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

  1. “The rich will take your resources…” The Labour government recently sold Royal Mail to a Czech billionaire. We’ve had Thatcherism since 1979 which serves the interests of the wealthy. The problem with Thatcherism is that you eventually run out of assets like Thames Water to sell to foreign investors so that they can rip off British consumers. 1. Reduce inequality by taxing the asset wealth of the rich. 2. Stop selling British assets and British companies to foreign control.
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  2. Imagine telling an nhs working couple with a kid, doing overtime, that has seen their disposable / real terms income erode over the last 10-15 years struggling to live comfortably - that they aren't productive enough?!!
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  3. 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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  4. I was very, very pro Starmer, but in hindsight I think I just wanted to cauterise the gushing wound that was the years of conservative chaos. Since paying more attention to Gary I feel a little politically homeless right now. Nobody of any relevance in the major 'teams' is offering a way out, just a way to tread water or a horrible radical shift that won't work.
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  5. Hi Gary, I’m a 25 year old who studied politics for a degree and am going Oxford uni on an access scheme. I’m from a low income background and have seen my community decimated over 14 years with everyone suffering so much while the rich are so cynical and sadistic about the poor Your videos (and book) have been the best education i’ve ever received and I’m SO GRATEFUL for your work and videos on inequality, WE LOVE YOU, take your needed break and we’ll always behind you, keep going ❤️❤
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  6. Watching Question Time this week I was surprised to see some of the audience making your point about taxing the rich during a discussion on the cost of living. Hopefully your message is beginning to cut through to the mainstream. Keep up the good work.
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  7. USA – wealthiest 10% own 93% of stocks. Poorest 50% of Americans own less than 1%. Inequality divergence is growing, with the rich gobbling-up ever more assets, at a faster rate.
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  8. Just discovered the channel through an article about Gary on the Guardian and am blown away by how concisely and matter–of–factly he breaks down these massive issues into easily understandable videos. I feel like this man could start a revolution. Like, share, spread the word.
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  9. "How can wealth persuade poverty to use its political power to keep wealth in power? This is the whole art of Conservative politics in the 20th century." Aneurin Bevan.
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  10. It scares me that Annabel thinks that these billionairres are working hard for their money - they aren't! It's usually returns on their wealth and NOT income Also tired of this same old argument that it's "not feasible" to tax the billionaires! Great appearance, think you went a easy on her!
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  11. As an Aussie watching this, it’s strange just how much this rings true for our own economy. Love the work you’re doing Gary and wish you all the best in getting this message out there. Hopefully it becomes a movement that all developed countries get behind because its certainly a troubling thematic!
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  12. Total respect to you Gary. It sickens me that they try and say you are wrong.
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  13. La Haine - Man falling off a skyscraper muttering " so far do good"...sums it up brilliantly.
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  14. As a relatively young person (29) growing up here from a low income background is like joining a game of monopoly half way through, all the assets have been bought so there is no chance to win
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  15. I used to work in Private Wealth. I used to report on private equity. People think they're going to work their way to those levels of wealth. They're wrong, you can only own your way to that. People have a soft spot for money, even when it's being used in a way that is causing harm to them. The political strategy on this issue needs to capture that.
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  16. Excellent participation on Politics Live - I loved your astonishment at the end when they nonchalantly discussed test tube meat 🙄... you couldn't believe the subject change when we are trudging through such corruption, chaos, mayhem...
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  17. The fact you are just talking to a camera with minimal editing and no bells and whistles is all we need Gary. Keep smashing it
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  18. Freidman said that framing economics as a mathematical science instead of a social science allowed him and his cohort to insulate themselves from the political and lived realities of what his (and his Chicago cohort’s) brand of economic theory created when implemented, often by force. This is clearly the reality of modern economics. It has become overrun with technocrats who have no sense of the profound impact economic policy has on the day to day lives of the masses. This has reduced the ability of economics and economists to act pragmatically or socially as these concerns are viewed as layman and inferior to the theoretical and often speculative high mathematics that invigorates proponents of modern economic orthodoxy/establishment.
