Dr. Rasmus continues part 2 of the 3 part series explaining how ‘Marx’s Economics’ is not the same as ‘Marxist Economics’, as well as explain what Marx said is quite different from what mainstream economists claim he said. Why Marx’s Economics should be understood as both a continuation and a critique of classical economics that preceded him. Like Keynes later (see prior shows), Marx adopts much of the classical economics conceptual framework, adapts and changes key concepts and propositions of classical economics, but introduces totally new concepts and analysis that fundamentally critiques classical economics as well. But in the final analysis, like classical economists Smith, Ricardo and others, Marx’s analysis is a long run, supply side (production), explanation of how the capitalist economy changes and evolves, and eventually experiences a stagnation and breakdown, driven by an intensification of exploitation of labor. Rasmus explains why intensifying exploitation does not necessarily mean ‘impoverisation’ of labor and why workers’ standard of living under capitalism may rise while their exploitation grows even faster (and thus capitalists grow wealthier and income inequality expands).
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SHOW ANNOUNCEMENT
Dr. Rasmus continues the clarification of what Marx really said vs. what contemporary economists (Marxist & Mainstream anti-Marxist) claim as Marx’s economics. Dr. Rasmus explains the 10 conceptual innovations Marx makes on the framework of classical economists before him (Smith, Ricardo, et. al.) to develop his theory of capitalist exploitation that drives the system to a breakdown crisis in the long run. After recapitulating the origins of Marx’s economic analysis and concept innovations on classical economics, begun last week, Dr. Rasmus discusses in Part 2 today the ‘heart’ of volume I of Capital: Marx’s conceptual innovations of Absolute and Relative Surplus Value, which explain how labor is exploited in production, creating a surplus that capitalists appropriate for themselves. Dr. Rasmus provides examples of how both forms of exploitation exist today in 21st century and are in fact increasing, leading to more exploitation of labor, not less. Plus, how ‘secondary’ forms of exploitation are also becoming more widespread. (Next week: Part 3 on the arguments against Marx by mainstream economists and the weak analyses by those calling themselves contemporary ‘Marxist Economists’)
Dr. Jack Rasmus @drjackrasmus
Jack Rasmus 
A compelling portrait of exploitation of the 90% which is so severe you can’t call it class warfare it is more akin to a brutalized herd being forced over an economic cliff by their wage slave masters.