Why Don't the Government Tax the Rich?
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2024
- "it goes a lot deeper than simply rich people in government who don't give a ****, there is a problem of our Economic Institutions are intellectually bankrupt and that sounds extreme but listen I've got a degree from LSE,
I've got a degree from Oxford, I've worked, I've been in think tanks, I've been in the City, I've been in Economics for 18 years now in many different spaces my honest opinion is that economics is intellectually bankrupt as a discipline"
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Performed by Gary Stevenson
GARYSECONOMICS
Produced by Simran Mohan
MOHAN MEDIA
TIMESTAMPS
00:00 - Economics is Bankrupt Intro
01:08 - Politicians Wealth
04:08 - University Economics
07:14 - Memorising Models
09:36 - Ignoring Inequality
11:42 - Substandard Performance
14:47 - Poor Incentives
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As a PhD in Economics, I can swear Gary is 100% right on this
I don't have a PhD in economics but on an anecdotal point of view, I also agree. A lot of my friends are making lots of money (business + entrepreneurs) BUT all I see is tons of other people getting more and more poor. So much anxiety and depression all over the place.
Jonathan Sugarman, the former Risk Manager and whisteblower at Uni Credit in Ireland just says "bankers laugh at economists"
It's honest people like him and Gary who are so vital going forward
It took me 10yrs post-university to unpack the complex algebra and realise it’s largely irrelevant and conceptually straight forward (I work in economics for a living) then start challenging the assumptions. The political & media class drive me nuts with their blatant self interest, complicit stupidity & naive impact assessment. You hit the nail on the head with this piece. One of your best.
Bar one issue. He's just like all the other economists who live in a fantasy world. If the pension debts that are off the books didn't exist then ...
They are playing fantasy economics. Gary is doing likewise. He lives in a make believe world where he force someone else to pay so he doesn't.
Yes none of this could happen without the complicity of the media. Remember Stephanie Flanders and Robert Peston during the financial crisis? What did they call it? The "credit crunch"? Very hard to believe they didn't know that wasn't true. Those banks were bankrupt and we were forced to bail them out not to save our deposits but the bond holders who stood to lose everything. Bond holders who just so happened to be the richest people in the world.
In 2008 Apple had more cash in Ireland than the entire Greek national debt. Greece's healthcare system collapsed but Spiro Latsis kept his billions.
I’m a social science student and have built up a habit of reading the last chapter (where all the predictions are) of the newest theory books of all different fields I come across in the library. Most of them say the same thing: homo economicus is dead, and all scholarly traditions that have taken inspiration from that idea got it wrong from the start. They also say that the world is becoming one big village, and that inequality both within and between countries is on the rise.
"It's hard for someone to understand something when their livelihood depends on them not understanding that something."
I liked this one Gary. I am an ex professor myself. I would go further and say that the brutality of academic life (in your case, memorization of algebra) creates a personal "sacrifice story" that works to justify their privilege and understand the results of said privilege as the results of work and pain. Same goes for the parents who "gift" the house deposits to their kids and blow up house prices. They understand inequality as the righteous and proper result of what they see as their personal graft and forbearance. Keep plugging away here.
Nicely said. Theres a kind of collective amnesia/embarrassment towards receiving help in a wealthy family, so the idea of meritocratic system, gets amplified by those, that haven’t truly earned it.
Born 3-0 up but think they've scored a hat trick 😂
Its not only inequality that has been banished from economic discourse. Exploitation, rent extraction, imperialism, class warfare are a few honorable mentions.
In a single word, marxism.
Yes the misleaders, experts, analysts, professionals, fixxers, and consultants to money most avoid the electrified third rails of the PPP Party and top royalista families.
Radical root cause analysis that effectively plots all the lines connecting the proximate benefactors of all the crimes against humanity and habitats must never be made broadly public and KNOWN IF performed at all.
The 0.001% and the top 10% that keeps growth of profits and assets and P ower, permits Perversion of nature and its immutable laws and conscience and grows and sustains Protection rackets literally DONT want to hear The Truth. T.H.E.Y. don't want to know others know T.H.E.Y. are to blame and why and who and how and especially don't want any linkage to themselves to any ill or negative consequences, at all.
So naturally the social and educational system filters and sorts what gets to the 1% inner circle and filters moreso once in the top corporations think tanks and clubs.
The Good get filtered out and the most craven venal megalomaniac, out of touch, malignant narcissist promotes up fastest.
Decent capable people that get it cash out, walk out, get pushed out or dispatched and discredited. They become hermits AWOL from society, far away isolated some how.
I take the hosts word that top economists are intellectually and morally bankrupted but any "expert" at the level is also so bankrupt.
The pandemic peofiteers and privatizing pirates made it a absolutely clear the whole health and public safety upper control ©∆$‡€ is incompetent oath busting and essentially co con aspirators in crimes most high and foul precisely when their time to shine came and went.
