Class 1: “What’s Happened to Income & Wealth” by UC Berkeley Professor Reich

Welcome to my undergraduate course on Wealth and Poverty. This is the first of fourteen classes.
The questions we’ll focus on today: Is some inequality both inevitable and necessary? At what point, if ever, does it become a problem? What’s the difference between income and wealth inequality, and which is more important? How do income and wealth inequalities overlap with race and gender? And the real puzzle: why did these inequalities begin to widen so dramatically starting in the late 1970s and early 1980s, and continue widening since then?
Even though this isn’t a real classroom and I’m not with you in person, I hope you find this both enjoyable and challenging. Don’t expect to learn by just watching and listening, though. I want you to be an active learner - which means answering questions I pose and putting various puzzle pieces together. I’m not going to tell you what to think. I’m going to try to provoke you into thinking harder and more deeply.
If you wish, I’ve shared some select readings from the syllabus for you. They’re available at: robertreich.substack.com/p/fi...
Class Outline
-------------------------
00:00 - Introduction
14:35 - The paradox
42:11 - Economic inequality by race
52:39 - Mobility
59:59 - Should we care?
01:12:00 - The $1000 experiment
01:20:17 - Public values and social change

[@jmwild1]

I love when professors share their courses online. This is great stuff, thank you Mr. Reich.

[@Pallasathena-hv4kp]

It is an incredible gift.

[@aa-tx7th]

well if an econ prof is giving something away for free... 1. its worthless and/or 2. the prof knows jack sh!t about economics

[@jannichi6431]

Only second Utube class. Ted talks don't count. Other is Timothy Snyder on History of Ukraine. Please suggest any others*****?

[@jmwild1]

@@jannichi6431 There are a lot of courses shared online, some by individual professors, some by the universities themselves. Maths, sciences, arts, history, a wide range of topics.

[@ronaldreagan-ik6hz]

Democrats lie about these topics do badly.

[@Alexis84DE]

Wait what?! I can watch a whole Berkley course bei a renowned Professor for free online?? God bless technology ❤ and the university and professor for providing the amazing content and being so generous to share their knowledge with literally everyone ! Amazing

[@ronaldreagan-ik6hz]

Liberal trash is hardly free

[@reidhowland]

I love having access to this. It's an amazing learning opportunity. Thank you, Professor.

[@Ho-opono]

Back in the day my friends would let me tag along to their lectures at the University but this is much more convenient ❤😊

[@ronaldreagan-ik6hz]

Lol. Democrat dishonesty.

[@jmm1817]

Exactly he's just a left hack

[@janea4777]

@@ronaldreagan-ik6hz lol !!!All conservatives think learning is bad. So bad your handle includes the name Reagan - the guy who destroyed our economy.

[@tinachristensen8484]

Yes, thank you!

[@thehylers1021]

Dear learners and the curious: I've come back to class #1 from the future - I'm on #6 - to encourage you. This Wealth and Poverty Class series has changed my thinking. I've been alarmed, challenged, angered, informed, set free from false beliefs and encouraged to make changes in my life for the betterment of my family and fellow man. Keep learning and God bless everyone here ❤

[@toxigen18]

🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

[@fritzforsthoefel8031]

Reich lies by withholding information

[@realRaven575]

Thank you.

[@johnkodhek]

The encouragement I needed to get on with this. Thankyou!

[@ebuehler1050]

As someone who is also back from the future from class #6, thank you for your comment as it was the nudge i needed to get started on this journey!

[@Dr_Mel]

There's a big oversight in the genie and $1000 experiment examples, and putting them back to back like that does a good job of highlighting that oversight. There is a very crucial difference between giving the top 1% a lot more wealth and jilting someone out of ~$1000 because you don't like why they're getting $1000. These are not measuring the same factors or the same public values. Students may express them similarly, and I think economists and those influenced by economists (to borrow a line) see this and see a solid conclusion. It's a conclusion that states that people only have an adversarial approach to the ultra rich because they also want to be ultra rich and they simply object to their current circumstances. Most people can't even conceive of how much money the top 1% have let alone be envious of it. When pressed, sure, people know they don't like it. But here's the oversight: Money is influence and power, it's not just legal tender for goods and services. For normal people it's the stuff we pay bills with and buy fun things with. For the ultra rich, it's power. When wealth becomes SO extreme and SO densely concentrated, it causes problems for the rest of society. Even if I get 10% more money off of my modest wealth, giving Bezos or Musk 20 PERCENT more wealth would be... frankly quite dangerous. They can invest oceans of capital into projects and campaigns and lobbying efforts and candidates, they would wash away any collective efforts for funding anything they don't want purely because THEY want to. Their ideologies become realities the rest of us have to deal with. They are the modern nobility who have more personhood than other people. My problem isn't that I'm not Jeff Bezos. My problem is Jeff Bezos.

