Why Your Economists Suck
"Academia are trying to write fancy papers, Media are trying to present professional looking content but none of them really care about being right. In the central bank they they are slightly more tied to reality but as you can see the central bank has done a phenomenally poor job of managing inflation in the last few years and they've done a phenomenally poor job of managing the economy in the last 20 years, you know & does anybody get fired? does anybody get fined?"
UNDERSTAND, SHARE & PUSH BACK
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SUBSCRIBE, SHARE & START A CONVERSATION
Performed by Gary Stevenson
@garyseconomics
Produced by Simran Mohan
@mohanmedia
TIMESTAMPS
00:00 - They're Don't Care! (Highlight)
00:22 - It affects YOU
01:07 - Universities
03:50 - Graduating
06:48 - 2 Worlds
08:42 - Traders
11:08 - Academia
14:27 - The Media
17:00 - The Government
18:45 - The Solution
22:39 - Conclusion
Bloke feeds a seagull: 1 million subs. Bloke explains how the world works: 86K subs. Something is very wrong here.
Seagulls have international reach. Who outside of the UK is supposed to care about this?
@@adamrugen1850 Anyone with an interest in figuring out how the system is rigged and why.
@@adamrugen1850 As Gary says, wealth inequality is an international problem, not just a UK problem. The situation Gary describes is the same in Australia, USA etc.
Link to seagull video please.
@@thomask1uk kzhead.info
Easily one of the most important channels in media right now
'Corruption, greed and idiocy.' Nailed it again Gary. Thanks for what you are doing.
It's just corruption, greed and control.... they are not idiots, it's an agenda to funnel all the wealth of the world into the pockets of the psychopathic control freaks.
Yes, but why is he even surprised? He is answering his own questions... He shall go back to work in the Citi, exploit it to the maximum and keep everything to himself, having lots of children, spreading his legacy... That´s it.
The opposite of meritocracy.
@@milanpacher4413 How do you know ? You are just making an assumption. Moreover, even if he does that, how is that really a problem ? At least he is here on KZhead explaining all this to the public.
Speaking nothing but truth, never looking for praise just wanting solutions. Gary guide the masses to force change within the economy and politics.
I'm a BA (Hons) Economics graduate from 1992 from a Russell Group university. You described the core of my course to a T. You'd think something would've changed after 30 years but clearly not!! And media comedic coverage of Economics is absolutely on the nail as well. Thank you for educating the wider public about the poor shape and bias of mainstream Economics.
Kinda a problem of the modern Western world is that we're still managing our economies like we're growing 20th century nations with an unlimited amount of fossil fuel to burn. The reality is we've passed that 20th century period of rapid growth and should now be focusing that wealth on sustainable infrastructure and readjusting peoples living expectations (Such as much bigger gardens but smaller housing) so we can reduce our nation's operating spend so we don't sacrifice the quality of life we got from a century worth of growth.
@@UkSapyym
And mainstream media
they just don't want to give the students the tools to discuss the system or even question the established "order and ruleset" about "who owns what" in this ownership-based society / plutocracy / oligarchy... ... but with the introduction of CBDC and total transparency of resource status and demand in real-time, the main axiom (intransparency) is no longer relevant. ... questions will erase regarding the subject of opportunities for generating "passive income", about its effect of raising prices and thus costs of living, resulting in a reduction of the competitiveness within a more and more global marketplace for labor ... (why should I hire a developer in London when I can buy the service in Katmandu? (what I just did for my last project... ... and sooner than later, this "assignment of work with worker" will be performed via an ai-backed communication and collaboration system that collects and analysis the data of the performed work within this system... Individuals from London or Zurich cannot be so much better as their price is higher - at least not many... ))
No wonder it’s called the dismal science
Academic economics is certainly an interesting topic. Having studied it for 3 years (masters this autumn) it is clear that it tends to eat challenging and intellectual individuals and turn them into robots by the end of the undergraduate level. The whole ”Think like an economist” crap is sadly not in the best interest of the society.
That's a good description. I would very much agree. It's amazing how effective it seems to be at ridding it's students of creativity, curiosity, and independent thought.
