Hearted Youtube comments on Garys Economics (@garyseconomics) channel.

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  13. Hi Gary, PhD in Economics + Lecturer at a top UK university (which shall remain nameless). I cannot begin to express how sad and frustrating it is for me (and most of my peers) to not be able to talk about this. Although a lot of research has been done on both, inequality and environmental costs... both continue to be excluded from ALL main economic data. The fact that we keep using GDP in its current format as out main economic indicator is beyond insane... but fact of the matter is universities in the US and the UK have become corporations, and research has become, for many, a launching pad into the private sector. The academic establishment has ZERO ties with real life workers unions or climate experts for example... zero coordination, and zero sense of social responsibility. I feel ashamed for our profession at this point... EDIT (I did not expect so many people to engage with my comment... thank you): Just to clarify, In hindsight, my choice of words when I said we are not allowed to talk about these things was poor. There is no conspiracy to silence anyone!!! What I meant is that, just like in every area of academia, there are very clear and structured paths to climbing up the employment ladder and it is to say the least skewed in favour of somewhat derivative research with solid methodology that awards as many points as possible. This inevitably penalises anyone who wants to (for example as many of you have suggested in the comments) pursue collaborative research with environmentalists, sociologists, NGOs etc. Top economic journals will never publish your work meaning you will be at a serious disadvantage when competing for jobs/grants. Also, I want to make it very clear I am in no way suggesting that more mainstream economic research is bad or false!!!!
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  103. I’m sort of uniquely positioned to comment on this video. I am a US trained human rights lawyer who focuses on workers’ human rights and the fight for equality, but with an MSc in economics from LSE and, importantly, a BA in anthropology. Furthermore, I have been married to a finance professor for nearly 30 years. So, I can confirm most of what Gary says is indeed true. I would just add the following: 1. I think the atomized approach where everyone is in their own utility-maximizing bubble is not just a mathematical necessity a la Samuelson, but a political choice that completely insulates policymaking based on theoretical economics from a solidarity approach which seems to have seeped into all policymaking, regardless of the issue. 2. Related to this, the behavior of these utility-maximizing individuals being modeled is that basically all motivations are assumed, and often shoehorned into the mathematical models. I constantly ask why economists don’t speak with actual people to test their assumptions—>blank stares. 3. economists actually believe that their models, and more importantly, their proofs, actually do prove how individuals behave. Since macro is basically just the aggregate of the micro models, they think their macro models also explain how economies work—it is simply the fault of people that they don’t understand how to maximize their utility. 5. Related to point 4, economists believe that economics (especially finance) is a “science” not a lowly “social science”. This “economics as physics” approach also conveniently insulates politicians: “we can’t defy the markets which are a force of nature, our hands are tied” rather than what they really are which is a social construct which can be shaped to meet the needs of society as a whole. the growth of behavioral economics is helping to change this, but baby steps and inevitable backlash. 6. rich people fund economics! The most prestigious Econ departments in the US are all heavily endowed by people who are heavily invested in holding onto atomization, modeling and economics approaches. Furthermore, they want this approach to economics to take over sociology, psychology and other social sciences so that they can be “real” sciences just like economics. 7. Related to endowments, although many econ profs are not paid well, the tenured finance profs are paid quite well for doing what they love, which is publishing papers. My husband makes 1/4 of a million CH per year, and for about 6 years was paid an additional 200,000 from a group of Swiss banks. Many of his colleagues sit on boards, especially for insurance companies, and get paid on average another 1/4 million per seat they hold. So don’t feel sorry for tenured finance profs, at least in Switzerland or the US, Some hope: the broad popularity of Picketty’s work on inequality and the recent awarding of a recent Nobel prize dedicated to the team of empirical economists documenting inequality are encouraging trends. Sadly/predictably, rich donors are likely to double down on their funding of chairs for theoretical/model-based economists and try to undermine behavioral economics. Keep up the great work!
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  374. Last five minutes knocked it out of the park. As a student of US economic history, I've been trying to tell all my friends exactly that. Since the 1970s, Republicans AND Democrats have helmed a bipartisan effort to cut taxes on the rich and gut social spending on the rest of us. Your point about Biden's Industrial Policy is really acute. Ultimately, investments in chips and green tech were less about kickstarting mass employment (which many mainstream economists still blame covid inflation on) and more about national security. Even then the investments were not large enough to come close to China's or even, in some cases, the EUs. Biden's IP as well was also very top heavy: even though there was some good stuff in there, mostly it was tax credits for corporations and luxury goods like EVs or solar panels that working people can't afford. Kamala was the epitome of everything wrong with this. All her talk of "opportunity economy" was so out of touch: most people don't want to turn their hobbies into some sort of entrepreneurial business — we want affordable healthcare, housing, education, childcare, & cost of living more broadly. Biden offered an interesting modification of the past 40 years of mainstream economics, but it wasn't enough to really matter to most people. It's gonna take a lot of work to turn the Democrats' economic policy from favoring Wall Street and Silicon Valley back to favoring ordinary, working people. It'll be an uphill fight, but more people are up for it now than ever before.