[@joeyappley202]

In summary, wealth equates to power. Additionally, once wealth or power is gained, those who have benefited will fight tooth and nail (lobbying powers, corrupt deals, etc.) to retain that wealth and power (or, as is most often the case, to further benefit). These facts alone are why it is so critical that big money be dealt with NOW. I don't know which policies would be best for dealing with this as far as lobbying power goes, but closing tax loopholes and taxing the wealthy, updating and enforcing antitrust laws, and expanding welfare and the social safety net are, in my mind, excellent places to begin. Btw, I'm a small farmer in South Dakota (a deeply red state), and I know from conversations I have that this is a nonpartisan issue. The vast majority of Americans can at least agree on taxing the wealthy and enforcing antitrust laws. I believe this is because we have all seen the middle class being stripped out, the loss of business and industry in our towns and neighborhoods, and feel the grief and worry when looking at our children and young people. Unfortunately, the facts and narrative being taught in this class are not being expressed in the places most Americans receive their information. This, again, gets to the points you made about wealth and power/control.

[@toddrandolph24]

Robert Reich is a national treasure. These ideas would save America (and subsequently the world) if people understood and used them appropriately.

[@fritzforsthoefel8031]

His policies are what has led to our huge unsustainable overwhelming debt democrats party of handouts that are bankrupting our nation our debt is at a peacetime high what are our children going to do when our creditors come to collect and they will vote out handout democrats before it's to late

[@ronaldreagan-ik6hz]

Ironically- nothing by progressives is “saving america” are they? No.

[@fritzforsthoefel8031]

He lies by withholding information from you

[@stevenzheng5459]

I like his style of presentation. Not only is he lecturing about ecnomics, he is also doing standup and being a gameshow host!

[@TheAndrasno]

For sure! Not just a boring lecture about economics!

[@Juschillin2024]

Those are the BEST teachers! They keep your attention!

[@happygucci5094]

It’s part monologue, dialogue- live theater- just magic

[@Algormortis9]

He and his son Sam are great game show hosts!

[@cericat]

@@Juschillin2024 Not just keeping your attention but getting you to engage with the topic and build a better understanding.

[@jz8756]

I regret not taking this class at Cal five years ago and it truly makes me happy to watch the recording. Thank you Professor Reich.

[@jannichi6431]

Not luck, but congrats for even being there! 💙🗣️🍀

[@baldeagle4710]

I took labor Econ at Cal, really good class. Reich is in the dept of public policy right?

[@ronaldreagan-ik6hz]

Lol. 5 minutes of Thomas sowell will disprove 5 hours of Robert Reich.

[@yabadabascience]

it was so crowded you might not have gotten in anyway, and lectures were often full of people not even in the class so you might not have had anywhere to sit if you did get in

[@cericat]

@@ronaldreagan-ik6hz your username says it all about the seriousness your opinion should be treated with, might take a few flushes.

[@Full_Bush]

Was cool to see this being filmed in class. Props to Prof. Reich for publishing his courses on a free website

[@Moon_Thief_420]

Just came across this video (& it's subsequent ones), and I don't have words to express my gratitude at sharing these classes with the world! I'm 42, and although am halfway towards an associates degree in business administration, financial concerns have laid to rest any future college dreams for me. That said, I've always had a love of learning, and these videos are an absolute gift. Thank you beyond words, Professor!

[@RonMohlTheSmilingMonk]

Hang in there buddy. It took me 10 years to finish a 4 year degree. It is important if you make it part of your dreams for your future, but for me, I studied accounting and when I finished, I had to learn from experience what needed to be done, "in the real world". Not to put a damper on the degree, but remember, you are already ahead of most others and just continue to stay focused. You will get there. At 77, I am still in my tax accounting business and love it more each year. Success to you, I send!!

[@jonlevato9427]

I was 39 when I graduated college and I can not express how much better off I am. Don't give up. Its never too late. My kids started graduating high school 2 years after I graduated college.

[@capt.bart.roberts4975]

I concur, he's such a gifted teacher, and a very good economist

[@dogfaceponysoldier]

I'm 50 and have two Master Degrees. Very few things you can't learn with a little intellectual curiosity and the library

[@harrisonwintergreen1147]

These videos are propaganda. Reich doesn't discuss wages of Asians telematics to whites, because it would expose his agenda.

[@alvapazz]

Everyone talking about how great Robert Reich is as a prof (he is, this is a phenomenal lecture), but not many writing about the implications of what the man just explained.

[@musicmomcarrot]

I follow you regularly and when I saw this class posted, I thought, "why not"? Then I saw it was 90 minutes...do I have that attention span? Haha...but it went by so fast. You are an engaging professor, and those students in class are very lucky! Happy to participate virtually. I immediately posted the class to my fb page...

[@helpanimals-]

are you aware that you can speed up the video?

[@angelamossucco2190]

😊

[@asdfghyter]

@@helpanimals- not necessary though

[@rubyred6954]

Oh I absolutely agree. There are some professors I could listen to all day!

[@grahamwilson8843]

This makes me want to attend UC Berkeley even more than I already did! Very insightful, Professor Reich.

[@salsusmagnsu]

My reasons for not accepting the Genie experiment: 1. Historically the way our system is set up, when the top group gets more they use that wealth to take the gains from the middle and lower income group, because it gives them disproportionate access to influence. 2. Money in too few hands lends itself to monopolies that also gobble up the gains from the middle and lower income group. So getting a 3%/1% gain in the middle/lower groups but then giving the top group 20% that wealth translates to power and that power can be used to wrest the gains from the other groups.

[@SetemkiaFawn]

This has been my thinking, too

[@karakaspar1791]

Yes agreed! It’s not only about fairness, it’s also about leverage and power

[@epic6434]

Could you provide an example please?

[@salsusmagnsu]

​@@epic6434 for example the New York Times published an article that revealed that just 158 wealthy families provided almost 50% of the campaign funds raised for presidential candidates. If you really want your eyes opened, look at pretty much ANY corporate lobbying. Look at what the Robber Barons in the 1920's did, look at the gifts given to Clarence Thomas, I mean its practically everywhere in our political, justice and educational systems. Its not hard to find examples, a simple web search will yield more examples that you can read in a lifetime.

[@asdfghyter]

yeah exactly! my short answer would be “because money is power and power *_is_* a zero sum game”, so giving more money to the top reduces the power of the middle and bottom

[@paulh2468]

A large proportion of the homeless are also severely mentally ill. In the 1960's they were out of sight in mental hospitals. Now they are on the streets. Budget cuts that closed the mental institutions, civil liberty for these individuals and improved medication are the justifications/explanations. It's a very complex issue. Perhaps Dr. Reich will explore this in more detail in later lectures.

[@papajeff5486]

This guy is a genius. He takes something complicated and explains it so that I can understand.

[@toritori5835]

This is so amazing. I’ll never be able to get into (or afford) a school like Berkeley or Harvard. But I can “take courses” online for very little money or for free thanks to folks like Dr. Reich or EdX classes. 🥰

[@rachaelb9164]

I love when professors share their lectures with the general public. I love learning new things and would be a permanent college student if I could afford it lol. It’s awesome that UC Berkeley has someone with so much life experience on their staff.

[@ronaldreagan-ik6hz]

Berkeley has a reputation of massive leftist bias

[@lisas3825]

Thank you truly Professor Reich. Fixed poverty is a malignant act of violence. How is poverty fixed? By the faulty poverty line. The truth is the income of the working class, poor, working poor (& even the disappearing middle class) does not pair up with rent rates & the actual cost of living (decent, bare basic). The problem is the faulty poverty line. When Mollie Orshansky (1960), formulated the basis of the poverty line, it was fixed upon meal plans of peanut butter (or the cheapest no frill emergency diet possible),for 3 meals a day. This was an emergency diet, not a sustainable one. Thereby, the poverty line is fundamentally flawed. As said the poverty line is based on the cost of an emergency diet, and it does not apply to every day life, neither is it sustainable. Many Americans are struggling to pay rent, grocery, utilities & transportation expenses, at minimum. However, if the poverty threshold line is corrected to reflect the actual cost of living, wages & support would increase for many everyday Americans. Including more common sense supportive programs in place for small businesses, average households & college tuitions. One solution could be for support (well supervised, audited support) be federally provided to qualifying employers, (this would be especially useful to small business owners) so that they can pay their employees an actual living wage that is relevant & reflective of the cost of living in real time. People are scratching & struggling to survive, they’ve been robbed of hope & many are not going to go to work, at the risk of losing federal support, if they know that they cannot (on their own), meet the bare essentials to shelter, see a doctor when needed & feed themselves and their children. No one should be forced to choose between being housed (having their rent paid through governmental aid) or choosing employment. The work wages will not pay for rent & basic needs. Impoverished Americans are neither lazy nor crazy, it's called survival. The bottom line is the stronger the working & middle classes are, the bolder the lift of the entire economy bearing down on their backs and shoulders will be. Please make it a priority to address that the poverty line reflects actual, humane cost of living expenses (reflective of the respective city / state cost of living expenses). Don’t make wages minimum, make them relevant (relevant wages are wages that are reflective of actual rent & mortgage rates & a healthy-basic cost of living). We also need a proliferation of vocational training for youth and abled adults (of all ages). I personally would like to see as many buses for (quality) vocational-training-sign-up as I did for COVID-19 vaccines, especially in low income areas. The problem is that far too many Americans are ignorant to the poverty vacuum: kzbin.info/www/bejne/emqxaISXfrSefZo kzbin.info/www/bejne/Y6HXeZSsfdd3q6c Thank you again Professor Reich. Your work is extensive & dedicated.

