AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
5min chapter
#295 – Richard Wolff: Marxism and Communism
Lex Fridman Podcast
What Is the Marginal Product of a Factor of Production?
The median income of a child care worker in the United States right now, as we speak, is $11.22 an hour median. By any measure that I know of that makes any rational sense, to give that a lower salary than you give the guy who watches your car. The car park people are males and the child care people are females. You can't just remove a worker and have a clean mathematical calculation of the effect that it has on the output. That's not possible. And you cannot assume much as you want to that the outcome on the output side is uniquely determined by the change you made on the input side. Even in the average, it's not going to work
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode