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#295 – Richard Wolff: Marxism and Communism
Lex Fridman Podcast
The Importance of a Market
In a market, you allow people who have a lot of money to bid up the price of whatever is short. That solves your problem because as the price goes up, the poor people can't buy it. It means that a rich person can get the scarce milk and give it to their cat while the poor foot person has no milk for their five children. The fundamental thing that seems unfair, there's the resulting inequality. In simple English, there's a good and bad side if you like to everything. You won't understand it unless you accept that proposition and start looking for the good things that are the other side of the bad ones.
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