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  571. I did economics to PHD level and was always very frustrated. (Thankfully after getting the PHD, I eventually left the profession.) The problem is they don't ask basic questions. The only thing economists are worried about is how can something be explained by the standard model. But this model itself is pure fiction. No one asks questions whether it is really correct, and what justification is there for using it. What about things that are unquantifiable or not usefully modelled? Almost always these are the most important things. Basically it is an extraordinary lack of intellectual curiosity. Fred Lee sums it up for me: "The methodological underpinning of neoclassical microeconomics is open to criticisms. The methodological approach of neoclassical economics is based on a pre-vision of supply and demand and/or a Walrasian general equilibrium all combined with scarcity and constrained maximization. Accepting this vision as a matter of faith, neoclassical economists construct axiomatic-based arguments via a deductivist methodology (with or without the use of mathematics) to articulate this pre-vision. There is no attempt to establish that the pre-vision has any connection to or is grounded in the actual capitalist economy it purports to explain. Hence the method of constructing theory is not tied to or informed by the real world, which means that the axioms qua assumptions used are not chosen because of their realism or some other way grounded in reality but solely because they contribute to articulating the pre-vision. Therefore with a methodology unconcerned with the real world, the theories derived therefrom​ are theoretically vacuous and hence not really explanations. They are in fact non-knowledge. Consequently,​ the methodology of neoclassical economics is not just wrong, it is also misleading in that it cannot inherently provide any understanding of how the real works or even predict outcomes in the real world." https://larspsyll.wordpress.com/2022/01/28/fred-lee-on-non-knowledge-mainstream-economics/
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  713. This is so important. As a middle-aged (45) white man on the minimum wage and with nothing, I'm sick of the media not being able to tell the difference (or IMHO probably deliberately obscuring the difference) between two very different propositions: "Most of the rich are older, white males." and "Most older, white males are rich." The first isn't that far from the truth while the second is nonsense. Even for those my age who have achieved a comfortable living (e.g. perhaps they own their own house), that's what we aspire to for young people too, not a problem we're facing. I saw a cartoon where a rich person with a pile of cookies was telling a white worker with one cookie to watch out for an immigrant with none, because the immigrant "wants to take your cookie"- a very old tactic but effective. But, as you seem to be saying, these days they also turn round (whie holding their great pile of cookies) to the immigrant/young person/woman/ other disadvantaged group and say, "Look! Why should they have a cookie and not you? They're the reason you don't have a cookie." That one is new this last 10 years IMO. It's all with the same goal, of course: keep us fighting each other. Anything will do: men and women, white and non-whie, Catholic and Protestant, Christian and Muslim, young and old, North and South... even racists and a certain kind of anti-racists (I'm not equating these morally before I get shredded, just pointing out how the elites use both groups). They've used all of these and more over the years.
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  1167. "The economic media... it is one of the most comedic spaces I have existed in my entire life"... classic line - and disturbingly true, given the output that I read. Oh so disturbingly, depressing true, and it damages so many conversations because it's... just not even sane to begin with. Thanks Gary, so well put. I have tried to point this out to people also, based on the fact - the FACT - that the real world so often just does not relate to so much of the output, and they're looking at me like your example of when you asked the academic economist about his predictions: "I don't even know what you mean...?" Where the hell does one go with that, a rational conversation about it is just a non-starter, they can't even conceive there's anything wrong with that. I like how you recognise there are indeed obviously decent ones - because yes, there are, but make sure to focus on the overarching truth that the system itself, and this is the main issue of course, is ultimately designed so badly to start with that it ends up rewarding some very absurd people, based on the perverse incentives and broader structure it has been built upon. Discussions in the public and among the economics community itself fails, it fails particularly badly in the media, and worryingly of course that's where most people's conversations about it are informed from - and they'll make decisions on this information. This serves absolutely nobody, it just perpetuates the damage to everybody, because we've definitely so many issues we need to get right in this space. Thanks for your work to improve the conversation we can all have about it.
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  1416. Have you seen the old man In a closed-down market? Kicking up the paper With his worn out shoes In his eyes, you see no pride And held loosely at his side Yesterday's paper Telling yesterday's news So, how can you tell me you're lonely? And say for you that the sun don't shine? Let me take you by the hand And lead you through the streets of London Show you something to make you change your mind Have you seen the old girl Who walks the streets of London? Dirt in her hair And her clothes in rags She's no time for talking She just keeps right on walking Carrying her home In two carrier bags So, how can you tell me you're lonely? And say for you that the sun don't shine? Let me take you by the hand And lead you through the streets of London I'll show you something to make you change your mind In the all night café At a quarter past eleven Same old man Sitting there on his own Looking at the world Over the rim of his teacup Each tea lasts an hour And he wanders home alone So, how can you tell me you're lonely? Don't say for you that the sun don't shine Let me take you by the hand And lead you through the streets of London Show you something to make you change your mind Have you seen the old man Outside the seaman's mission? Memory fading with The medal ribbons that he wears In our winter city The rain cries a little pity For one more forgotten hero And a world that doesn't care So, how can you tell me you're lonely? And say for you that the sun don't shine? Let me take you by the hand And lead you through the streets of London Show you something to make you change your mind Source: LyricFind Songwriters: Ralph McTell
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  1655. Love your stuff :) Totally agree. Born into the slums & poverty of a northern England industrial city in 1950, I was one of the 'fortunates' to live my 73 years in that 'golden period', having had a beautiful life in Australia for most of my time. In 1980 I stopped watching TV & reading newspapers as I increasingly understood what was happening both in the unseen background of that time and to us working class people. That being the fact that the availability of 'more work, money & goodies' changed us. We became conditioned by the advertisers etc to believe 'happiness' meant having more of everything, just like the rich! But, that pretty much changed the shared common life values we had been brought up on, putting us into a world we did not understand nor knew how to navigate. I believe this period and its experiences, literally destroyed those 'old values' and therefore the communities & individuals that onced lived by them? Add in more recent times of the online worlds we now frequent, the high levels of immigration (that eventually dilute the culture) creates an environment & sociopolitical atmosphere of division, self interest, hatred, anger etc, GB in 2024 basically. There is no solution to this. Today is the outcome of a period of changes no one could have foreseen and understood the ramifications of. The only pragmatic and rational solution would be as you say, to limit those enormous economic disparities from existing, but, it's too late! Those atop the pyramid now, not only determine how economics unfolds but they also learned how to corrupt/own/manipulate every facet of so called democracies (govts, civil service, national infrastructures, police, education, law, local govt etc etc etc). The pyramid sitters not only own all the money they own pretty much every facet of contemporary 'civilization'! There needs to be one mother of a global collapse that 'may' allow for a rebuild that could perhaps, rebuild using those old values and structures of common sense etc :) There seems to a serious collapse of the global economic systems coming, but will it be enough?
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  1842. Thank God you're back, Gary! Your niche economics nourish a far bigger gap in The Market than even you might think. It's vital us "ordinary people" are educated in getting our heads around the scale of the crisis and the extent to which we're getting $hafted by 'The System'. You've persuaded me - convincingly - with your accessible arguments, that we're in a downward spiral that defines exactly what un-sustainability looks, smells and feels like. You've drawn my attention to the patterns and why the extrapolation of these economic trends is actually quite terrifying. I voted Labour. What choice did I / we have to kick the "pantomime villains" into touch. But the abject sense of disappointment in Labour's performance is suffocating me. Give yourself some credit. Yeah, okay, you don't like talking to camera. And the fame thing is hard on your nature. I get that. Frankly, I respect you even more for doing what you're doing in entering the fray. But you're doing an incredible job. I want to thank you for that. I'll be subscribing to your Patreon (if you're absolutely sure it's the right platform and their values align with yours). I've got one big question though. I'm a member of The Cooperative Party. As I see co-ownership as so much more meritocratic and meaningful than 'state ownership'. Maybe 'middling Marxism'. But they're mired inside Labour and their ideology buried. I'm not exactly sure myself... of where you stand with this important consideration re political spectrum. Are you?? Because you've a bona fide movement-in-the-making here. Depending on your definition of success, I suspect this stuff's going to count. Either way, you need to brace yourself, Man. Because in 5 years time, you're either going to be Chancellor, or maybe even the next job up!! Keep the faith. I, for one, am with you. ✊
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  1951.  @garyseconomics  Been dipping in-and-out of your videos since the first one last year Gary, and yeah, pretty surprised you're not up in to the 10s of thousands per video yet, which you should be at least! A few of suggestions about scaling up (which might be useless, but still). 1st - People like pop culture. It's a good pull in for what could be seen as a boring/complicated subject (economics) to frame it around something people already know & like. A few EGs on this - The Big Short: What it Got Right & Wrong and What it Says about Society. - Hollywood Accounting: How a Billion Dollar Film Actually Made a Loss. Both of those might be a bit out of date and overly covered now, but stuff like that with the right SEO generally does pull people in. And, this sort of thing obviously isn't what you want to do, but it's the means to the end sort of thing. 2nd - Interviews. Can't comment on who you know or what circles you circle in, in terms of the public figure talkers on economics, but if you could get a high(ish) profile person to agree to a 10 minute conversation around the content of your current videos, that would help. Making it a regular thing more so! I'm shit at networking myself, but just today Owen Jones (yes, people have strong feeling for & against him!) retweeted your newest video out. Maybe send him a message that you'd be free to talk about economics. Being on the BBC and other radio is one thing, but people our age and younger only engage with the online world more so. They won't be subscribed to these historic establishment outputs so won't hear you to begin with. 3rd - Like you've got a friend doing the video side, see if you can find someone who knows what they are doing on YouTube to help with the SEO side. Personally don't like the existence of unpaid interns, so asking a friend to spare a couple hours is preferable, as they know you and it's less a job and more just helping out a friend. I suggest this as the majority of 100,000+ subscribed channels on here have someone onboard either just specialising in this, or it's apart of their job along with something else. Even those in the 1-10 million sub accounts have to hire people in this role as YouTube, and the internet, is ever evolving. Had a couple others but this is long enough!