One problem is that Universities used to teach people to think for themselves, but now increasingly they want you to parrot what the lectuer/professor says. Tick box education is a result of Government interference. The rich books don't care as they don't like competition from working class intellectuals like Gary. His analysis is always spot on, unlike the ignorant elite that pass for Government in thus country.
But it does turn out the odd few who aren't AI in Human form, churning out equations. But they are marginalised because they tend to be interested in the real world impacts on people, the intersection of power and economics, and to be left of centre, and be outliers in some way. They are multidisciplinarians, and and tend not to write papers full of equations. And they don't tend to work for government. Why? The wealthy don't want economists to educate the public on how the economy works, because that takes away their power. They have control and they do not want to lose it. And they also believe that they are entitled to maintain their position. It's a social darwinist stance. Their thinking is they are wealthy because they are naturally more talented than the masses. Therefore it is natural for them to exploit the resources of the societies that allow them to have their privileges. And they use their power and wealth to indoctrinate those below them to accept this as natural. They do not trust democracy, and at best they are patriarchal and authoritarian in their attitude to the little people. At worst, they are mentally, intellectually, and psychologically disassociated from the masses. They don't care about the consequences of their actions in growing and maintaining their wealth and power. They only see the masses as a means to an end. That tendency has been there since the beginning of civilisation, and there has been a constant battle between the interests of the powerful few and the needs of the many throughout history. And our ongoing crisis is the the fruit of that ongoing conflict. And it inevitably leads to economic thinking that just favours rich people getting richer. Everything else is only pursued to facilitate that. They only engage in the welfare of the masses like a farmer engages in the welfare of his animals. Just read George Orwell's Animal Farm, and see what happens. The masses have lost ground, but their former gains were only ever temporary concessions from the asset wealthy. What they gained they only got because it helped the asset richer to get even richer. And once those concessions got in the way of the rich making more money, they destroyed them, and replaced them with something more efficient in making wealth for them. That's what is happening now. The masses are being impoverished to transform Britain into a tax haven for rich British and foreign people. In such a place, the masses will only have what is necessary to keep them producing wealth for their masters. Democracy will be effectively neutered and authoritarian rule will be imposed. You will get what you are given. Not what you may need or necessarily want, and whatever say you do get will be limited. It is a return to a past that we thought we had left behind. Looks like it's back to the 19th century for Britain, a time when towards the end it's first starter advantage in industrialisation was lost, and it's ruling classes sought to try and protect their wealth and power against the advances of other nations, and the demands of their own people. That means for the British people that if they don't assert their own power, there will be no fairer distribution of wealth now or in the future. And if voting alone worked to change things, then the bosses would stop that. They need you to grow their wealth, and if you think they will share it willingly, you are mistaken. The Neoliberal economic experiment is a failure, because the international financial system was broken in 2008, and the rest of the world knows that the game is up. Not only climate change, but the ability of former dominant states is on the wane. The pieces on the chess board are being rearranged, so there's less chance to extract wealth from overseas. And our economically illiterate leadership don't like sharing, when sharing responsibility, accountability, and direction would make them less wealthy. So, we are entering interesting times. Check out Damon Silver's 4-lecture series on the Neoliberalism project and Brexit which has just ended at the UCL's Institute of Innovation in Public Services. They are on KZhead, and whilst they are about Political Economy, and use graphs, they tell the story of how we got here, and where we might end up in plain English. All of them are worth the watch, but if you only listen to one, watch the final one on Britain's post-Brexit future on the UCL Institute of Innovation in Public Service KZhead channel. It will put what Gary is talking about into context. Good Luck everyone. We're going to need it.
It is an ideology as much as it is an academic discipline. When I studied it I would get in trouble with my lecturers when I pointed out some of the absurdities. They were very dogmatic. The problem they have is that when a little bit of critical thinking is applied to the subject it all quickly falls apart and brings into question the legitimacy of the subject as it is usually being taught (or at least how it was being taught back in the 90s.) The subject should have stayed as political economy and stayed away from pretending to be a science.