Same for OTHER cults of these other war profiteers.
Same for big ag, enviro protection, aviation, development, pedagogy, theology and media.
It's a battle of the have most against the every living thing and place. Its like The Lord of The Rings, Harry Potter and the Comic book epics when 1/2 life and 1/2 is destroyed.
One bloody bejeweled gauntlet to MÎ$ ®U£€ ∆££ or Total Dominion Of $∆‡∆N ±
Whatever THY will shall be THE law or bust.
If T.H.E.Y. atop the fetid fuddy filthy malodorous peaks of pelf and perfidy and deceit B$ cant have ∆££ of it,
then all life and Earth shall be damned dead, stuck forevermore lifeless, another dead planet between a Moon rock and a hot place.
Feel~Free ‽™
Enjoy!™
Or €£$€ !
☣️⚡🌐☠️⚡☢️
V$
😍🌏
(Y)our will and (y)our choice is the fundamental fulcrum of real power.
Communicate.
Connect.
Plan.
Organize.
Persist.
Get better daily for Goodness sake!
We all finish as winners together or hang separately.
Cost of living & energy bill crisis!
@@alexalke1417 erm? its the antithesis of marxism surely? i dont recall marx saying 'fuck the workers to help the owners'
@@kanedNunable You got me wrong. I mean every aspect of marxism has been banished from economic mainstream discourse.
Speaking the truth even after winning the financial game, you legend.
Nope that's Patrick Boyle and How Money Works who speak facts whether Leftists or Bankers like it or not.
If he hadn't they would say he is envious.
I've been saying this for 10yrs, I even argued that all economics should have an ethical and anthropological dilemma built into equations. So fiscal decisions could be made from a realistically informed understanding. Would it. Change greed? Probably not. Yet it might bring the changes you are pushing. We'll done, don't give up. We need people like you.
You don't even need ethics built in. What Gary is talking about is the predictive value of current economic models. Without factoring in distribution, the model is bad. And it's bad not because it's morally bad, but because it fails to predict the outcomes. It's not the moral problem of inequality that economists are wrong about, but the fact that unequal distribution stagnates the economy due to wealth accumulation by the rich, property hoarding, and divestment of capital from production and they failed to factor it in.
Ethical is meaningless. Ethical from whose perspective? Anthropological is an elongated way of saying cultural. Just waffle.
@@arthedainedain9846 By extension, all your words are equally or even more meaningless, so nobody should care. Change my opinion?
@@TheHorseshoePartyUK we can only measure the speed of something (for example) if there is something else that’s fixed. In a world where everything is effectively relative who’s to say who’s right or wrong? I believe those in need should be cared for, but I can’t prove it to you that I’m right.
That is like saying all of mathematics should have Zorn's Lemma in it. That makes zero sense.
The ability for the orthodoxies to establish themselves is insidious when it avoids asking the questions that Gary is able to talk about. Good on you Gary. Keep up the good work
I particularly loved the last comment from 17min10secs. We have the power, we just need to collectively use it
Yes, collectively we have the power, but not under capitalism. The rich have more say because they have all the wealth to influence political and economic policy. We need socialism.
@@johnrueda3595 I was chatting with friends last night about crowd funding money to get in on the elite group of donors to the Tories to then subvert every meeting they have. At the moment it's a closed shop and needs blowing wide open.
It's a dishonest question.
If you make over 150k you get taxed at 45 percent. Almost half your income. That's going to be millions in tax if you're super rich. So the government does tax the rich. The question is dishonest.
If you want to tax the rich above 50 percent, there's little incentive for those people to live and work in the UK. They might as well move to a country with a more favourable tax code.
With respect, people are not thinking this through. Just saying "tax the rich even more" won't work if/when these rich people leave the UK.
@@bobsmithy9024 what you have said is utter bullshit. Soz. You've ignored marginal tax rates, also misunderstood how people earn money, and what collectively people gain from higher tax rates. Capital flight is a myth, because people can't move assets which is where capital is tied up.
That was terrifying. We need 'The people's School of Economics'.
Check out Saifedean Ammous- Author of The Bitcoin Standard.
There are some economists trying to change things. Eg check out Kate Raworth and Doughnut Economics.
Read Das Kapital?
'Economics as if people mattered' - subtitle of Schumacher's book 'Small is Beautiful', published 50 years ago this year
@@kongspeaks4778 why?
We simply need a to ditch this old system. Career politicians shouldn't exist. They serve themselves with our money.
Illuminating as always, Gary. You really are one in a million. Thank you so much for everything you're doing!
Major Clement Attlee would likely say "not up to it I'm afraid"
When someone can explain something in a language that you can understand. You know they know their craft. Thanks for the video.
Critical thought is critical. This channel is so important for society
It feels like psychology and sociology are necessary subjects that need to be baked in to economics to have a more functional use out of it.