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  2189. To those of you asking what specific actions could be taken- I gotchu fam. Ive been trying to answer the same question based on deep dive research I've been doing since 2020. Im US based so some terms may not translate to the UK but hopefully its still understandable. I think calls to action range from the major, like being educated in the US financial system and macroeconomics, to the minor details like which brands to buy from and how specific tax policies work. Also keep in mind there is a difference between action while playing the game by their rules, and action playing a new game by new rules. Also, I am not a financial advisor and this is not financial advice. Here's a starting list, although I’ll admit these points run the gamut between very general and very granular: As Gary pointed out toward the end of the video DO NOT ENGAGE WITH POLITICIZING THESE ISSUES. Every family thanksgiving that ends in a political argument is a loss to the ultimate mission and exactly what the ultra rich want and need more than anything: DIVISION. Treat others with respect and learn how to disagree constructively. No infighting. -The current financial system takes great interest in securing your debt as an asset. Insane credit card rates, “house poor” mortgages, the rise of subscription-based payments, are all designed to keep you paying and increasing your debts. Thus, the first thing to do to secure your financial future is to eliminate all personal debt. -Be extremely weary of what you hear. Every day that new awareness around the ultra rich is created, they will also create new narratives to spin, disrupt, target, slander, discredit, and subvert our strongest voices and dialogue. Not to seem conspiratorial, but the mainstream media is owned by the ultra wealthy, because they know its influence (Jeff Bezos owing The Washington Post is just one example of this). -As Gary also said, follow the money. Someone in congress changed their tune overnight? Who’s lobbying behind them? Is it odd that someone would stay in office well after typically retirement age? What boards are they on that fuels their insider information for profitable stock market trades? Does a promising young political activist seem to lose press coverage and airtime? Maybe they’re saying something the ultra rich don’t want you to hear… The ability to be skeptical and think critical can give you x-ray vision here. -Become a defensive consumer: most everyday products you buy are brands that are owned by larger conglomerates that are publicly traded and therefore owned by the super rich. I know people aren’t making organic local toilet paper, but by buying local goods and services from local small businesses in your community, you greatly enrich local economies and at least delay the siphoning of money upwards in the system. Ian Carrol (he’s a little controversial but ill still give him some credit) has done some incredible videos on who owns the products you see in every aisle and the products you can support instead. Resist succumbing to narratives that using triggering keywords such as “socialism” to discredit an idea. Bernie Sanders is often cited as a socialist, but I think more accurately is anti-oligarchy. Also, for the American reading this part of enlisting in the US armed forces is a guarantee for housing, education, and employment- what’s more socialist than that? -A few years ago I would’ve said max out your 401k/Roth IRA if possible but there have already been data breaches and King Elon is interested in your information as well. As the great comedian George Carlin once said “and you know what? They’re coming after your social security money,” and “its a big club, and you ain’t in it.” Still, if you can find safe vehicles for investment and compound interest, consider it. -If you have brokerage accounts, you may want to opt out of any stock lending programs as it is suspected that the US stock market is riddled with IOUs and “locates” (meaning fake shares) under the claim of “liquidity” which is really just financial crime. -The ultra rich will not only break rules but change the rules. This may require some savvy research, but contact your local congresspeople and demand clarity and explanation for sudden rule changes. -I will not begin to promote or criticize cryptocurrencies as I feel I do not wholly understand them. Be cautious of any entity that promotes a specific coin, as many are destined for personal profit: Trump Coin, Melania Coin, President of Argentina Coin, Huak Tuah Coin, and other less obvious traps. The only related concept that I can agree with is the decentralization of banks and removing power from the federal reserve (which in the US is privately co-owned by the largest banks believe it or not). To drive the point home, the federal reserve has the ability to create money and increase the money supply at will (which is a primary source of inflation like Gary has mentioned). If this ability to create money out of thin air is true, then why would the government need to tax its individuals at all?…. Meaning, taxes for the common people are merely for appearances and to make you believe that taxation is necessary for the system to function. -Know the platform you’re communicating on. Think you’re commenting on a YouTube video? Just know that they’re owned by Google, and google is owned by the ultra rich. I dont know what the status behind other forums and “grassroots” platforms are such as discord, or telegram, but Reddit was just recently publicly listed on the stock exchange, which means that they are know beholden to their board of directors and investors in order to, you guessed it, “maximize shareholder value.” This list is not perfect by any means but hopefully it can incite others to pause and reflect on how their actions plug into the greater economy, how the current financial system in the US currently works, or how they can start to have actionable steps to head towards the greater good. Above all, I truly believe that treating eachother well is the bedrock of meaningful change. To echo Gary, there is no blue or red, no left or right, only the ultra-rich versus EVERYONE ELSE. Also, to Gary and his team: while I agree with Gary’s points I realize he may not agree with mine- please reach out if you would like to discuss this comment for any reason.
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  3166. Pushback is to be expected from those interested in keeping people ignoring the inevitable effects of not distributing wealth fairly enough to keep those mostly producing it just surviving, nevermind thriving. What people don't really understand is that this is nothing new. I was reading a piece by Gore Vidal from July 1961 about the willingness of the "Conservatives" in the USA to embrace the ideas of Ayn Rand, who argued that altruism and justice were immoral, and that the Cult of "I" should replace Christianity, and other religions, and values. Then I watched Philiosphy Tube's latest video that described how the powerful encourage those they need to keep compliant and cooperative in keeping their gravy train running, to see those harmed by their hoarding and exploitation as not worthy of being cared about. The people, lives, and livelihoods ruined and being cut short by wealth inequality are to be ignored. Or not grieved over. In that, Boris' Johnson's attitudes towards the deaths in Covid were not an aberration. His response to the real damage done by Brexit to business and people's, was not the ramblings of a functional alcoholic - the only personal characteristic he shared with Churchill - but his real belief. They want us to stop feeling that injustice is wrong. That wealth inequality to that extent means that the damaged caused is swept under the carpet, devalued, or seen as not worthy of being grieved at it is destroying the capacity of people and their families to survive, is not inevitable, natural, or virtuous, but a deliberate and calculated harvesting and hoarding of asset wealth to benefit the few. It is the world of "Soylent Green". (Google it.) Where those worthy of consideration as determined by the needs of the powerful are treated are seen as worthy of our consideration, and are granted privilege, whilst those who aren't, are marginalised, seen as inconvenient problems, and their suffering is ignored. This is nothing new. Class and Caste define who gets looked after. And who ends up rioting. And who is blamed and scapegoated. The current form comes from the failure of Neoliberal economics to maintain the postwar economic settlement in the West, and to ignore the social, cultural, economic, and political dislocations and insecurities caused by it, occurring everywhere, and all at once in this present time. People everywhere, except the winners in this rigged game, are pissed at the outcome, and rightfully so. But the wealthy winners, are largely are using their profits to prevent the pitchforks coming for them. They know their fantasy has crashed to earth, to the extent it has created more instability and more frictions. To the extent the fallout is capable of damaging the earth. But, like any addict, they're not ready to give up. So they will not admit their failure, but instead, will double down. Hence, there's more political polarisation, because when people are busy hating each other, they don't notice their pockets being picked. It doesn't have to be that way. Capitalism can work in ways that focus on efficient and effective distribution of asset wealth and resources, instead of beggar thy neighbour. It can work in ways that are safer, cleaner, and that can keep the planet in habitable for humans. But we have to do capitalism differently. Capitalism has to prioritise the basic needs of people and communities before profit. Simply, profit returns to being the means rather than the ends. Capitalism has to pay its way. Simply, the costs of doing business have to be borne by those doing business. Socialism for the rich, and unmitigated capitalism for everyone else is no longer acceptable or desirable. The rich should clean up their own messes, such as pollution, and societal and cultural impacts of their activities. If Capitalism did only those two things, wealth inequality would eventually disappear. Wealth would not disappear. On the contrary, it might even grow in size, with more people being able to access the means of building it. It just would be hoarded by a minority.