[@wartgin]

I didn't know that the poverty line was based on emergency rations (although the arguments that would have been used at the time are easy to extrapolate). I do know that the minimum wage has not kept up with inflation. Last time I saw the calculations, what the minimum wage was in the 50s/60s should be about $23-25/hour. And that doesn't include the fact that some things (such as college and cars) have increased faster than inflation. My own college used to make much of the fact that tuition was about the cost of a family sedan (can't remember now if per year or over 4 years). However, I noticed that, over the 4 years I attended and the subsequent 10 that I worked there, average car prices increased enough that financing at the end was typically over 5 years instead of the 2 or 3 years it was when I started. Now the advertising typically offers 7 year financing. And I agree that realistic poverty lines, minimum wage (living wage), and/or some sort of guaranteed basic income (forget what the usual term is at the moment) would help enormously.

[@lisas3825]

@@wartgin yes,Yes! And actually, an hourly wage that reflects the cost of living in New York City would begin at $35 / hour (I agree, wages absolutely need to be reflective of the real cost of healthy, basic living. I wholeheartedly agree with you on the need for a national basic income (that keeps up annually with the cost of inflation). Likewise for labor wages. Additionally, there needs to be vocational training for all ages. To give people a hope. For all abled people who have the mental and physical health & proper supportive networks in place (so too for the elders & disabled who (can and) want to work. Dr. King also taught this.

[@sGirl-rj4se]

Man you nailed that on the head! 👌🏽💯

[@anthonydelfino6171]

Man that drop for kids born in 1980 when comparing to their parents income at age 30 hit hard. I was born in 1981, and I was making $0 when I turned 30. I had been working for the USDA at the beginning of 2011, but when the GOP took over congress that year and forced a government shut down, I lost my job (not furloughed, I was laid off) additionally my role did not qualify for me to get unemployment pay, and it wasn't until November 2013 that I actually got a fulltime job again, and still had no job at all by the end of 2011. I'm definitely one of those 50% of people who made less than their parents at 30 who were born in the early 80s. And this honestly wasn't the first time my job and career got reset over my life, which made it impossible for me to accumulate wealth or even keep money in a retirement plan, because once you get laid off and don't have another job to pick up your 401K, all that money (unlike with a pension) just get taxed heavily and sent back to you. Means any retirement savings I had didn't really start to accumulate until my mid 30s and I still haven't gotten together enough money to purchase a home. Definitely worse off than my parents were at my age

[@des-trina]

I was born in 1984, same deal. Laid off in 2010, lost all my 401k to keep my apartment. Now I have a 9 year old, no savings, live with my parents, and work for a reasonable but not incredible wage at the local hospital. I'll only own a house when my parents pass theirs to me on death. No way I could afford one in this market.

[@anthonydelfino6171]

@@des-trina I feel you. I know I'll probably never own a home, and won't even inherit one as my parents already told me plainly that they're leaving their home to my younger sister. It's a kind of terrifying prospect for what that will mean in old age.

[@docjaramillo]

Born in 1977 I went to college and medical school before age 30. I’m 45 now and less stable financially than my parents who got excellent government research jobs at one of the national labs with a HS diploma.

[@jim6798]

You may have made less but just about everything is significantly less expensive because of technological innovations thanks to capitalism

[@des-trina]

@@jim6798 Yeah stuff costs so much less. Gas was 99c a gallon when I was 16, and it's quadrupled. My salary sure as fuck hasn't quadrupled.

[@SamsonBiggz]

I can't believe I get to sit in on Robert Reich's colleges classes. How cool is that? Too cool. Thanks Professor!

[@johns.7297]

This is a masterful teacher of public policy--perhaps the driest topic imaginable to teach.

[@magalyferrer9387]

Excellent, Robert. Thank you. We need you. I am Cuban-American and live in Miami. I feel terrified seeing the extreme right re-emerge. There is confusion in the minds of most Latinos regarding who they should vote for. The majority in my city, especially Cubans and Venezuelans, are being deceived by the media that speaks our language. They think that Biden supports the communism from which they escaped and that Trump will save them from this paycheck-to-paycheck life, with just a few hours to sleep that the majority get. Latinos in the United States urgently need to understand what the extreme right, the extreme left, and Democracy are. They have to know the dangers they expose us to if this new type of fascism, with Donald Trump as its leader, triumphs. Please, also try to reach out to Latinos. There is a lot of ignorance in our towns, which is why they are easy prey. Millions of Latino votes. We can save Democracy.