@@garyseconomics that’s a damming view of the education establishment as a whole. No doubt correct, but damming none the less. I thought education was supposed to be about learning how to distill the facts out of the information given to you, not an indoctrination to be regurgitated. Sadly I see it with my son who is at secondary school at the moment where the education he is receiving seems to be about instilling ideology rather than curiosity. Keep up the good work Gary.
"A complicated mixture of corruption, greed, and idiocy" is the best description of the current British government I have yet heard.
Gary, you say that in the trading world they just want correct information/to be right. Do you know what they conclude about the environment/climate change? Do they think the planet is toast and they’re just trying to make as much money as possible before the end? Hard to understand the reason for the lack of action being taken otherwise.
'Take the microphone away from posh boys who are always wrong'. . Spot on insights about why the current system is broken and how to fix it.
I’m a first year economics student and you give me hope that I can make some change in the world and have a positive influence despite how dogmatic the degree is.
"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.
It would be comedic if it weren't so tragic 😢 keep up the good work Gary ❤
_Comedy is merely tragedy happening to someone else_ - W.C. Fields
Thank you so much Gary for continuing to expose the truth.
THE BEST media like this, needs NO gimicks, sound effects nor background music.. thank you Gary, BLISSFULLY free of bgmusic. Actually after the first Few seconds to set the scene and get a good impression of the presenter, does it need the video at all? Do you *watch* youtube or like me just listen 90+% of the time? at least to anything speech oriented.
actually truth be told i mainly use youtube for ASMR
Gary's mic drop line: "What we're witnessing is truly amazing...its like a complicated mixture of corruption, greed and idiocy" Keep going Gary, you're making inroads, undoubtedly getting the attention of many, and its growing, because much like your repeatably correct predictions, you continue to be proven right in your statements regarding political economy. 👍
well, in many cases it is not too complicated, but a pretty straightforward "mixture of corruption, greed and idiocy" ... ("the spiders' web" is a pretty nice documentary discussing this: kzhead.info/sun/gr2fns-ErKSCdHA/bejne.html (although the title is a bit misleading: it is a global "business"))
@@HerrschmannNachmann You’re right, I’ve seen it, does a good job stringing together the history, politics & practices of corruption. Moneyland and The Worlds Butler by Oliver Bullough are also good books that detail the issue in greater depth!
I hope that you are ok after not hearing of you for a while.
I studied economics from 2012 to 2016 in Bulgaria. As you said - the people I studied with ended up in the field of Finance or within the hospitality industry (this was what we were specializing on in year 3 and year 4 of my undergrad), with a very small portion creating their own businesses or deciding to pursue a different passion. The course mainly focused on fundamental economic theory, basics & corporate finance as well as the history of economic thought From Adam Smith to 20th century Chicago school of economics and even touched on Marxism. Zero of it had any practical application in real world scenarios - just concepts and theories. It just felt like an ideal bubble. The only way I expanded on my knowledge was through studying up on my own once the undergrad was done to understand the real implications of inflation, interest rates, government policies, corporate tax avoidance & evasion and the impact on communities, public vs private sector disparity and the list goes on. Keep it up Gary!
I did my MSc in health psychology. We did talk about health inequalities, understanding psychological effects on health is what it is all about. However, this was all spoken about by people with absolutely no idea, and zero experience of what they were talking about. Plus there seems little hope that they will be able to mix socially or even communicate with the people that actually experience health inequalities, in order to them to even think about starting to make effective interventions
Like anything it takes time, the buck stops with us, let’s be the ones to invoke the change
Explained wonderfully once again Gary. Thanks for caring and sharing. I can't believe the BoE are increasing interest rates to combat an inflation not fuelled by luxury items, disposable income or credit, but inflation which is set squarely upon basic essentials. As if COVID wasn't mentally or financially tough enough, they will be costing more lives.
Either the policymakers are dumb/blind OR they've evil intention
You bring us a fascinating insight into vital parts of our society that most of us could neither gain entry into, nor have the knowledge to be able to understand and identify the dynamics that you describe. I like to think most people are open to and desire growth and improvements, but there are the forces or incentivization that you describe as well as the friction between the challenges of change or the comfort of the status quo.