    3
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  3188. First, thank you Gary! Amazing videos, amazing work! Keep it up!  The situation is similar in Sweden, where I live. For something like 20-30 years we've had a slow transfer of wealth from the state to the rich, speeding up during covid. For most of that time we've actually had social democrats in power, our Labour Party. They slowed the trickle, but it didn't stop. And what has happened? We now have basically fascists practically in the government, being the puppet masters for a conservative government – the first really conservative government for something like 90 years. And of course this election a month back was one of frustration. The fascist party, the so called Sweden democrats (who hate when you call them fascists), are saying things have not improved, it has even gotten worse – and it has, for many people! They say we've lost something – and maybe we have! It's just that they say that's because of immigration and lack of national unity, which is bollocks. It's because of what Gary says! The wealth slipping through our fingers. We live in one of the richest countries on the planet, yet many of us feel poor. I'm a historian, I know a wee bit of history, and like Gary I'm terrified of what might happen in the future if we can't turn this around. The Sweden democrats got 20-something percent now. What happens if they get 40? Or even a majority? We're talking about peoples' lives here. Long winding comment, sorry about that. Anyway, thanks again, Gary! Keep them coming!
    3
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  3407. Studied at the LSE - not economics, but it kind of seeps into everything there, irrespective of what you study - and it was pretty eye opening; would have been 2004-2008 so maybe a similar time to Gary. What I remember the most was having one of my best friends who was doing maths and econ, describe to me what he was studying in his intro to econ course - core principles, parteo efficiency etc etc, hearing some of what was being described, and literally thinking to myself 'why is that your starting position, why do you think that?'. It was basically presented as 'this' is how the economy works - these are the models and the maths, memorise it. But as someone from a non-maths or econ background looking in from the outside, it sure seemed like (a) there were actually quite a few value judgments and assumptions underpinning a lot of the structure - which weren't even being identified as judgments and assumptions, never mind questioned as such, and (b) there just didn't seem to be very much critical engagement with what was being taught - you were basically memorising the 'how' and not really challenging the 'why'. So to Gary's point - there were certain aspects that just seemed mental to me, like 'what do you mean it doesn't matter how wealth is distributed in the economy?'. I mean if you think back to classical political economists like Adam Smith, David Ricardo, or economists/philosophers like Marx - at least as I understood it, basically ZERO engagement critically with that kind of thought or debate. Exactly like Gary said - there just seemed to be no curiosity as an undergrad as to WHY what was being taught was true (in a subjective sense), what the impact was on real people, leading real lives, and whether the way the economy was currently set up was a good thing, or a bad think, and what a 'good' economy should probably look like. Even more intersting of course graduating in 2008 when the house of cards came crashing down, and so I'm told by some of my friends who graduated econ or maths and econ at the same time, some of what they'd be taught as near immutable 'truths' just a year or two earlier, were completely discredited and subsequently killed off of future courses. Sad but true...
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  4147. Gary you are very prophetic in the way you speak. I relate to your story (with the exception that I’m not rich by any means) but I grew up poor in a deprived area of Liverpool and remember the cupboards being empty when I was young and my mum and dad worked hard. I also grew up going to church and my mum would dress me and my sisters in our Sunday best (usually clothes that had been donated) and I loved to go because the biscuits where better then the ones that was in my house. I now live in a home still in the same area in Liverpool with my husband and 2 kids and we have full cupboards and live a humble but comfortable lifestyle. If we wanted we could buy a home in a more affluent area but I have never wanted to without any logical reason except I like where I live. What I have realised listening to this lecture is that I don’t want to loose the community. I still attend the same church and help out when I can. My neighbours put my bin out without being asked when I’m on holiday and send me a text when I’ve left my window open. My dad died 3 years ago of Cancer and he didn’t get the early warning signs checked because the GP was shut because of COVID and by the time the doctors knew he was stage 4 and died 6 weeks after being diagnosed. We weren’t waiting on a huge inheritance and anything that came from his life insurance we signed it all over to my mum. What the super rich don’t realise when they are rubbing there hands together waiting to cash in when they loose a family member is that greed corrupts the mind and the heart. And it’s not really their fault. They were born into this. The Bible says this Mark 10:25 “It is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.”” ‭keep doing the work that your doing Gary. You were blessed with an amazing gift. I will pray for the work you are doing to help the poor people of this country not to be more poor.