[@Kwk16534]

I absolutely love your delivery and Humanity in your lecture style. it's easy to understand yet the significance of the data speaks for itself thank you for making this available to everyone online. Well done Professor!

[@ronaldreagan-ik6hz]

Leftist data for a leftist narrative. Shocker

[@Raymondjohn2]

The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.

[@hermanramos7092]

I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.

[@Oly_laura]

I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured some money in value stocks and digital assets,i accrued over $80K in dividends last year

[@martingiavarini]

@@Oly_laura I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

[@martingiavarini]

@@Oly_laura She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@fritzforsthoefel8031]

Reich wants to take away your profits and give it to someone else

[@arizonagourds1]

Thank you for allowing us to audit your class. No matter how much we already know, we can always learn something new.

[@ronaldreagan-ik6hz]

Yes. We already know progressives are horrible at economics. Just ask Biden.

[@TogetherinParis]

Robert Reich is the most impressive person I ever met in my life. He's brilliance personified. He helped teach me to think, I will never forget him or his greatness. Back when I knew him he was newly home from England as a Rhodes Scholar and would lapse into a British English accent.

[@jamesstrom6991]

Reich has been pushing for renewal of American egalitarianism for years. Fighting the good fight. Keep at it professor. May more people listen.

[@Randytherumbler]

Or,you know,PAY money 🤑🤑 to attending and actually listening to ANY of this.

[@russh6414]

I love the way Dr. Reich engages his live class and it carries over to watching the video! Great class!

[@swagatochatterjee7104]

Thanks for opening this lecture series. I saw your documentary on this class way back in 2015 ish I guess and always thought how can I access it as an Indian without the means to even step foot in US. Today my wish was fulfilled. Thanks a lot,.

[@j.f.fisher5318]

As a former rightwinger, waking up to this was a big part of what woke me up. What really broke through for me was looking at the federal debt from the end of WW2 to present in terms of the burden of the debt as a percentage of GDP and the value of the debt in constant dollars.

[@RonMohlTheSmilingMonk]

Your picture reminds me of the Ukrainian flag. And your comments are well received. It's amazing how the USA has such a strong economy and can do what it does. But the top earning companies need to have a fairer percentage of taxation and not such give-a-ways, that congress keeps doling out.

[@rdmon746]

No conservative refers to themselves as a "former right-winger" I'm calling BS

[@Rust_Rust_Rust]

As a former conservative i agree​@@rdmon746

[@folday6169]

What a wonderful revelation of the relationship between economics and politics...at a personal level! Thank you for an exciting and thought provoking presentation!

[@glennacookmckitterick22]

Thank you, Professor - for your brilliant and welcome voice to save our democracy. ❤

[@andrearoseschneider7479]

What about sexism as well?

[@pamelarockwell6992]

Your ability to explain trends and the consequences of the policies we support or reject is nothing short of amazing. I am profoundly grateful that you have taken the time and effort to bring this course to the public .. and free of charge!

[@pizzagirl3225]

Thank you for posting these. I'm so grateful i get to watch them.

[@orangeout1259]

Thanks for posting Professor. You spent a day discussing your second book, Next American Frontier, with me and a few other Harvard students almost 40 years ago in Marty Peretz and Nathan Glazer's class. Great then and now.

[@Aran.Words.Whatnot]

Thank you for making these available on KZbin. Looking forward to watching them all!

[@ichwerdegelesen]

Dear prof. Reich, Thank you so much for adhering to my request for reposting your 14 weeks course! Have happy holidays with your loved ones and friends! And take a break since you have already contributed so much for saving not only U.S.-American democracy. Greetings, and, a warm 'thank you!' from the Netherlands

[@KS-ft7sy]

This is a new class. I saw a different one last semester.

[@marisamenendez7875]

@@KS-ft7sy It;s the current semester's class, which is his last one at Cal.

[@chantalphan3894]

Thank you for this gift, Professor Reich, and for your dancing during confinement :)

[@ronaldreagan-ik6hz]

Name one place in america where progressive ideas are successful?

[@billTO]

Reich and Sapolski.... two brilliant comunicators.

[@markmurphy4205]

Just finished . Top shelf as usual . Wake up America . Listen to and heed THE MAN ! !

[@camipockets]

This is easily the most informative and important thing I've watched this year. Thank you!

[@ronaldreagan-ik6hz]

Informative? Oh my god. Robert Reich id s leftist liar. Thomas sowell tells the truth.

[@fritzforsthoefel8031]

He lies by withholding information democrats party of handouts

[@logan3920]

I wonder why no academy has ever done this for every course which can accommodate the format. It would be extremely useful.