From the earliest economists, they always considered human nature.
This is how economics should be as a supposed social science. I think individuals with interest in other disciplines that study human nature can add a lot to economics
Money & Macro, or How Money Works are better friends to you than this guy's hustling. He's a leftwing version of the NFT bros
They have been conveniently fenced off from analysis with ceteris paribus assumptions. This was something Adorno and Horkheimer point out in their critique of rationality, an important assumption underlying Classical and Neoclassical economic theory.
@@TheHorseshoePartyUK Why?
Thanks for exposing the dark arts of the economist Gary.
Very enlightening.
What you say about indoctrination and privilege makes complete sense and confirms what many of us suspect.
I knew poverty existed when I saw a man sitting on the floor at the back of the old Waitrose building on the Uxbridge Road in Hayes…
I was about 3 when I knew something was wrong.
I stood beside him, not in-front of him and I can’t remember what I said or what he said, but I know my mum gave him a fiver (in 1983) and they smiled.
I remember my step dad asking why she did that and she said,
‘well’ and shrugged her shoulders…
She had no reason or excuse, she didn’t care to defend giving money away.
The rich are moronically vulgar in their decisions and quite frankly, classless.
I just took it upon myself to look down my own nose at them…
You speak the total honest truth and I applaud you immensely for that. Keep pushing this debate. Great video.
Your logical fallacy just like his is: Appeal to Emotion. Statements designed to manipulate emotions of target or audience, with very few, or literally no facts to substantiate them.
Best example: Donald Trump.
Great video as usual! A suggestion - you may already have considered it, but I suggest you try to get on to James O'Brien's radio show on LBC - he's an example of a mainstream media personality who shows at least some interest in inequality and his show has a large reach. It;s in all of our interest that your reach grows as wide as possible, best of luck!
I agree. I have already contacted James O'Brien about this and didn't hear back. But I reckon if more of us do it, we'll get his attention and his curiosity will be piqued.
Definitely a good way to raise awareness. Hope you reach out to James, Gary!
@JC you could at least try to hide your identity Jeremy!
The "not believing in cancer" analogy was the 🤯 moment for me in this video. Extraordinary as always Gary, hoping the views and exposure are steadily climbing for you and the Team. Let's all keep fighting!!
The one that's in the news at the moment is menopause - there's many doctors who don't believe it exists
Me: posts factual comments to fight extremism and disinformation.
TH-cam: yeah nah
Them and everyone else: Hey why people go into Ultra Nationalist paranoia.
"A goldfish is exactly the same as a great white shark. After all they both smell fishy and live in water whilst breathing through gills" - False Equivalence.
"This one person thinks the same way I've decided the entire group thinks. This group thinks the exact same way as this one example I've decided I know how they think"
Group Attribution Error / Bias.
Good lad, Gary - keep up the hard work mate👍🏻
this is a war between rich and the workers they have lots but still want your money
It's fantastic hearing you talk about the role of education in this system that produces economists who are blind to the structural problems like inequality. I have witnessed the same issue for over 5 years working closely with economists young and old but I feel more hopeful now as I get to contribute as a teaching assistant to the University of Amsterdam on their new post growth entrepreneurship elective. A key task in the curriculum for the first cohort who has just completed the new programme has been asking them to suggest improvements to their respective degree courses including economics, finance and business administration based on what they learned during their time on the elective. It has been really uplifting reading students' responses who are shocked to have heard about anti inequality and non extractive businesses in practice for the first time, which challenges the orthodoxies that have been surrounding them entirely up to that point.
I would happily give my last penny to people who Care, educate, protect & do the right thing. I believe millions more people in this country feel the same, but instead that money has been mismanaged and stolen by our elected representatives. Change is required & fast.
Thank you Gary, on 🔥,👌, ❤it.
I think you would benefit from the Conversation article about why Virtue Signalling is divisive, polarising, and not the same as being virtuous.
Ive didnt understood economics till you came along. Thank you Gary for adding to my awareness. As a self employed person I felt the inequality through Covid and beyond. Your videos are alleviating my confusion. I didnt want to admit my government is corrupt because its a scary thought.
It is eye opening. Here’s the question: is there a way to stop rich moving out of county to tax heavens once we start taxing wealth?
They've already moved their money out of the country into tax havens. What they can't move are physical assets - houses, land, shopping centres, factories and so on. These assets are incredibly valuable (we are a rich country after all). So we don't tax cash. We tax assets, and assets can't be moved
Call their bluff and let them go, we will be better off without the “greed class long term, they can take their cash and moveable assets but the real wealth of a country is in its society and people.
@@addebesi but I think assets are sheltered within structures that claim you are not the beneficial owner, so not liable
Wow. This is a right old communist's coffee morning innit. Tax the rich, watch them leave and we will lose all the brightest, most innovative, adventurous, hard-working, focussed people in the country. The rich provide employment, solutions, innovations and, oh yes, tons and tons of lovely tax.