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  19. The report "Inequality Knocks" this week from King's College and the Fairness Foundation about wealth inequality risks triggering 'societal collapse' within next decade may be worth reading and commenting on Gary. It would be great to hear your take on topical reports and news as well as your excellent structured learning. Keep up the great fight Gary.
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  20. You nailed it with the comment around ‘it’s not living in relative ‘poverty’ it’s the judgement that’s the problem’. Spot on. The internet has told everyone they should be living in big houses and driving flash cars otherwise you’re a failure. We can no longer be happy working in the ‘factory’ because we should all be millionaire YouTubers or bankers. It needs to stop. Another example of social media killing society
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  21. Public debt is private savings
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  22. ""If you just focus on growth without focusing on distribution all you do is advance towards slavery at a faster rate." Nailed it.
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  23. Passed the 700k subscriber mark. Keep preaching the truth, Gary. Not long until 1M.
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  24. I am from Brazil, economist, working against poverty for the past 8+ years. Your channel inspires me to open a similar one in Portuguese for my fellow people. Great work :) Tks for everything
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  25. Last time I was in England I was shocked how even “posh” cities, Cambridge, Exeter, Stratford Apon Avon, had really slid into decay. With the exception of a few ‘nice bits’ it was pretty grim overall.
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  26. Americans (and people who consume the same media) have always been told "Only in America, it is possible to become anything you want". This conflates possibility with probability. That's why so many average Americans would rather defend the unlikely probability of becoming the next billionaire over the high probability of going broke over college debt, healthcare bills, etc.
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  27. This was a triumph Gary, truly. You destroyed their arguments. Wonderful to see on the BBC
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  28. The waste of human potential in this country due to inequality of opportunity is enraging. I am from a similar background to Gary, but I didn't have his work ethic as a kid. I never knew anyone who aspired to anything, had never met anyone who had a job other than lifting and shifting, I didn't even know what good jobs were let alone how to get one. My school was more like an out of control prison; anyone showing signs of ambition or intelligence were mercilessly bullied. I didn't do any work at all at school and my education results were a joke as a result. It took me until much later in life to acknowledge my high intelligence and squandered potential, and to understand just how little intelligence or hard work is required from the middle classes for them to sustain their wealth and privilege. I'm glad Gary made it but my heart breaks for the rest of us.
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  29. Gary suggests that people should: - Educate themselves about the economy. - Work towards collective betterment by understanding societal issues. - Act in unselfish ways to counteract the influence of selfishness. - Protect ordinary people from exploitation by the powerful and wealthy. - Engage in collective action to address societal challenges, such as inequality.
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  30. As a 38 yr old from essex, finally a wealthy guy from humble beginnings i trust and listen to 👏🏻
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  31. You are describing perfectly the actions of a narcissist. Every interaction is a game to them- a chess match- to further their own interests. And they also manipulatively mould their children into extensions of themselves- because they are obsessed with the status, power and influence they’ve accrued. If the child complies- they are a worthy beneficiary of the empire- as they reflect the narcissists’ self-obsession.
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  32. Independently wealthy - early retired - ex-NY banker here. I now buy multifamily real estate. I understand the dynamics Gary mentions here very, very well. When he says the rich are not evil, but do what they do as a necessary outcome of the system design he is 100% correct. Gary is unique in few powerful ways. First is that he is practical and grounded and this makes his economic analysis very clear. Second is that he is brave and angry - this makes his message especially important. The doors are currently closing for many, but I believe Gary can offer one of the few legitimate ways out. I think he warrants your close attention.
