This should be required teaching across every school in America.

How are you ripped off in the free market exchange? Unless you’re advocating for risking your own capital and developing the skills required become an entrepreneur. In a capitalist market without government intervention, no exchange of value occurs without it benefitting both parties.

@SBA_Matthias You're not. But who can make a point today without hyperbole?

This guy is making an anti-capitalism argument telling his students they’re getting ripped off. He’s leaving out the costs of doing business like leases, loans, equipment, insurance, marketing, legal services, accounting, etc. Maybe that’s in the next video.

He was doing ok up until his conclusion. Employers do pay you what you're worth. If they could pay less, they would, but they can't, so the pay you get is the market rate. You work for someone else because you can't extract the value of your work on your own, otherwise you would.

Then watch @GeneSohoForum destroy this dude.

I think the part this guy is missing is called gross profit. I’m not sure he has the right take completely, that we are ripping off our employees. More accurately, we are paying them the market rate for labor. Profit allows an organization to grow. if the employee doesn’t spend everything, he makes he too may build an organization.

What I took from it: If you feel like you produced more than you were paid, you're right. That's the only reason capitalism works. So if you want to make exactly what you produced, go find a system that you think works better.

Is this lecture necessary? Do some people NOT realize this? I’d be kinda pissed paying tuition to be lectured about common sense.

I’m pretty sure the average American couldnt describe capitalism, socialism, Marxism, communism and why they work/don’t work.

About 150 years ago, an economist named Bohm-Bawerk exposed the fallacy in Rick W's analysis. Suppose you have a worker-owned firm (Rick's ideal) of 1000 workers. The output of the firm requires 12 months to be completed & ready for sale. Hence no revenue for 12 months. Some of workers have to put up the $20/hr to support everyone until revenue does come in 12 months later & to pay for inputs. For advancing this $ they might fairly require a premium at the end of 12 months--say, $22. On top of that, the firm faces risks that not all its output will be sold for the price that is planned & lower output than planned might end up being produced. For taking this risk, the workers who advanced the money might ask for a "risk premium"--say, $25--because, at the extreme, they may end up with nothing if no one wants to buy the product. TIME PREFERENCE & RISK are two of the building blocks of profit which anyone with his/her head screwed on right should readily appreciate.