We already live in a redistributive, socialist state here in the UK. The Tories have proved themselves to be bigger, more profligate, centrally managed socialists than any British government in my lifetime... and I've been around for five and a half decades, so I've watched a few twats change drapes at no.10.
You commies have never had it so Marxisty. Break out the vodka!
At heart I am a capitalist and you are right about communism not providing the society with anything better. The problem with almost all forms of government under our current thinking is that they allow the most extreme people in society to run things.
Gary. Again. Simple terms for us all to understand. Thank you for all you do
Just trying to digest all your information, it's a selfish world we live in. Thank you for all you do Gary, keep on talking 👌
I’m think there’s a problem with education as a whole. We are all taught to regurgitate information without any critical thinking as to why is this information important, is this information the correct assumption, am I being lied to?
It is interesting. Myself from an analytical back ground I became fascinated by Brexit. Now, 7 years down the line with thousands of discussions, reading hundreds of books, I have dratically changed in how I perceive Brexit as the populist experiment it is. I have gone through every single thought on the subject. Like all Brexeteers to must be stupid, all Tories are corrupt etc etc. Now I am convinced there are 3 mechanisms. 1) greed ( brexit is funded by the extreme rich in order to make more money) and 2) the ideology that liberalism should promote total freedom/sovereignty and 3) people dragged into social media forming an opinion on complex matters to which they never would have been interest before the information era. These people never read a serious paper before but now think they know something.
On the positive side; younger people have a better understanding of the world because they are tought to filter the internet.
Thus there is hope. Gary is a good example.
Not being funny, but we're all potentially fools about something or other. We're human, biologically programmed to impose order, on chaos often wrongly, and to survive sabre toothed tigers. So our fears can mislead us potentially. And if you have researched the topic you will realise that the work of Edward Bernaise on propaganda as a tool from the early 20th century was weaponised by a group of elites to bring Brexit about. The British people were manipulated deliberately. As for economics, there isn't one economist sticking his head above the parapets to say Brexit was a good thing, unsurprisingly even its economics planner in chief, the head of economics at Cardiff, and an arch Thatcherite, Patrick Minford.
@@BigHenFor agree completely
You’re a shining light Gary.
It’s great we have someone like you to spread awareness of this huge problem!👍
I stumbled across a couple of your videos about 6 months ago. More power to your elbow, and I just wanted to thank you so much for your wonderful insights 👍 🙏
I love waking up to Gary on a Sunday.
Me too.
@@juliewake4585 I'd rather wake up next to Boris Johnson and Margaret Thatcher
@@TheHorseshoePartyUK ok. It must be great to exist purely so can get a rise out of those of us who want a better world. Well done.
@@juliewake4585 appeal to Emotion no facts at European Research Group levels. Ironic
It’s simple There’s a Big Club out there and we’re not in it 😀
It is difficult to see a way out of this, we certainly can't vote our way out as we have no REAL political choice. All the major parties 'tinker' to appear different, but they are aligned on most things. The Industrial Action through the Trade Union movement my be our best (only) hope. We all need to continue publicising Gary's video's.
we should all stop voting to the point it exposeds the nonsense the system is not. As long as we continue to use the system, it legitimizes its existence.
@bogdiworksV2 The flaw in that plan is that other people will keep voting, and the parties with the worst take on the economy are also really good at stirring up a core of voters who respond to simple solutions
So we have to keep voting for the least-worst realistic option, but that's a small job you do every 4-5 years. If you have more time, focus the rest of your time outside of the Westminster party system 🙂
@@markwelch3564 that's true. My hope is that enough people are going to see how they are being used by the current system and eventually refuse to engage (not just in regards to voting).
Since I have to be nice since it's TH-cam rather than my favourite place to burst bubbles, I'll politely ask: Can you name one achievement of Karl Marx? Also have you read his Letters to Engels? The one from the 30th of July in 1862, is really eye opening about the character of the man himself, rather than his grand dream I approximately share. I just know it will require all routine, rote, drudgery jobs that can be thought of as loops, to be automated to get near it. On that note CGP grey and Kurz Gesagt have great videos about Full Automation.
I am:
Clement Alan Churchill Watts. The Joker, Court Jester and Drill Sergeant of British Left.
The first widely regarded answer to questions about this was published by Adam Smith in the Wealth Of Nations 250 yrs ago.
There are many examples in the same vein - "government exists to protect the rich from the poor". The book it's taken from is regarded as a foundation stone of economics - but no-one actually reads or pays attention to what it says.
I swear if someone implemented some of Smith's ideas today they'd be labelled as some kind of Trot. Neoliberalism is so divorced from its actual source. Not that i agree with everything he says, but there is such a right wing shift in economic policy that its absurd!
Gary it's as clear as day the way you put it. Changing and clearing out these old ideas will be difficult but it needs to be done.