[@user-dg9pu4pe9d]

I grew up in the Rust Belt in a little steel town. By the time I was in junior high the steel mills were largely gone and the auto industry was not great. By the time I was learning to drive, there was a cloverleaf that no longer needed to exist. Blinker lights may have even been a bit of an overkill. I left the area after college. I doubt I was unusual in that. People depended on those industries. It makes sense that people would want change. Bernie Sanders would have been offering what they needed. Trump was giving their anger direction and yelling that he would fight for them. The establishment had failed.

[@theboyisnotright6312]

I will never forgive the DNC for blocking Bernie Sanders for the canadate. Instead of change, they pulled that crusty old corporate democrat out of mothballs and appointed him. F them

[@michaelbollom4737]

I watched all 14 lectures. Overall, this a very good overview of a compelling, complex and socially essential issue. Reich is a dynamic lecturer and each talk is full of interesting recent data that is well presented. He has many personal anecdotes from his decades of government service, which gives his talks a person touch. Live polling of his students often kept it even more interesting as I am out of touch with with what 20 year olds think. Reich is quite obviously coming at this top from a fairly hard left wing point of view, but he generally does a good job if at least laying out the other side, if only to knock it down. But as the lectures progress the data gets more sparse, replaced by more and more anecdotes and he digresses to left wing proselytising. Nevertheless, overall this lecture series is very good. I would recommend to anyone who wants to know more about the topic.

[@mwpv11]

Thank you Dr. Reich for your insights and fostering creative analytical thinking.

[@ronaldreagan-ik6hz]

Analytical thinking? More like leftist dishonesty

[@courtneyw6274]

I wish I'd been in that audience. So many arguments I yelled at my phone about the Genie's deals. Yes, fairness, but also POWER. You can't say they "lost nothing" when money is power and power is relative. Money even means you can ignore laws, they don't apply if the punishment is a fine.

[@kathleenroberts6931]

I was unable to finish my Masters, but having the Great opportunity & pleasure to be able to watch your lovely 🧠 & great ❤ for Democracy and the American Working ⚒ Class ❤ Thank you, so very much 😢for the opportunity to "sit-in" one of your classes ❤😊

[@dschaef91]

Just a thought on the partners game at the end: let's say my partner offered me $1. Contrary to the traditional game theory logic, I should not accept this deal because otherwise I signal to my partner that I'm willing to accept an inequitable relationship, and I'm signaling to others that my partner has "won." If I accept any value less than an equal share, I probably value the money more than the loss of status relative to my partner. I have two points here. First, focusing on the dollar value of the reward disguises the underlying complexity of the social interaction, which isn't *just* about money. Second, this sense of fairness that people have isn't just an irrational feeling: it has a rational basis in status politics.

[@DestinBeachImages]

Brilliant lecture. The lecture isn't "dead". I learned much more in one hour and a half than any team or group project worksheet class from decades ago. I can't wait to hear more. Thank you - you're doing the US a great service.

[@ronaldreagan-ik6hz]

Yes. Robert outlines the opposite of what works. Nothing is fucking up America more than people that support progressive ideas.

[@therealdeal3672]

My son is a senior at Berkeley, this fall. He hopes to take this class. I sent him the link, anyway. I very much appreciate you sharing this on YT for those who don't get to take your courses. Thank you.

[@melvinsatterwhitejr575]

Robert Reich is very good in explaining how the business world works.

[@ashikalanser9033]

Thank you so much! I want to be this happy and passionate when I'm older, too!! ❤🎉

[@cynthiastarks7161]

This is awesome, Prof. Reich. I sure wish I had been exposed to a teacher like you when I was in college. Or since! I'm so glad I was referred to your daily substack, as it is so enlightening. I've been reading a couple of your books also. It's so nice to have a man of compassion and understanding talking about these issues. Good on you! Thanks so much for offering this class to us free. Such a good deal! Happy Passover.

[@ronaldreagan-ik6hz]

Lol. Thomas sowell runs circles around Robert leftist Reich

[@gurusmurf5921]

On the $1,000 question. It's worth more than $1 to me to punish the person for being greedy. As the money values climb the utility changes. If I were offered $1,000 out of $1,000,000 it's the same ratio but my need for $1,000 may outweigh my commitment to civic duty. If you teach someone that this sort of behavior is acceptable you create a long term problem down the road for yourself and/or others so it should be punished at every opportunity.

[@user-lo5hs9xx9d]

So great to know we can access such an excellent learning experience and what an excellent learning experience it is. Thank you so much Professor Reich.

[@endxofxeternity]

This is life changing knowledge and understanding

[@katik.4833]

I am so grateful for the opportunity to study this course! Finding after just Class #1, that my understanding of the economic changes is deepening exponentially. Thank you Robert Reich.