As always a compelling presentation by Gary Stevenson. On one level simple enough for a child to understand. Few signs those in authority want to put it right though. I assume its because they are sufficiently insulated from externalities unravelling before our very eyes?
They are not merely "insulated" from it. As the C party is now the party of the finance sector, they profit from it directly.
@@briskyoungploughboy Quite.
Keep up the great work, Gary. We'll keep sharing your message as widely as we can.
Thank you, Gary, for exposing what's going on.
He's covering it up.
I hope you take the time to connect with other public figures who got the same message as you, like Yanis Varoufakis! A conversation between you two would be illuminating. Cheers
I'd really like to see that conversation too.
@@calumroche2851 me too!
I third this idea
I know it's Sunday when I wake up to a Gary's Economics notification on my phone . I can get my dose of 'real talk ' before my shift . Thanks guys
too damn true - fundamentally broken system. Thanks Gary - you give me some hope...
I'm finishing my undergraduate degree in politics philosophy and economics this year and I literally cannot agree more. One of the modules I took this year which wasn't one of the main ones, I picked it based on its title "economics of inequality" and God help me, it is the biggest load of bollocks I've ever had to study in my life. For my coursework, we were given a large dataset, around 400,000 individuals had data collected on income number of people in the house hold, number of children, race, education etc etc. And this data was collected over multiple years from 1970's to 2005 We were asked to write a report on the breakdown of inequality within the us with this data set, but there was no information on wealth or assets in the slightest. Instead, we had to write about how families with higher number of children usually earned less and had less disposable income, or that single parent households had less income. Thats not breaking down inequality! Give me data on wealth, and I'll show you how wealth has accumulated in fewer and fewer hands over the last few decades, and a large driver of economics inequality. But instead, we are asked to use theoretical models to explain why we might be seeing the things shown in the data, never looking for causes, just describing whats in front of you. I can't wait to finish my degree so I can get the fuck out of economics
Sounds like they won't allow you to extrapolate to a conclusion rooted in wealth inequality because it's not in the dataset. Madness, really!Models will take you so far but if they don't know things like context and headwinds, they won't predict accurately. But like Gary says, if the raison d'etre is to pass an exam, or create readable content, or simply provide A Forecast, then no one cares or is incentivized to be right, especially if it uncovers inconvenient truths and requires time, effort and money to fix.Give your paymasters what they want and all will be well etc.
Solidarity PPE comrade! ✌️
I agree with your point on economists in the media and government. The commentary is simply meaningless hot air, where 90% of their predictions turn out to be false. Maybe we need a website that records and tracks the predictions of these economic commentators. Give them a star rating based on past predictive performance.
Great idea! 👏👍
I'm pleased you put this out, it is encouraging to see more discussion on the root cause. While the COVID mismanagement is a very real problem as you have pointed out it is a symptom of a deeper flaw. Thank you for addressing this.
Thing is, the government's of the world *had* to do it (the financial support to workers and businesses) during covid, but they made no contingency to remove the money from the economy once it rose up the economic food-chain into the coffers of the mega-wealthy- that's where the "mismanagement" lies. Kleptocrats like Sunak are fully aware that this is a good way to make money for not much work. It always works like this these-days; any attempt to help those at the lower end of society just becomes a conveyor of taxpayer's money to the finance sector.