Thanks Gary for highlighting this block in the road.
So refreshing to hear these ideas said out loud!
I'm coming to the end of an undergraduate degree in PPE, and after the emphasis that politics and philosophy placed on critical thinking, questioning how concepts were used and understood, etc., it was really something to find myself studying a subject where the models are just taken for granted without any real scrutinty whatsover. Orthodox economics is so often regarded as a hard science, but I came away concluding that it's a psuedo-science at best.
Yup. Just because it uses applied maths doesn't mean its a science. Philosophy can too but may admit to most areas that's ridiculous!. It likes to be a bit elitist over sociology and psychology who also fall there...albeit atleast sociology does have the critical thinking (i mean focus on methodology so hard you become a nihilist type thinking).
Psychology, i dunno, have an idea, make an unrepeatable study, cherry pick and put in the medical manual...shh don't ask questions.
@@jorriffhdhtrsegg Well it's neither totally fictitious imaginary evil lies. Nor is it hard science. It's a concept. It can be tweaked but anything too radical could cause collapse of society. MMT is interesting but I barely understand the idea yet. My favourite idea I ever had is Printing Money exclusively into Green energy projects, nothing else. Hopefully solve problems whilst avoiding ruinous Hyperinflation? IDK
Don't give up. Spread your word for all of us. We are not rich anywhere if we have people suffering across the world . Rich is a useful word to sustain the economic status quo, everywhere. The same goes for growth.
What does telling the powers that be ‘fix inequality’ look like? The problem only way the listen is enough people protesting, striking but this government don’t even listen to that. They just change the law. Look at just ‘just stop oil’
The memorisation of complex alegra and macroeconomics as a whole sounds very vulnerable to automation.
Gary, love your stuff and totally understand your passion and how emotionally charged your discussions of the topic are, its a testament to how much you care about these issues affecting people and your personal experiences with them.
I just had a piece of advice I wanted to give you that if you want to take on the powers and establishments that you are tackling in your TV appearances and content, rising above that emotional state and not engaging with control dramas is going to be much more effective at it.
They feed off that energy, don't let them have it.
This is a great video.
It seems to me traditional economists take no account of inequality and from what I can see, no account of environmental limits.
I would love to hear your views on Kate Rawarth/Doughnut Economics, who is trying to get universities to teach people to think like 21st Century economists. This means meeting the needs of all the people within the means of a living planet.
It would be interesting to hear your thoughts on this.
God you're a mor$n.
Best part of a Sunday morning
Excellent video and explanation Gary of something that many people instinctively feel but can't explain. The feeling that 'something is rotten at the core' and you're right when you say that asking or even demanding the Govt and especially these criminal tories do something to correct this a waste of time as they don't know what to do, don't care or both. We deserve better.
Thank you for this video, what you said about education reminded me so much of what I learned from the work of John Taylor Gatto and his analysis of the deliberate corruption of education
Nice one, Gary 👌👊
Making Sundays educational and inspirational...what a ledge 👍👍👍
Brilliant work, Gary. This is our favourite video. You keep it super real!
It sounds like Gary needs to do the maths for, and create a new economic model. Publish, do the academic circuit to get it accepted. Then when it gets taught in institutions, change for the better can be considered
Always a good discussion to have and Gary gets his message across so clearly.
There's a phrase that I learned many years ago - "turkeys don't vote for Christmas". It's true as well. People are not going to want something that negatively affects them. In some ways it's human nature to protect yourself.
In order for the rich to be taxed more heavily, we need a government that is more reflective of society of a whole and that government needs to stay in power for the long term. If they're only there for five minutes, then changes can be reversed.
Amazingly insightful Gary!
On a much more basic level, my son who’s into politics (not sure where he gets it from ;) took economics as an option at school for GCSE. It was pitched by the teacher as being very political, looking at the politics of Brexit etc as well as macro economics etc…
My son kinda hates it in practice cause as you said, it’s so mathematical and theory based rather than looking at the real world implications. And this is the very foundation of learning economics, let alone the abstract way into which it seems to devolve.
It can't be that political i seem to remember it teaching mainly one perspective, seeing growth as THE aim, apart from a short interlude discussing Keynes.
Sociology sort of gets political, but then veers off to methodology and keeps telling you its not scientific so produces relativists (its the other extreme basically, as it teaches a bit then convinces everyone its all meaningless- so just do "methodology")
Philosophy, eng lit, history have more politics potentially the latter the most
@@jorriffhdhtrsegg Philosophy: Teaches critical thinking amongst many other things. Something the entirety of politics lacks which is why grifters within and without have taken everyone for a rie.
Economics always has some kind of political bias going off the person talking about it, except perhaps the Plain Bagel, which is more just education than spin.
Else my bias is Money & Macro, Western Social Market / Democracy.
How Money Works is great for general but a bit focused on USA.
