Externalities and Capitalism's Inefficiencies

Externalities and Capitalism's Inefficiencies

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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Episoder(590)

Revolutionary Socialism in the US Today

Revolutionary Socialism in the US Today

In this week's episode of Economic Update, Professor Wolff delivers updates on Die Linke ("The Left") political party surging in Germany, the errors and omissions in Bessent's anti-Iran sanctions prog...

21 Sep 32min

Activism in the U.S. Now

Activism in the U.S. Now

In this episode, Professor Wolff delivers updates on new research documenting market failure to meet the urgent, large need for childcare in the US, the selective morality of Ambassador Huckabee, the ...

15 Sep 31min

Economic Hardship Reporting Project

Economic Hardship Reporting Project

This week on Economic Update, Professor Wolff delivers updates on the Starbucks Workers United call-to-boycott, the powerful lyrics of Dolly Parton's song "9 to 5,"  and the recent electoral victories...

7 Sep 30min

Socialism: An Evolving Tradition

Socialism: An Evolving Tradition

Today's entire program is devoted to tracing the origins and evolution of socialism through its splits and growth to become a global movement shadowing capitalism. Particular attention is paid to the ...

1 Sep 31min

Economics of the U.S. State

Economics of the U.S. State

Today's entire program approaches the economic role of the state in U.S. society, past and present. We analyze two major tensions: one between minimizing the state (liberalism/libertarianism) and maxi...

25 Aug 31min

The Resurgence of White Supremacy

The Resurgence of White Supremacy

This week on Economic Update, Professor Wolff delivers updates on U.S. businesses receiving refunds for Trump's illegal tariffs without lowering prices raised to cover them, a 24% decline in foreign s...

18 Aug 30min

DSA Revives Socialism in U.S. Politics

DSA Revives Socialism in U.S. Politics

This week on Economic Update, Professor Wolff delivers updates on new U.S. government rules that are universally hostile to international students, the reduction of prosecutions for white collar crime...

11 Aug 31min

The Great Shift of Economic Thought from Macro to Micro

The Great Shift of Economic Thought from Macro to Micro

The rational approach is to ask which works better in an industry or to meet any social need: private enterprise or government enterprise. It is irrational and dogmatic to think only one or the other ...

3 Aug 30min

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