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  4244. Hi Gary, amazing content! I love how leftist ideas are made more accessible to the average Joe. In the past 50 years socialism and communism have been demonized by capitalist society without really been given any other reason apart from "there is no freedom of speech", but people forget that Scandinavian countries are also ran, quite successfully on a socialist model with proportionate taxes and fines - if you get caught speeding in your Mazda you pay off times less than the guy reving his Lambo. Being a foreigner in the UK who moved here in their mid 20s (currently in the late) , I also come from a poor background and have an economic education from a post-communist state - Bulgaria. The early 90s there were a period of privatization and the exact thing you are talking about happened - wealth concentrated in the hands of a few individuals who bought government-owned factories, buildings, facilities for pocket change and are currently trying to buy out normal people out of their residential properties through actively advertising "hassle free" property sales below fair market value. The reason why people in Bulgaria manage to survive with a minimum income of about 400 GBP monthly is that the rate of homeownership in Bulgaria is very high (normal characteristic of Eastern European countries) - Upwards of 85%, about 20% higher than the UK. Owning multiple properties as well as farm land or forests is not uncommon for average people there including myself. The tricky part is very little of that property is lucrative and can generate any passive income - but it creates the most important aspect of wealth - a mortgage-free / debt free life. Although practically impossible to build a massive wealth now, there are still ways of becoming wealthy for average people, so I hope whoever takes the time to read this doesn't lose hope :) Eliminate debt (paying into someone elses wealth) and compound returns (generate your own wealth). Takes a while - but eventually works, and works quicker for people that can get creative with acquiring money. Best of luck everyone!
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  4351. So, Trickle Down Economics is behaviourally and economically naive, because the dominance of financialisation - the growth in private assets vs public assets because of privatisation - means tbe wealthy will just hoover up more low risk assets - like stocks and shares or houses - instead of higher risk assets such as investments in industry. And that increases costs for ordinary consumers, and deprives them of the basics low risk assets they need for survival. Combine that with policies that myopically focus on preventing wage spiral inflation, Trickle Down Economics 1) effectively kills the goose that lays the Golden Egg - the purchasing power of wage earners - that drives economic growth; 2) disincentivises both the wealthy and corporations from investing in their businesses, or innovation to increase productivity, thereby encouraging chronic low productivity, relative to other countries; 3) Divests the State of the ability to intervene and i) maintain the infrastructure needed for economic growth, such as education and healthcare; and ii) neuters their ability to use tax policies to incentivise investment in higher risk assets needed to grow the economy. So this is impoverishing middle class and working class consumers to benefit the already wealthy. Welcome to the New Precarity, in the chase to the bottom. If consumers can't buy, there will be no real growth. And reducing their wages is killing off their ability to buy consumer goods, either outright, or on credit, which accounts for the fall off in consumer spending, and the closures of businesses dependent on consumer spending. Trickle Down Economics is the Agent Orange of real economic growth, because it kills off the bulk of consumer spending in the long run. It's a form of economic colonisation, that will enslave and impoverish the people who have no wealth.
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  4557. ​ @mapper7310  I'm An Aussie and that is the point I keep trying to tell people. These issues are WORLDWIDE. I'm an engineer and my interest in economics came from a small project I did in 2016 into Australia's energy sector. Its way worse than ANYTHING the Australian people understand. When I look about the world for similar information I get the same story again and again and its all the fault of economists. I even heard the other day companies are leaving NZ because of energy costs. It took me a couple of year s to get an understanding of the cause and its 2 things. FIRST - economists think the rest of the human race are a problem they have to manage. SECOND - economists don't understand how economies actually function at the nuts & bolts level. They know how markets function because that's WHAT they are trained in. What they don't get is that market solutions don't work for certain basic requirements. They don't get that every business and household needs things like energy and water AND if you screw those things up then everything suffers additional costs. That's why their market solutions don't work for education, health care, infrastructure in general and PARTICULARLY ENERGY. They don't understand how that stuff functions and supports society. I watch people like Gary because it helps me understand how mainstream economists think and operate. His video on "Why are economists always wrong?" is something EVERYONE should watch because it explains so much. He's not perfect but the value of his information is staggeringly high.
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  4876. At the point when the word 'Rishi Sunak "worked hard"' I had to pause the video and type this comment. To think that is to blindly follow the cultural ideology that not only are people rich because they deserved it, but that they worked hard for it. How hard is it to be born into wealth and priviledge? Answer: it is as hard as being born into poverty. There has been no epoch in human history where the "hardest working" were ever given an equal recompense for their efforts. Those who struggle the most are those historically are awarded the least. Did the coal miners see their fare share of reward for their hard work? No, they saw a comical, hearltess destruction of their communities and their efforts, and they were dirt poor whilst doing so. Gary is a pivotal, much needed media figure because he can go in front of these priviledged people and shine a light of their delusions. The reason why their is so much sustained inequality and poverty is because of the comfort and ignorance that class priviledge brings. Garys economics are not just wishful thinking, they are objective, undisputable conclusions from the study and understanding of the illusory and destructive system of economics that presides over and controls every single person on this planet. If you do not want to see the end of poverty, not even global but nationally, then how can you claim to have anyones interest at heart than your own? Better still, how can you even claim to have humanities interests at heart? That is why I sternly believe not in the "should" but "must" of Gary's efforts to enlighten and change these oppressive systems. How can you disagree with Gary here and claim to be kind, or better yet, human?