Patrick Boyle is a literal retired hedgefund operator and we all want to hate him, but once you watch his vids you just cannot.
Economics Explained is such a bias that they are basically the Express, dunked on by all other media including FT Times and Spectator readers. Even some Mail types are skeptical of it 😅😂🤣
I was trying to have the conversation with a guy at work. He’s brain is so boiled. He said he hates the term ‘a pay cut in real terms’…………😅
He has reached the tip of Bloom's taxonomy of understanding. I'd follow Gary's recommendations over Hunt anyday.
This was one of your best videos, Gary! It's easy for those not struggling to revel in the beauty of abstract systems.
Thanks Gary…. You are easy to listen to and understand… let’s grow this channel!
Legeeeend! Keep it going Gary! We need your voice out there loud and clear 💥 one of the very few people that has some real insight into what’s going on 💯
“It’s difficult to get someone to understand an issue when their paycheque depends upon them *not* understanding” ~ 13TH (Ava DuVernay).
As ever Gary super informative and eye opening. Thanks for what you do buddy
A kick-ass video yet again, Gary! Thanks!
I have a masters-level education background in STEM- I'm wondering how many others do that watch your channel Gary and how many people don't- you're probably already on this but just thought I'd mention in case- worth keeping an eye on distribution of viewers maybe just in case you're preaching to the choir or you're able to target the vids more to those who need to see it w/ the algorithm. Just a thought. Thank you for your great work, as always, gives me a bit of hope back! Cheers
Fantastic! This one was a real bell-ringer.
The comment that economists are attached to their models not the inequality really struck me.
I have learned many techniques to save cash . My wife doesn't shave down below anymore saving cash I go out late at night picking up dog ends in the street saving my money. I have befriended many a keen gardeners and I go to their allotments, after picking up dog ends and help myself to free veg 😉
The irony of this statement with seemingly obliviousness.
I came across you via Lad Bible on tik tok tonight, i've subscribed to your channel, ive shared four of your videos to my siblings and I intend to buy your book. There's a lot to admire about you, massive respect and I wish you correct guidance, steadfastness on the course to justice and equality and great health. Ameen 🙏🏽
I started Trading in Gold when I was 44 as a side-hustle, to raise money for my creative projects. I went into shock when I saw the light. My great Uncle was incredibly wealthy. He was an Assey Stripper and a friend of Jack Kennedys. He paid 99% in tax in NZ...in the 1950s....but only on the crumbs he kept Onshore. All his wealth was Offshore, where he paid more tax. Say no more.
The most important thing for the Establishment is it's own continuation.
Another great video Gary, thank you. Saw you a few weeks ago on Politics Now/Live ……it was pleasing to watch the other economist lassie, who was eloquently spewing out all the old tropes, squirming in her seat. She was out of her depth with you and she knew it. She looked terrified actually. You do well in debates, I really hope you get more airtime 👍
You are very clear and persuasive, but in the media I keep hearing the argument that it is too difficult to tax wealth because wealthy people have the ability to move and shelter their wealth elsewhere. Perhaps like the multinational companies that structure business so that they claim they never made profit in the country trying to tax them, because it has all been moved to Belgium or somewhere else.
I'm amazed how Trickle Down economics is till regarded as plausible despite being widely discredited and shown not to work by multiple studies looking at data over decades. Trickle Down economics is just another way to increase the wealth of the rich at the expense of everyone else.
Trickle Down economics is not regarded as plausible and in fact it never was. No economist takes it seriously and you won't find it in any textbook.
The concept has no proponents, and was always just a derogatory term. Politicians who are accused of arguing for trickle down economics (like Reagan or Thatcher), are usually arguing for supply side policies which is something quite different. Supply side policies aim to generate prosperaty by promoting production, business expansion and entrepreneurial activity, usually by tax cuts and deregulation. Trickle down economics, (giving money to the rich so that it will trickle down to the poor), doesn't do that. Giving money to the rich will not lead to more production and business expansion, because the rich will just use that money to buy another yacht instead of investing it in business.
So yes, trickle down economics indeed doesn't work, but to accuse political opponents of promoting it is in almost all cases inappropriate.
Brilliant video. Thanks Gary. Keep up the GREAT work 👌🏼
The most insightful voice I’m hearing, not only in economics but in politics. He’s fascinating.
Would you like to buy a bridge?
When I arrived in this country, one day I got invited to a party and they were all economics students and PhD of famous universities...started chatting with them and got shocked of the fact that none of them knew what the theory of dependency was, which instead is taught as one of the many theories in public universities in Latin America...there I understood many things on how they see the rest of the world...
Excellent analysis, as usual and as expected.
Wow this is so much deeper than I thought it would be.
Wow. Just wow. This is powerful stuff. Thank you! Keep up the great work. You have my vote.