I love your channel. It's explaining economics in a way that makes sense to me. Like you, i'm working class and luckily I did (relatively) well, by taking big risks in my twenties and buying property. My critism is that you are the establishment. Those people working in Economics are your peers. You studied at their universities, joined their think tanks, worked in their banks. Yes - the smart ones (like yourself) followed economics to satisfy their needs (money and/or prestige), with the less talented/less gifted/less awake becoming the 'face' of economics. You're not like me, sitting on the side lines, despairing at foodbanks and inflation and the rise of the super rich and growth of hungry British children, you're in it and of them and you're not able to 'fix' it, so what can I do? When I talk to my friends about what you say, it's so abstract and we feel so impotent. I tell them to not sell their property, because prices are continuing to shoot up and their families won't get back on the ladder. Are you advocating a Jury Service/Military Service for top city traders? The top 100 traders in UK must provide Government/Bank of England and small business guidance/instruction to raise the £billions needed to sustain/ensure the UK we all want (NHS/Social Services/affordable homes/affordable food/top quality education) for 10 days per year. With Top Traders having to provide recent (within 6-months) evidence of accurate economic predictions, before they're allowed to talk economics on public TV/media or with governments. Who should I vote for? What tax law can be introduced to get those £Billions back? If anyone/any business with over £50million and a UK resident needs to pay 80% of their assets back to government, will they all comply then run away to Europe/Canada/Caymen Islands etc, so we can't squeeze the money out of them again? Keep going Gary!
I really love your videos. Found you on Navarro and your opinions hold merit across borders. Corruption and idiocy just seem common place for the public’s available resources. I hope your message can reach more people
Thank you so much for starting this channel. I've never worked in economics but, like you, started in a poor home with an interest in mathematics and found myself rubbing shoulders with billionaires and seeing things I didn't think could exist. Hearing you say with such confidence and experience the same things I noticed fills me with confidence to spread the message further. Thank you thank you thank you. It's so so urgent that people learn this stuff before we end up with a violent revolution or a fascist uprising. It feels like we're on the precipice.
Another banger! keep up the good fight Gary 👍🏾
What Gary fails to understand (or doesn't articulate) is that there are people in public economics (in media, in think tanks etc.) who are *already* rich, who already live off huge amounts capital assets they own, and their incentive is therefore not to be paid more for their work but to protect and expand their ownership of property. Many government decisions are therefore made in this direction. These people are beyond finance workers - their wealth is already built up. They don't need to understand in order to get paid. They need to confuse people into consenting to inequality, and their reward is the continuation of the inequality they believe themselves to benefit from.
I worked with some fixed income research analysts at one of the best firms so i thought i had hit the jackpot - access to the reports before anyone else. After about a month i was down big following their advice. I worked there for 10 years and retired and never once did i see any of them get reprimanded or fired. Then i switched over to working with some of the traders and did so well i was able to retire at such a young age. I worked one floor down from the trading floor and it was full of well known professors, people with phd's,... academics and the majoity of what they produced looked pretty but was dead wrong more than hald the time.
I did an Economics BSC and you're speaking my life. I jumped ship after my first degree because it was just math! At A levels, I choose Economics because of the appled area not because I wanted to do Calculus and Matrix Algebra all day! I went to Business and Marketing instead. Several of my friends went into finance frfr.
Glad to hear the book is coming along. Looking forward to your return so I can share more with my family and friends.
One of the other issues with the central bank is they don't have enough and the right tools, so all they can do is bash square pegs into round holes.
You mean they just have interest rates?
The best use of 25.37 minutes In a very long time. Thank you.
Thank you Gary for providing practical insights into the world of economics and re-emphasising why incentives ultimately deliver what they are designed to deliver - sadly not a great outcome when they are wrong! Cheers, Kevin
The overall level of debate on most subjects in the MSM is appalling. Even here, rather than espousing salient points, people just attack each other when they disagree. Pathetic!
Well that explains a lot. Very illuminating. I feel like the job of public economist isn't to be right, it's to write propaganda.
You summed it up in your last 3 words Corruption greed and idiocy. Sadly I think that applies to a large part of the population. Society has been moulded since thatcher to f everyone else as long as I’m alright jack. Hope you find a way to engage people before the revolution.
Gary where are you ? We need you
I’m in music and lucky enough to have a lot of free time to study politics and economics, not because I like it but because I don’t understand why everyone isn’t obsessed at this point. I watch a lot of material and your channel is by far the most concise and prescient. Would love to work with you to promote this. Where to contact?
Keep up the message Gary, you're doing great work .
We need people like Gary in positions of power. People who actually know what they are talking about and want to do better
He doesn't. Ask him how much pension debt the state has run up
@@Nickle314 what has that got to do with anything? You don't necessarily know what you're talking about just by memorising figures. Gary clearly could apply his experience to pension debt or any number of economic subtopics.
@@andrewcarter1771 He could, he doesn't. Given that £16 trillion pounds of debt comes with consequnces such as wealth inequality, austerity both public and private, lack of investment, pensioner poverty, the social care crisis, the question is why. Here he's posted a video on wealth inequality. What he does is cover up the cause, which is the state's pension system. My guess as to why he covers it up, is because as a trader, he would lose his capital if the state treats borrowing pari passu [equal footing] with other debts.
@@Nickle314 I do not agree that pension debt is the cause of our economic problems. I should imagine the reason Gary doesn't mention it is because it's largely irrelevant. I think if he wanted some easy money he'd just go back into trading full time (or even part time). In any case, I've seen in your other comments under this video that your proposed solutions generally involve throwing someone vulnerable under the bus, and that's enough for me to disregard your input.
@@andrewcarter1771 It's not irrelevant. Why don't you present some arguments for your case? Wealth inequality. A major issue in my view. A disaster. So where's the wealth the welfare state has taken from the workers? 20% of income taken. Where's that wealth? I think the workers are owed a pension. You think they aren't, because you think its not a debt. The reason for that is you have, like the state, no intention of paying the plebs. Where have I proposed solutions? I wouldn't have gotten into the mess. So start off. 1. How much debt? 2. Rate of increase 3. Who pays, with numbers? For example, the rich will pay. OK, at what level do you become rich? Min wage? Average wage? NHS doctor levels? How much will they pay? How many are there? What do you do next year? ie. If you say, we will take capital, to whom do you sell the assets to pay the tax? What happens to asset values? What happens next year? I'm interested in your plan for a socialist mess, with numbers, to evaluate if it works. But so far, everything is a fairy story. If only you could catch the leprechauns, .... it would be happy every after.
Very informative video Gary. It’s opened my eyes to how it ‘doesn’t work’ thank you. Criticism It is to complicated for the average factory worker. They need to hear my simply. 1 the millionaires are not paying enough tax. Here’s how. 2 they are paying the best economic brains to make them a monthly income for not doing anything. Here is how. 3 the economic brains should be working for the government to help ordinary people. Here’s what they could do for ordinary people. Look forward to your videos Gary I have hope because of you. THANK YOU!!!
As a average factory worker, don't find it complicated at all😛
@@grahamdavey8472 sorry mate. By the way what do you think the percentage voted brexit?
I remember watching a documentary about money and they said most economists couldn't tell you where money/currency comes from & how it's created.
Very good presentation on KZhead from Positive Money UK on "where does money come from" in 6 easily digested parts. kzhead.info/sun/lalxmZFsf6KBn4U/bejne.html
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...
Thank you Gary Stevenson!!!! Your message at this time is a treasure!!! Please keep it up!!! Don't give in!!!
This channel has saved me from spiralling depression and hopelessness. I have two disabled teens and had breast cancer twice. The prospect of me not being here to advocate for my kids is terrifying.
I think the only thing thats missing here is that for public and intellectual economists its not just that they dont have to be make correct predictions, its that they are actively incentivized to be incorrect and tow certain lines. Even under a capitalist framework its obvious that a strong middle class is key to economic growth but its not in the interest of the upper classes to allow that diffusion of their power
Great work Gary. We love you here in Australia.
Great to hear it - i got recognized by an Australian in Rome the other day!
Same here in NZ, I'm waving the flag for Gary and your fellow Australian, Prof. Steve Keen.
Please keep making content - you’ve not missed yet on what’s happening
gary thank you so much for your thorough explanations, i am from greece and pretty much what you are describing for uk is happening here as well
Any economics students watching this. Please do take the courses offered by the sociology department. It will be different to anything you've learnt before but you'll understand more about the world than you did before.
Public school teach lies it the socalist & communist agenda
Sociology needs far more economics trained students to bridge the gaps and provide input in many of these profound topics.
@@fi-train8961absolutely. Interdisciplinary research is often misunderstood and over looked.
Same can be said of the teaching profession. The irony that the best and brightest of us are lured to finance, law etc rather than cultivating the minds of future generations. Thanks for putting a voice out there. Your book is exceptional and made me laugh so much as well as think deeply about these important issues. Your prediction reminds me of playing Monopoly with my friends and how each player slowly, but predictably became bankrupt once I owned most of the assets.
This video absolutely nails it - Truth!!! Keep up the good fight!!! 🙏❤️👏
This was a great story Gary... I have been thinking about the importance of publishing a "report card" for public economists. Something similar to IMBD for economists.
I think your teaching is so amazing and brilliant you have my vote. lets see how we can get you to the decision makers for sure.
Makes you wonder if people in other countries are more open to your ideas. It would be interesting to see how they adopt and implement them. Thanks for this video, it's been very informative.
Not here in New Zealand- the sway is even more rightwards (ACT Party in the ascendant) to less tax on the wealthy. Their election schtick is that over-regulation is the cause of all our woes. And Maori-bashing.
Great video. Seems like Gary is perfectly placed to be the first of the crucial new wave of public economists; knowledgeable, accredited, authentic and passionate. Lets cement him in the public sphere, share this video.
Love you mate. Keep going ✊️
Mate I recon you'd have a great old time sitting down and talking to Steve Keen. Possibly one of the most well read economists on the planet. I'm sure he'd be keen to do a chat.
Gary please get yourself into politics along with mick lynch from the Union 😎. We need people like you running our country!! ✊🏽
Keep challenging! Thank you.
Thanks Gary. Really need you now to make sense of what's hapenning.
we miss your vids. Why have you gone silent???
He has a book coming out that is likely taking up the vast majority of his time currently. Hopefully he’ll post on here again soon though!
Gary, i love this shit. Keep on!
Fark me dead cnut!!! I think that's the best video of yours I've seen, Gary. The last 20 seconds in particular. Thanks for what you do, bro. I hear you. I'm with you. Much love from 'Straya 😎
Gary, publish a public list of public facing economists and when are they are right or wrong give them a point or not, like the Premier League table. Correct +1 Wrong -2 Silent -1 Regurgitation without critical checking -3 Traders, can you ask some traders what they think, anonymously if necessary, and quote them, so we get lots more accurate economists voices? Perhaps we can increase media awareness by having increased numbers of expert accurate voices.
This is a great idea! 👍👏
The issue is, you cannot make public predictions because each one will affect the outcomes. That's why trades can do it as their models are not public,but every word from a chancellor will affect the future.
True, however those behind the scenes in public spaces don’t necessarily have to announce predictions to the public. Gary is pointing out that public servants should be given a function to predict economic impacts and to be incentivised to do so. But you are correct, right now there’s not much that can be done.
We love you, Gary. Keep it up mate❤
Very well put, the stratification of the economic sector that you eloquently describe also creates an additional problem. All three subsets of public economics are also incentivized to not state concrete predictions for fear of being wrong. So they tend towards vacuous nonsense and flip-flopping, the professional traders make a prediction and then back it up with capital by going long/short. They are also much more adept at utilising financial tools to hedge and mitigate risk... to hell in a handcraft unless complete system reform. Oh well glad you're here shouting it loud Gary *grabs popcorn as world intensifies*
This applies to every single job. The people at the top are politically and socially skilled, not the best and often some of the worst in doing their job right. Look at the NHS and their management structure or at the way doctors get rich: academia, management, research... whether they can actually do doctoring us a matter of debate. When you use academic success as a matter to measure one's CV you know that people that actually can do the job are in trouble.
Eg reminds me of architecture. The famous ones seem to be good at self promotion eg winning prizes, sitting on committees, giving talks, but often their buildings don't even work. And there seems to be little POE post occupancy evaluatio, like the public economists they aren't evaluated or held accountable to see if they can do the job. Or rather their job isn't producing good buildings its self promotion and selling ideas
@@alicequayle4625 I understand perfectly. I'm in healthcare and my dad's an architect. He always warned me about this.