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  5064. holy smokes, i think i first came across your internet presence in the insider video of the interest rate trader. Didn't give it much thought even though it was interesting, never had interest in Forex and interest rates, but mostly myself having an obsession dabbing in stocks, options, and futures and still not successful over a decade. It wasn't until by some coincidence came across you again in some video mentioning your book and audible. Wow after listening to the book, it blew my mind, I was always curious how bank traders and large fund traded, but didn't expect the scale and immensity allowed by even junior traders and loss limits. The recklessness and cautiousness, but ultimately the eat what you kill mentality etc. being through it all. I can imagine we almost relate. Seeing how flashy and materialistic people can be when coming in to money, but also there are those that can live the mundane life just wanting to accumulate enough wealth to live thru life without the fear of the experience of poverty again. The disgust and the absurdity of people flaunting the rich lifestyle and doing non sense things to win favors. I can also see the dilemma of being a trader for a large institution, people putting on mask, and the games being played. In one end you are ambitious and eager to work hard to be rich by making larges profits for the banks and hope to get a sizeable bonus, however on the other end, because large companies are structured with management, ultimately you are to answer to your superior. Irony is the trader taking the maximum risk, while management can influence/ interfere with your outcome without a single ounce of thought to your risk and health. Mix with a volatile combination of winning/losing traders in the firm, the awkwardness of your peers and bosses who are in the red, while you are green. The worse is the politics, banks trying to get away with not providing the bonus or stretching it out multiple years. Anyway I had some eureka moments when reading your contents, and will look to apply them.
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  5526. You sound tired mate. Look after yourself. Maybe that holiday is what you need. I find it refreshing though that you tell it like it is even when you’re a bit down. Maybe you’re right about Labour but I don’t think so. A lot changed for the better under Blair and Brown (though Iraq was a nightmare) and it’s all gone bad since they left office. I think Starmer is being careful not to promise too much too soon. I also think that after they get into office voices like yours will become crucial. The Tories would never be moved in the slightest by your message. But Labour might. And the more who put out the message in a cohesive way the greater the pressure. If Labour feel enough people are behind it to keep them in power if they implement it then they’re more likely to go for it. But why would they if all they have is people bad mouthing them for being the same as the Tories. They’re not! And it’s not just you to say it. There’s the Patriotic Millionaires as you say; there’s a lot of Labour MPs, LibDems and Greens; what if Best for Britain took it on; Taxing Wealth Report. Like you say it’s a long game. Don’t exhaust yourself too soon. But a decisive Labour victory is a good step forward and to be celebrated before the work moves into a new phase. It’s still all to play for. The election is just a step along the way and the task is to maximise tactical voting so that the possible 150 or so seats the Tories could win on small majorities through the progressive vote being split reduces to nearer 50 and the Tories are spent as a force in the next Parliament. You can find what the tactical vote is for your constituency at www.stopthetories.vote (if you don’t know already)
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  6252. Idk how it happened but last night on new year's eve around 1 or 2 in the morning YouTube for whatever reason recommended to me the interview you did with Insider. I watched the whole thing and I have watched a few more of your videos since 2025 started and subscribed to your channel. So much of what you say resonates deeply with me. I am the child of immigrants. I was born in the USA but my family comes from central America. My mom dropped out of high school as a teenager and my dad was actually a gang banger and was in prison all my childhood and then deported. I felt the unfairness growing up and the desire to prove myself. I was fairly competitive in class. I don't think my situation was quite as bad as yours growing up and maybe for that reason I was not as competitive as you. But I did work very hard and got myself into some really good schools. I was told one of the schools I got into was the perfect fit. I was told it would be full of kids just like me. I thought that meant it was gonna be full of kids who had struggled through adversity and beat the odds and were hungry to learn and grow. But it was just full of kids who were exactly like the kids in my high school that had fueled my desire to prove myself in the first place. Extremely privileged kids that had never experienced anything like what I grew up in even for a day, and all their lives they enjoyed the kind of wealth that I was always told only comes after all the hard work and going to school. But they already had it even before going to college. Like you I saw how rigged it all was for the very first time in my life and I became very depressed. I didn't even finish school. I was never so driven by money, I have always been somewhat averse to money and the material and I naturally lean more towards spirituality and philosophy. I was a philosophy major at school and in a class we read Camus' the Plague. I remember the quote you used in your speech in the last video. My professor remarked on how compassionate Camus was to all humanity. He believed in our innate goodness and he didn't blame us for evil but instead he blames the ideologies that lead our good will astray. I hope I can do something to help stop society from collapsing. I want to be human too, especially if it is all just gonna fall apart anyway. I know this comment is so long for YouTube but I have a feeling you will read it.