Absolutely love this content. Spot on! 👏👏
Thanks Gary a great vid. I have two points, firstly if you are the guy who benefits the most not only do you not care if the poor get poorer but you are also happy for them to become less educated, have less opportunities to get on as that would only cause competition to the children of the ones who benefit the most. So creating a feudal system is a perfectly reasonable rational if your the one who gets the spoils. Point two when John Mc Donnell outlined this as a problem our national media slammed him and the Labour Party for crackpot economic ideas and said if we followed their thinking we would all go to hell in a handcart and unfortunately the masses believed it. Which is why this government say they want levelling up but really they are happy to dumb down. A sad world. Keep up the good work.
Happy Sunday Morning Gary. Inky here from Twitter. I try to tweet/tag something about you once a week.
Thank you again for fighting the fight and educating many about MONEY/WEALTH/INEQUALITY /ALGEBRA - I know nothing about maths really, rubbish at economics - I got a grade C in maths O level #Useless at maths and no understanding of algebra at all.
Until you came along explaining it all in layman's terms......, Thank you for your education.
The best teacher of maths and numbers I've had in 50 years! Now - As Professor Higgins , from 'My Fair Lady' would say ''By jove, I think shes got it'' ! Thanks xx
A breath of fresh air listening to you Gary. I have been saying it for years, the education system in many areas is rotten. A lot of people are so narrow minded and unwilling to pull themselves away from old ways of thinking, and doing.
Landmark post brah. Keep going man you’re chopping the chaos so the everyday people can understand the oppression and articulate it to others . Much respect.
Great take as always, we need a wider perspective on wealth distribution.
We've got the same wallpaper! Nice video as per, mate. Keep talking sense
Thank you Gary, it is so nice to find someone with a conscious with intelligence and integrity.
You are so eloquent, passionate and informed, so considered in what you say, you even make ''f******g'' sound like an economics term. Keep shouting Gary. I've passed the video on to everyone I know. The first impressed response has just come back to me.
Very interesting video. The focus is often on how much money there is in politics but there's obviously so much more at play here.
I was a high school science teacher, couldn’t survive on the crap pay and went into banking. This logic applies for all public sector workers, thanks for putting it into words
Really interesting stuff! It would be good if you also addressed the standard response to the question - that taxing the rich results in a huge outflow of work from our country, and ends up being worse for everyone. What's frustrating for me is that neither side ever seems to explore this idea further. One side says it would happen, the other side says it wouldn't, but I don't think I've ever really seen a debate about it with any more substance than that.
I'd be interested to hear more about this, too. It seems lazy to assume that the rich have all the options to go anywhere in the world or maybe simply hang about on yachts in International waters. There's a finite number of places they can take their money because the vast majority will prefer to go where the rule of law is established. The movement of money isn't random and economists should have mathematical models to predict where it's likely to go.
@@CC-hx5fz This seems wishful thinking. Dubai, Singapore and lots of nice places welcome money. It doesn't need a study, just look.
@@barrysnelson4404 Have you seen rich people in Dubai? They look bored stupid. They'll use the place as a temporary refuge for 5-10 years, and they're already looking for the next opportunity.
@@CC-hx5fz I've been to the Emirates (and Singapore - both lovely places with lots to do) and are you seriously suggesting that the hordes of rich there are so bored that they will come to this God forsaken island, which is now openly hostile to any form of personal success, private enterprise, energy or ambition just to fund its benefits system and NHS with their wealth? I am sorry but Socialists have now retreated into self delusion and wishful thinking of epic proportions.
I am puzzled, Simon? "huge outflow of work from our country" describes exactly what has been happening before or eyes from the '60s.
Thanks gary for pointing these vitally important points out sometimes the obvious is the most important,we desperate need economists like yourself to point out that the system is their to work for the 1% Davos supper rich they are only in this game for themselves people are not going to stand for tjis much longer before we reject the system completely ♥️💎job mate.
You are awesome, keep informing the public with your wisdom. Thank you.
A looong time before i came across Gary i was continuously saying
When they talk about the economy theyre talking about their economy not yours ...
We’re economically dependent on a few but we try to govern the many to compensate for fluctuations…
It’s not difficult to comprehend that it’s easier to abuse those that can’t afford to defend themselves, hence why the catch phrase politicians are popular
This is guy, in the short period of time I have been watching his drops, I have learnt so much and it makes me angry, I actually have a better understanding of economics bit by bit
Great vid as always Gary! Sad that the media class is reluctant to put someone on who doesn't fit their mould of an upper-middle class pundit. You have all the academic and more importantly, real world experience tto be taken seriously. Your predictions in your first vid in 2020 were bang on. Your talking points that make me listen and I'm no alone there. Good stuff
Given what Gary says here about economist's training; why is the economy markedly less unequal in Australia? Their top Econs students also go to the LSE and Oxford...
Aus has steadily increased its inequality over the past 25-30 years but it is still nothing like the dire situation of the UK...
