Externalities & Capitalism's Inefficiencies (Patreon)

Economic Update: Externalities & Capitalism's Inefficiencies

[S11 E01] Externalities & 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. **Economic Update is a @Democracy At Work production. We make it a point to provide the show free of ads. Please consider supporting our work. Donate one time or become a monthly donor by visiting us at democracyatwork.info/donate or become a patron of Economic Update on Patreon: https://www.patreon.com/economicupdate. Your contributions help keep this content free and accessible to all. Now more than ever, sharing Prof. Wolff's message is critical. ___________________________________________________________________________________________ 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! www.democracyatwork.info/books "Richard Wolff in his new book examines frightening and anti-democratic configurations of corporate power, offering not only a blueprint for how we got here, but a plan for how we will rescue ourselves and create new models of economic and political justice.” - Chris Hedges Check out Prof. Wolff's other books "Understanding Socialism" and "Understanding Marxism" http://www.lulu.com/spotlight/democracyatwork _________________________________________________________________________________________ Want to help us translate and transcribe our videos? Learn about joining our translation team: http://bit.ly/2J2uIHH Jump right in: http://bit.ly/2J3bEZR __________________________________________________________________________________________ Follow us ONLINE: Patreon: https://www.patreon.com/economicupdate Websites: http://www.democracyatwork.info/economicupdate http://www.rdwolff.com Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Instagram: http://instagram.com/democracyatwrk Subscribe to our podcast: http://economicupdate.libsyn.com Shop our Store: https://democracy-at-work-shop.myshopify.com