Watch and track your favorite playlist.
Curated by: Richard J Murphy (21 videos)
Rent is not just the money you pay a landlord. In economics, it means something far bigger, and far more significant. Economic rent is any payment above what is needed to keep a resource in use. Land earns rent, because the land already exists and would be there whether or not anyone paid for it. Risk-free interest on government bonds is rent, because the money already exists and the return is unearned. And a large slice of what accountants call "profit" is not really profit at all: it is rent, extracted from workers, from customers, and from the planet. In a small business, profit genuinely rewards the owner's skill, knowledge and risk-taking. But in a large company, much of what is called profit is actually a return to monopoly power, brand dominance, or exploitation. The difference matters, because rent is the hidden engine of inequality. It disguises the exploitation of employees, of people, and of the environment, and it means we overtax work while under-taxing extraction. The answers to the problems created by economic rents are not complicated. First, recognise rent. Second, reduce it, whether it comes from land, interest and excess profits. Third, shift the tax burden away from earned income and onto rent. Fourth, constrain rents on land and property, control excessive interest, eliminate monopoly profits, and protect workers with better minimum wages and union rights. And finally, realise that when you tax rent instead of work, you stop rewarding value extraction and start rewarding the people who actually create value. That's what would happen in a just world. Take a look at today's poll: https://www.youtube.com/post/UgkxexlzzQWGFDIc-TpR9ok9u_fFBJbszQnY You can watch the rest of this series here: https://www.youtube.com/playlist?list=PLaSguNBvHIto 00:00 What Is Poverty? 01:10 How Poverty Is Measured 02:35 What Does Median Income Mean? 04:05 Relative vs Absolute Poverty 05:14 Why Relative Poverty Matters 06:31 How Poverty Damages People’s Lives 07:35 How Many People Live in Poverty? 08:26 Why Poverty Has Persisted 09:20 Poverty Is an Economic Failure 10:05 Poverty Is a Political Choice TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #Poverty #Economics #UnderstandingEconomics #UKPoverty #Inequality #CostOfLiving