See also; the infamous 'productivity vs worker's income vs executive income' graphs for USA & UK where worker's income remains flat since ~1974 while productivity and exec pay rises sharply and the Australian version of the same graph where the worker's income also rises sharply along with productivity.
The most obvious difference to layman such as myself is the existence of an effective labour union movement in Australia, which has slowly declined over last 30 years...leading to the current level of inequality...a level seen in the USA & UK circa 1980.
Anyone's feedback most welcome.
cheers
Powerful talk Gary
Excellent content sir as usual
We did a lot of work on this in the early 2010s after the financial crisis. The documentary "Inside Job" was especially good at exposing the rot in the economics departments. Me and a few others got behind efforts to change things at universities in the UK but it was an uphill struggle because despite being caught with their pants down, instinctually very few of the neoclassicals really wanted to change.
Hi, Gary, while I do agree that our current financial institutions are intellectually bankrupt I also think there is a fundamental ideological issue.
This revolves around the issues relating to what actually works and what does not!. Given a foundation on the principles of how things should work, some sort of idealistic prescription if and in so far as this does not take what people actually do properly into account it becomes functionally bankrupt as well.
One of the underlying principles that is in play at this time is the concept that given the freedom to enhance their personal fortune entrepreneurs will 'generate' wealth the enriches everybody.
This purely ideological principle has no foundation in reality, it is one of n-many things that does not work because people want it too, it works or does not work on the basis of what actually happens.
There does seem tom be one underlying factor here relating to the strange way in which we have chosen a platform of prescriptive control that insists that people must behave as they should instead of a descriptive model which accepts that people behave as they do and we have to arrange management structures to accommodate reality rather that twist reality to fit our prescription.
While I am satisfied that I understand how and where we have gone wrong because that understanding is based on an awareness of basic human nature, our fundamental biological constitution that severely inhibits our ability and inclination to be realistic when fantasy and desire are so much more popular this does not offer any insight as to what I think we should try to do about it!.
What does intrigue me is that while so much is dis-functional in the upper echelons of our culture, that the style of government and management is not fit for any purpose life does s=till continue!, here there and everywhere ordinary people living ordinary lives organise themselves and assist each other in doing what needs to be done to operate all the services upon which we all depend!, there are glaring anomalies all over the place the worst ones being where the 'powers that should not be' actively obstruct development as distinct from normal exploitation.
The fact that this energy and enthusiasm is so parasitised by the scum on the top of the pond is a scandal and one which I would be very glad to see better controlled and regulated there is little prospect of any thing like that happening while our politicians and managers are in thrall to cognitive delusions of power and control.
The observable evidence of the corruption in those corridors of power is a symptom not the cause, it is the fact that even with the best will in the world there is nothing useful any of them can actually do within that system that creates the environment in which corruption thrives. This is the context in which the style of 'economics' that you speak of is made to function as a tool for opportunist exploitation. One of my favourites is the extraordinary way that the 'hospitality' industry can be described as as generator of wealth while public health services that help to keep people fit, well and productive are called an undesirable drain!, a perfect example of what you speak of!.
Cheers, Richard.
Thank you for this comment, Richard - you have opened another layer for me by explaining the difference between “should work in theory” and “tailoring the framework around what actually works in the real world”.
@garyseconomics imho is one of the most essential and important channels on TH-cam - I have learnt more of importance here in the last few months than any time since I was at school (and that’s a very long time ago now…!)
@@annabelcleare138 Hi Annabelcleare138, thank you for your response, I am delighted to be of some service to you, as I have said many times the main reason I post my comment on these channels is because I like to take the opportunity to express myself and when I read what I have written get the chance to see if any of it makes any sense to me, so when somebody else replies saying some of it makes e=sense to them too I am of course delighted!.
I am much taken with you use of the term 'layer' in this context, it is one I am familiar with in the computer editing software that I use for photography and can see how it might work in terms of vertical stacking of related concepts to see what shines through, another very interesting analytical tool, not unlike the style of what I would otherwise call parallel processing, a vital part of critical integration where consistency and coherence are so important.
The reference to being at school a long while ago also resonates for me!, coupled with the never ending process of learning new things it seems we have a good deal in common!.
Cheers, Richard.
What a great a great analysis, thanks.
Thank you so much, Gary! Your in-depth highly detailed explanations are incredibly enlightening, and your high moral values and compassion are an example for all of us.
Long shot Gary but I hope you read this. You have just explained a cross faculty/discipline model. As a working class 55 year old now, I graduated from Bristol university two years ago. Anthropology. They are designed for lecturers to compete and dole out information that is formulaic. they don't like confrontation. Its a ticket to employment, not education as are our schools. I have 2 kids. We are just entering Thatcherism!!
Did you get modules on the history of economics in any of your courses?
Ps, you hit the nail on the head with this vid. Keep on mate. Paul x
This is an excellent channel. VERY valuable information that you don't really hear.