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  33. I just wanted to say this is the only channel where the comment section is equally as informative and expansive as the video. It’s incredible, clearly many people are engaging with critics of our economic system even if they don’t have “expertise” we just need a place to engage as collective. Thank you all
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  34. Very well explained. I think it was Thomas Piketty who wrote that there is a threshold of personal wealth which once surpassed, allows the super rich to control entire societies via buying politicians. This is often to society's detriment, because extreme wealth tends to select for psychopaths and those with low empathy. That's the only way anyone can get into such a position of power in the first place.
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  35. Gary, for nearly two decades I've been trying to get the same messages across that you have been concisely and successfully getting out to the masses recently. Let me tell you something and listen carefully to this message from a generation older than you. These people that you are going up against are not playing games! If you get too big they will come for you, do not doubt this for one second and take proper protective actions and prepare strategies now. We are a lot closer to the endgame than you realise and these people fight really really dirty.
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  36. Noble cause Gary. I'm rooting for you from Ireland. Haters are always gonna hate. The more they come for you, the more you should see it as you are succeeding. Keep the faith, my friend💪🏽
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  37. I thought critical reasoning was my most developed skill. Here comes Gary with the most lucid and clear analysis to let me know I am not that good. Well done, as usual.
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  38. Annabel is defending billionaires but no empathy for working people who have experienced higher taxes and inflation with worst to come next year. At her suggestion of privatising the Bakerloo Line I realised these individuals just want poor people removed from society.
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  39. Hi Gary. I'm from Hong Kong and I never left any commment on youtube before untill now. I will admit I was one of the "nice kid" you mentioned who lives in a nice home, have a nice meal but did nth to help, but I'm also now one of the kid who are struggling to keep our family house. Please dont lose hope, because you are our hope.
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  40. Gary is a sane, Reasoned voice amongst the madness
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  41. Something also just occurred to me, the 'Take back control' tagline resonated with so many but we missed who we should be taking back control from. The rich and powerful pointed at the poor and oppressed and told us that it was them we needed to save ourselves from but it is the rich and powerful we need to take back control from. Why are we not on the streets demanding better? Enough is enough!!!
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  42. Hi Gary. I have your book and I mentioned it to my brother. He went to a book shop during a lunch break, read a few pages and then bought it. He’s going to start watching your videos once he’s finished it. Hope awareness about this issue continues to sky rocket. 😊
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  43. Absolutely right, the game is fixed. True social mobility is (by and large) a fallacy. My daughter spends almost 70% to 75% of her income on basics, room in a shared house, groceries and travel to work (NHS). Without free accomodation (i.e. live at home) she will forever live in a room in a shared house and having a family is a distant dream. So, go Gary. We need your channel and your focus. Thank you!
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  44. I don’t know if it was just me but when I was a child it felt like there was so much more stability. My friends all lived in spacious houses their parents owned and they all had cars. Life isn’t as predictable anymore and it’s so much more expensive. We didn’t take it for granted, we knew life was good. If you aren’t going to inherit wealth or able to get cash gifts from family, life is so much more difficult on so many levels now!
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  45. People utterly refuse to blame the wealth class. Instead, we just keep fighting amongst ourselves.
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  46. Enjoy your holiday Gary! You've been a massive help to me in understanding this country's economics, and for that I am seriously grateful.
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  47. 20:00 "if you stick around to save him, then who sticks around to save you?" Gary puts it perfectly. This is why we need to change the system, so no one is forced to make this kind of impossible choice.
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  48. For me rich = above average wages, wealthy = money from assets, people don’t work for a living. I think we tax wages enough already, let’s start taxing wealth instead 🙏🏻
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  49. Pure class from Gary, didn't speak over anyone, made a clear point that the others just jumped in to blather over without saying anything. Institute of economic affairs - rich peoples propagandists.
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  50. I’m so riled up by my neighbours who think they’re “rich”. They have a German car on finance and live off credit card debt. So many people who are like this and think they’re “rich”. They have no idea what real wealth means. Rishi Sunak is what you call wealthy
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