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  6289. Gary I know you have good intentions however your solution is completely flawed and is a route to full-blown Socialism here's why: Taxing the rich more for having assets of 10m+ isn't going to solve the problem. It's going to likely p*ss them off and make them leave the UK because a) they're rich and have the privilege to do so and b) they can get much better tax breaks re-locating to countries that tax less. Also, you don't realise that these rich people have multiple streams of incomes and have businesses which employ people who aren't wealthy. By taxing the rich they will offset those taxes onto the consumers which are largely working class ordinary people. This means businesses suffer to sustain profits and operational costs to continue and will likely have to lay-off their staff and eventually close down or relocate. This in turn creates a huge deficit for the government's paycheck as these super rich businesses struggle to sustain the profits required to maintain growth and the government realising enough income. Therefore, the government has to increase taxes in order to compensate for the lack of income generated by the super rich. This tax-effect trickles down until you hit the poorest in society, meanwhile the poor are already drowning with goods & services inflation. Just know that your destructive policy is being practiced to a degree already and many millionaires are leaving this country in droves (Source: Business Standard - Millionaires on the move: Where are the world's rich migrating to in 2024?) as is which is contributing to the massive tax-burden we are facing today. The solution ISN'T TAXING THE RICH. It's CUTTING GOVERNMENT WASTEFUL SPENDING AND REDUCING TAXES. You fail to understand running a government is a form of business which takes taxes from the population. It's the government's responsibility to manage that money carefully. The issue we've been having for YEARS, is INCOMPETANT AND CORRUPT GOVERNMENTS OVERSPENDING money on things that bring NO COST BENEFIT to the citizens of this country. By advocating for more taxes, you're advocating for more incompetance from the ruling class and you should understand by now that they've wasted so much money and brought no benefit for the masses. Reasonable taxes for everyone will incentivise wealth creation and bring in businesses to the UK and the government will be able to realise taxes at a lower level but generate more income. Meanwhile because there's more competition in the free market people will have opportunity to buy better goods/services at cheaper prices while they realise the benefit of low taxation. Your suggestion will only lead to the demise of free market capitalism where the ruling class provides to the poor and it's living proof right now that anything run by government is poor quality and there's no accountability when things go wrong because they don't have to worry about competition like private enterprises do and everyone lives off the welfare system. Please do yourself a favour and learn economics.
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  6371. Thank you, again, Gary. This is your best work, gently iconoclastic and all the more compelling for it. I'm forwarding it to everyone I can think of. Economics can transform from mathematical phantasmagoria into an empirically accessible window onto the human condition if we triangulate on it from the teachings of Buddha and Christ and their like, as you are here. The child's understanding is that economic activity is due to self-interest. The adult understanding is that it is about trust. To be able to do your work, you have to trust that most everyone else will do theirs. The child's understanding of economic virtue is that it is greed. The adult understanding is that virtuous economic activity is the assumption and shouldering of risk. You say that you will get something done that needs to be done and you do it. The child's understanding of economic rewards is bling. The adult understanding of economic rewards is trade, the transaction sustained. You don't transact to extract as much as you can, you transact to create the opportunity for more transactions. Thank you Gary, for being the most compelling exemplar for these ideas and so many more. We need to tax the hyperrich, you articulate this with a clarity that leaves me thunderstruck. It is not impossible, there precedent all throughout human history (the jubilee in the Old Testament, a forgiveness of debts every 50 years is one) To get there, we have to change people's minds. We can change minds, it happens all the time, like a sea change. The funny thing about humans is that as cultures we really only remember a lesson for 3 generations. That seems like our species limit, you see it in things like "super debt cycles." With your work Gary, I dare hope, and with my children at precisely the wrong age, it is my keenest hope, that we may achieve the transition to more Gaussian* wealth distributions without the cataclysmic violence of a total war. *Gaussian, not power law, because power law behaviors devolve to species like hymenoptera, of hives. They are nowhere near as powerful at surviving in nature as species that cross genetic material in non-clonal ways. Those species equilibrate towards Gaussian distributions of phenotype for complex traits. This creates vastly larger capacity to adapt per unit population. I hope your cycling in Japan is restorative, I'm not sure there are many people doing work more important than what you are doing. If enough hear you, understand closer to the depth you do, both sides of the trade of self/altruism, our species may yet find a better way forward from poverty without losing our humanity.
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  6451. Many of the Rich people bought Government subsidised heating systems for their businesses and country mansions, the scheme was called the Renewable Heat incentive which basically paid for their heating bills for 25 years, which was later reduced to 20 years, the heating system usually ran on wood pellets/wood logs or wood chip, some installations used electric via a ground source heat pump system and also a few included biogas systems. The non Domestic RHI scheme was opened in 2011 and closed 10 years later in 2021, the payments are budgeted until 2041, the RHI payments are also inflation adjusted. The scheme cost UK tax payers over so far since 2011 about £2.5 billion up until 2020 and covers 20,000 installations, with approx 17,000 of them being biomass boilers. Just another example of the Rich being bailed out of their heating costs by the Government on the back of 'green' energy incentives, the poor UK tax payers are paying to heat the Rich peoples homes and businesses essentially for free, as the RHI payments often exceeded the fuel costs. It is odd that the RHI scheme became a scandal in Northern Ireland, see below, but in the UK the same RHI scheme and similar fraudulent activities and abuses were going on in the UK, but it was hushed up and swept under the carpet here and never became a scandal here in the UK. It has quietly been forgotten about, but the RHI payments will continue to be paid by the UK tax payers to the Rich until 2041. https://en.wikipedia.org/wiki/Renewable_Heat_Incentive_scandal#:~:text=The%20Renewable%20Heat%20Incentive%20scandal,purse%20almost%20%C2%A3500%20million.
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