My Mis-Education in 3 Graphics extras
The Circular Flow Diagram and The Productivity of Labor and “Capital” 2 film “extras” available with film download
The Circular Flow Diagram
“What is there that’s not in this household and firm bit? Well you don’t have the banks, you don’t have the bondholders, you don’t have the government there to bail out the banks.”—Economist Michael Hudson
“Consider minus 2 pigs, debt (I owe you 2 pigs). This is a mathematical quantity having no physical existence. The population of negative pigs can grow indefinitely with no problem. “Plus 2 pigs however is a physical quantity. Their population growth is limited by the need to feed the pigs, dispose of their waste, etc. etc.” —Economist Herman Daly
“If your experience is the financial system, you may think there are no limits to anything, because their aren’t in that system.”—Economist Richard McIntyre
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The Productivity of Labor and “Capital”
“The determination of wages, profits, and rents and interest depends on the productivity of those factors of production.”
And what’s wrong with this…Critics of orthodox economics in this film extra:
The CEO is 500 times more productive than the average worker?! “If the rich and the poor are separated by a factor of 500…they become almost different species. I’m surprised they can even interbreed anymore.”—Economist Herman Daly
“This ridiculous separation of market and power. Economists can be trained all the way through the PhD level and never really have any sense of how the political system works.”—Economist Richard McIntyre
“How can you even think of production without society?”—Economist Susan Feiner
“If my employer is going to pay me $25 for every hour I’m here. What must be true? That my hour of effort must add more to the revenue of my employer than $25. You don’t need Marx for this.”—Economist Richard Wolff
“The idea that on average workers don’t get as much as they produce. Just can’t be discussed in most economics departments.”—Economist Gilles Raveaud
“Labor doesn’t get paid the full value of that it produces…technically labor is paid…what is necessary to reproduce it (labor power) but what is necessary to reproduce labor power is historically determined, and partly determined by the class struggle.”—Sociologist John Bellamy Foster
“When I talk about “capital” I say capital equipment. I’m talking about the real physical stuff. I think every discussion I’ve seen that moves away from that is completely confused.”—Economist L.Randall Wray
“The oil companies and the banks have gone together. Their idea of development is to make a whole in the ground. They’re extractive.” —Economist Michael Hudson
Visit my-mis-education-in-3-graphics.org to more information.