopoly seems to suggest.
In the real world, someone short on funds doesn’t have to stay at the priciest hotel in town when she drives by, nor is she harmed by their existence. Monopoly also ignores the actual workings of a pricing system.
In reality, prices are not fixed and outwardly determined, as though written on a card. Instead, prices are the result of interplay between buyer and seller, surrounding market conditions, and a whole host of other factors. Most importantly, as Hayek noted, prices adjust according to individual knowledge of economic conditions.
The end game of Monopoly is a caricature of reality. A player wins Monopoly by bankrupting the other players, gaining their assets in the process. Thus, the winner of the game is the “monopolist”, who controls all the money, all the railroads, the utilities, and real estate on the board.
Entrepreneurs don’t “win” the market by bankrupting consumers and rival producers. Entrepreneurs, and others engaged in the market process, “win” by creating value. Trade is a positive-sum game, yet Monopoly portrays a world where all trade is zero-sum; the gain of one is always the loss of another.In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely.
The game also treats the titular monopoly as an inevitability of the market process, but this is also baseless. The nature of the market process is to continually erode monopoly and market power. As time marches on, profit-seeking entrepreneurs will enter an industry.
It is remarkably difficult for any individual, or firm, to maintain anything close to a monopoly in the long term. In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely, and certainly not a sustainable end-state of affairs.
False Portrayal and Anti-Market Fervor
The ubiquity of Monopoly is a testament to its enduring legacy. As the game purports to be about markets and exchange, it may represent one of the first formative memories about business and markets that many children experience. The problem with this is that Monopoly represents a false portrayal of what markets actually are. Equating the brutal, zero-sum transactions in Monopoly to a real-life market could result in an anti-market mentality.
This false portrayal is not merely the result of a board game designer stripping down and simplifying the nuances of the market to package as a children’s game. The original designer of the forerunner to Monopoly (The Landlord’s Game) was a woman named Elizabeth Magie. Magie was a devoted Georgist, a devotee of the American political economist Henry George. Though his ideas have fallen substantially out of favor over the past century, he enjoyed a large populist following around Magie’s time.
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@michaelmappin1830 here maybe you can run away again from the last time I debunked your garbage with actual data:
“The EPI graph isn’t measuring productivity vs. pay, even for "typical workers"; it’s measuring wage inequality.”
“The graph only includes the lowest paid 80% of the workforce production/non-supervisory workers. When using all workers, which is what you want to know if labor is lagging productivity, you must use all workers or else you aren't measuring pay vs. productivity”
“The graph uses average hourly wages which does not include overtime, bonuses, shift premiums, and employer benefits”
They also use two different measures of inflation, one for productivity and another for pay to get the result that they want.
“This is not one of those “he said, she said” where reasonable people can disagree on whether the PCE or CPI is a better price index. This is a pay/productivity gap being invented by using the slowly moving price index (NDP, which is similar to the PCE) to make worker productivity look better, and the faster moving price index (CPI) to make real wages look lower. That’s not kosher. You need to use the same type of index for both lines on the graph."”
“So, to wrap up, we've got a graph that leaves out the most productive workers, a chunk of the compensation to those workers, and deflates compensation much more than their output”
Now again I am going to ask, why are you still peddling this lie when my sources prove it wrong with full arguments and data showing exactly where and why it is wrong? Who pays you to spam here?
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@michaelmappin1830 it is not at all how capitalism works you moron.
“The game of Monopoly is so wildly dissimilar from a real market that it scarcely warrants a comparison. The vast majority of transactions in the game are forced and arise from random chance, whether the roll of the dice or a randomly selected card (from “Chance” or “Community Chest”) yielding reward or penalty.
Success in a capitalist society is rarely attained solely through chance. There are many ways to accumulate wealth, but the biggest one is through serving others by providing valued goods and services, not from forcibly extracting exorbitant rents from a land empire, as Monopoly seems to suggest.
In the real world, someone short on funds doesn’t have to stay at the priciest hotel in town when she drives by, nor is she harmed by their existence. Monopoly also ignores the actual workings of a pricing system.
In reality, prices are not fixed and outwardly determined, as though written on a card. Instead, prices are the result of interplay between buyer and seller, surrounding market conditions, and a whole host of other factors. Most importantly, as Hayek noted, prices adjust according to individual knowledge of economic conditions.
The end game of Monopoly is a caricature of reality. A player wins Monopoly by bankrupting the other players, gaining their assets in the process. Thus, the winner of the game is the “monopolist”, who controls all the money, all the railroads, the utilities, and real estate on the board.
Entrepreneurs don’t “win” the market by bankrupting consumers and rival producers. Entrepreneurs, and others engaged in the market process, “win” by creating value. Trade is a positive-sum game, yet Monopoly portrays a world where all trade is zero-sum; the gain of one is always the loss of another.
The game also treats the titular monopoly as an inevitability of the market process, but this is also baseless. The nature of the market process is to continually erode monopoly and market power. As time marches on, profit-seeking entrepreneurs will enter an industry.
It is remarkably difficult for any individual, or firm, to maintain anything close to a monopoly in the long term. In the market, unlike in Monopoly, a monopoly is not inevitable, or even likely, and certainly not a sustainable end-state of affairs.
This false portrayal is not merely the result of a board game designer stripping down and simplifying the nuances of the market to package as a children’s game. The original designer of the forerunner to Monopoly (The Landlord’s Game) was a woman named Elizabeth Magie. Magie was a devoted Georgist, a devotee of the American political economist Henry George. Though his ideas have fallen substantially out of favor over the past century, he enjoyed a large populist following around Magie’s time.”
I have repeatedly pointed out how the creator of the game explicitly did so to push her agenda. Quit spamming lies you paid shill.
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