[@AS-kf1ol]

One thing I find interesting on the topic of mobility is the "children do better than their parents" I am 34 and I was also taught this. But when I look at my own family, individuals made personal decisions about what is "better" and it wasn't always economic. Sometimes it was finding a sense of community they didn't grow up with, having a job they actually liked even if the pay was humble, divorcing instead of staying in a marriage, living a slower lifestyle.... Many things that economically look worse off. I wonder how we can make room for that at well bc I don't think it is always that mobility is impossible but is instead that people make choices but still want a living wage and to be comfortable. They don't care what bracket they're in or how well they are doing relative to someone else, but they do expect if they work fulltime their basic needs will be met. If we can make that a reality people can make whatever choices they want and not feel bad about how they are doing relative to others.

[@awalker8371]

Great points

[@Professeur-Nazaire]

Indeed, mobility goes both ways.

[@ronaldreagan-ik6hz]

Listen to what you just said. My god. You said people can make bad choices BUT an employer should still be forced to pay them a “living wage”. That’s ridiculous.

[@Onlyaye]

This man is amazing in the ways of his teachings.

[@suemichaelsen8486]

Thank you for providing this opportunity. I found it very sad how many were unwilling to be fair.

[@forceforgood4669]

Thank you Professor Reich for sharing your decades worth of insight with the world. This set of videos might as well set the course of positive change.

[@ronaldreagan-ik6hz]

Nothing by progressives is creating positive change

[@davebowles5735]

Simply awesome. Spread your wisdom and experiece far and wide!

[@fritzforsthoefel8031]

He spreads lies and misinformation by withholding information

[@momo70ful]

Thank you Prof for this once in a lifetime opportunity. Bests from Italy

[@happygucci5094]

Thank for giving this course to the people!!!!!! With love and curiosity from Bermuda 🇧🇲

[@katherinesayles8870]

Professor Reich, thank you so much for making your lectures available to everyone. It is very much appreciated!

[@polly_sigh]

Professor Reich, thank you so much for making this class free for us! You are an outstanding teacher and humanitarian! I worked in country radio years ago and if I was still able to help you meet Dolly Parton, I would, because you deserve to meet the wonderful Dolly! But thank you for your compassion and your service to this country!

[@Taratouille.]

I didnt expect it to be this interesting and engaging, thanks professor

[@barbarawashington247]

My man, Preach. He honestly knows what's up. No pull yourself up by your boot straps, because the straps are around your neck when you're African-American.

[@user-fm5by9bo3m]

Thank you for the opportunity to be your student!

[@vernoncox4039]

Thank you for your brilliant ideas and teaching method. Hate to see you retire.

[@Professeur-Nazaire]

Something missing in the income vs wealth note slide: the wealth increase that does not come from earnings. That could be inheritance (major impact for kids of the top 1%), value increase of wealth due to stock market and real estate increases, firm value, etc. Sometimes wealth increases on its own, no need to work!

[@philipreed6893]

So beautiful, Productivity and Wages were growing, at the same rate, at the time 1940’s, 1950’s but later decades , No , big changes ! Huge implications

[@terrynewberg5732]

Thank you so much for releasing these videos - your teaching style is so excellent. ❤❤❤

[@ronaldreagan-ik6hz]

Too bad his ideas are failing all over America.

[@clusterfu]

Wow, thank you so much Professor! Would love to be in the lecture hall but this is really great too! ❤❤❤

[@fritzforsthoefel8031]

Democrats party of handouts

[@fritzforsthoefel8031]

Quit stealing from our childrens future earnings for handouts for adults

[@dancooper8551]

Excellent first class!

[@gcvrsa]

We have no moral obligation to "respect" dissent merely for the fact that dissent exists. As Robert Jones, Jr. famously said (and which is usually misattributed to James Baldwin): “We can disagree and still love each other, unless your disagreement is rooted in my oppression and denial of my humanity and right to exist.” Any moral obligation to hold Respect for dissent depends, and necessarily must depend, entirely upon the nature of that dissent, its aims and designs, and its consequences.

[@theignorantsavants]

Thank you. Your fund of knowledge and perspective is a national treasure.

[@elisaalbo1585]

So despite the gains in economy, many are left behind. Live your class

[@fritzforsthoefel8031]

Unskilled workers cannot make what skilled workers do with out economic collapse

[@karcavida3250]

@@fritzforsthoefel8031You don't know what you're talking about, we need so called "unskilled" workers who do the jobs no one wants to do. If no one did those jobs, THEN the economy would collapse. You sound like either a person who hasn't worked a day in their life or like someone who's poor, but is so damn delusional.