Gary, doctors have to work in the NHS as part of their training. Should economists have to work in real areas of society as part of their qualification process so they get a real and wider understanding of the real economy?
Amazing as always Gary, keep up the good work.
Comedic spaces 😂😂😂. Go on Gazman. Word up man . Good work - always .
Brilliant work Gary, so refreshing having someone like you with your economic take on things and exposing the corruption our country is etched with. How do you think the next couple of years will pan out with base rates rising regarding economy and mortgages? Conditions seem different to 2008, could rocket and feather conditions come about and be the BoE approach on to how to react?
Thank you!😀
Very well put
Come back Gary, we need your valued and insightful advice.
Gary, everything is a political choice of the few, it supecedes the economic needs of the many.
One thing I have noticed about economic forecasts: they are so often WRONG. Yet the media go on taking them seriously... (It's kinda the same with analysts who forecast a stock - it often just seems like guesswork.)
They want you to think it is right when in reality they are wrong.
Actually I think that mainstream economists esp those working for banks have 2 positions- one private and accurate for the use of their employers and another that's basically "spin" for the deception of the public and potential clients.
Another sharp video. Thanks for sharing your views with us.
I am so thankful you are speaking the truth Gary.
Unfortunately no-one in high end politics is paid to be right. They get paid whether they're wrong or right until they get booted out for taking the piss too much, or resign for the same reason, or their party get booted out yet again for the same reason. Its a sad game they don't want to change.
People in power don't want to lose power by you pointing out they are going in the wrong direction. I worked in London in Merchant banking from the 1990s onwards. I worked at the highest level in UBS, Lloyds, Standard Chartered, Bank of Tokyo Mitsubishi and a couple of others. Nothing has changed, what you are describing has always been that way. When I returned to New Zealand to have children I tried to educate our politicians in New Zealand and like you no one would listen to me. Another issue is that the people who are good at winning elections are not the same people who are good at solving problems in the economy and building a good country etc. I still keep trying and I urge you to as well.
Good talk. Thank you for this video
Great episode! Thanks
We need a panel consisting of Gary, Mariana Mazzucato and Richard Murphy for a start. To tell truth to power and expose the charlatans.
He lies not tell the truth, he a socalist moron that wants more taxes on private sector
Please keep up the good work spread the word as, we need to get the message across to people that it doesn’t have to be like this Cut the loopholes so the rich pay there taxes
You listened to the guy explaining why the government experts always suck and your comment is to give it more money to waste?
Please keep going mate, we need more people like you
Garry Where have you gone ? Loved your honest and intelligent view . Paul Dublin Ireland
If the government were to borrow from the central bank (as it effectively does through QE) and not give the money out, then the government would effectively not have to pay any interest on that loan, as it is borrowing from itself. However, once the government gives the money out, then the central bank, has to start paying interest to the end recipients of the cash, so the government does effectively pay interest on QE funded deficits, via the mechanism of the CB paying cash on increased levels of cash holding in society
Awesome work as usual
Very well explained and every day the pace of inequality seems to be accelerating. I don’t know if it’s going to be possible to get the electorate to understand this while billionaires control the media?
Thanks Gary ❤ ✊
I no longer feel like a lone voice! 100% correct and just perfectly explained.
Looking forward to your next videos. I am busy forwarding your videos to friends in the hope your message gets out 'there' Thank you for all your work
I was great at economics before university, but I was so disillusioned by my course that I switched to human geography and business. They ignored the real world, so I had to change subjects. My focus was also on inequality. Andy from the meadowell estate.
My brother did human geography. It seems it was often much more directly relevant.
@garyseconomics Much more useful. I graduated in 1991 and was sure Britain was totally screwed after Thatcher that I left for Asia. I was the one working class lad in my area, who got a degree. l and walked away from the crap I saw coming. I live in Thailand now. I have taught in Asia most my life. Inequalities always fascinated me as a kid. Why were we all poor, was my question from 11 years old onwards.
I feel like Gary is the SAS of economics and the ones on TV are the TA who think they’re Rambo.