[@heidigarvis7596]

You leave a fabulous legacy Robert.... there's a special place in heaven for you❤

[@ChrisBrengel]

20:00 Productivity growth versus income growth. 58:20 "Everybody had a pretty good shot/to get at least as far as their old man got" -Billy Joel "Allentown"

[@jaysummers5484]

Excellent lesson. Thank you for providing this for anyone to watch. Economic, Political, Historical & Critical Thinking education is important for everyone to have access to.

[@catarinafiamonccini1808]

Watching and learning from Brazil, this is a priceless oportunity. Thank you so very much Professor Reich!❤

[@ronaldreagan-ik6hz]

Please look up Thomas sowell. Then you will realize how dishonest Robert Reich is.

[@shocktocker8282]

It's very fitting that Riech ended up in Cali at Berkeley! CA is a prime example of what will happen to the rest of the USA if Riech's economic principles are to play out!

[@lucasm4299]

?

[@social3ngin33rin]

Ty, I love watching lectures online :) like what Stanford does Thanks for sharing ^_^

[@tibeaux]

You are an Excellent teacher! Thanks for letting none students take your course!

[@tibeaux]

Cat walked over keyboard and "non-students" became "none students". I'll work on teaching my cat how to spell.

[@sarahelizabeth299]

Thank you so much for sharing all of this. I’ve already learned a lot. Graphing the numbers out was helpful. I really wish more working class people would sit through these classes to see how badly we’re being exploited.

[@zoeollie202]

Haha I was homeless taking economics at Cal and it made me want to kill myself 😅 I cried on the lawn and dropped out

[@ronaldreagan-ik6hz]

Oh my god. No one is exploited in a FREE MARKET SYSTEM, you fool

[@jaein7779]

The problem is that most of the income growths is in Stocks. In all honesty, we really need to eliminate the Capital Gains tax and just call it an income tax where-in your capital gains are taxed like a salary.

[@jonnanashko5170]

Thank you!!! My parents were immigrants in 1975…working class…. They supported me and my brother and we had college education and were in the professional class… but now I see my children… they are professional but not as lucrative as me…. I can see how the media is just propagating misinformation and causing confusion and division in the country ….

[@n.d8001]

A real pleasure to listen to him . Thank you for sharing your knowledge in an attempt to improve our mind and life

[@ronaldreagan-ik6hz]

Listening to progressive bullshit won’t ever improve your life

[@Serotoninwithin]

Yay im so happy this class is available! I think this type of education is extremely important

[@johannamedina5387]

thank you for bringing education to everyone!! I appreciate it very much! thank you!

[@shrabonibabu]

Now at 65, KZbin algorithms and professor Reich enlightened me to new heights of understanding social sciences. Now I know a bit about what fairness is, perhaps the greed of few to control all wealth and privileges converted this earth into a more unhappy space with disappearing trust and a wide sense of expectation of unfairness.

[@briobarb8525]

Well said! And Amen!

[@Seaoftea]

This is fantastic. I was expecting a short video like most of your videos, not a whole lecture. Thank you so much for sharing this. Hopefully I'm smart enough to learn something from it. :)

[@thomashubbell8612]

Math has never been my forte. Your use of charts and graphs makes it so clear.

[@espressivsymbols3220]

Wow he taught at Brandeis, I'm a Posse scholar Bard alumni and he worked with the one president from Georgia. So glad I saw his ad on youtube. looking forward to the discussion

[@spiderdroid10]

Thank you Professor! I'm not a California student but will watch you're lectures all the same. Making your videos for everyone is a great service for all of us!

[@majdavojnikovic]

1:25:59 what I took out of this lecture is:"when they are getting too angry at you, turn them against each other. " So, at least you know where it came from. 2016 was the revelation year.

[@ceciliavillalobos5044]

How is it Americans still cant see the truth, are we not able to learn. Thankyou for giving education to us, who care to learn.

[@derbywinner6316]

Brainwashed by politicians taking advantage of the ignorance and fanaticism

[@michaelcap9550]

Must see a Univ of Chicago for a balanced debate.

[@danielmcsween9054]

Time. Researching topics is hard and why bother when you can watch some sort term media that makes you feel good by pointing out how stupid the other side is. The people Americans listen to vastly simplify problems, making the solution obviously be whatever they want it to.

[@rdmon746]

​@danielmcsween9054 welcome to the ivory tower

[@ronaldreagan-ik6hz]

Lying Democrats like Robert Reich are destroying America

[@rubyred6954]

God I absolutely LOVED college and most of my professors, lol!! If I had the money I would’ve had furthered my education & degrees but of course for regular folks like us you can only take so much in student loans!

[@ggsandovalarchitect]

Mr. Reich is a great elder and his knowledge and experiences are something we should treasure and learn from and share widely.

[@ronaldreagan-ik6hz]

Leftist lemmings ignorantly band together. How pathetic