Understand the Economy Part 2: What Is Wealth Inequality?

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Performed by Gary Stevenson
@garyseconomics

[Alex-cwrz]

In economics it's called Marginal propensity to consume. Which is the economic fact that the richer you are the lower percent of your money you spend in the economy it either goes into savings, offshore or assets which do nothing for the economy. Whereas every pound given to a poorer person would be spent in the economy.

[tobytilsed]

I always get as much anxiety as I do delight when I watch your videos - anxiety because what you're describing is so fragile and terrifying; delight because you're so talented at and committed to communicating your insights

[Acz]

I don’t know if it was just me but when I was a child it felt like there was so much more stability. My friends all lived in spacious houses their parents owned and they all had cars. Life isn’t as predictable anymore and it’s so much more expensive. We didn’t take it for granted, we knew life was good. If you aren’t going to inherit wealth or able to get cash gifts from family, life is so much more difficult on so many levels now!

[spider]

These longer talks going in depth like this is you at your best.
Keep this up dude. 100 episodes of this and youll have a full college level lecture where anyone coild come in and be an expert by the end

[timdawson]

I imagine Simran behind the camera thinking “damn I need to stop filing Gary and start filming virtual tours of mega yachts or super expensive houses “

[curmudgeon]

The idea that debt is an asset, which can be bought and sold by those at the top, can be used as leverage to force down wages, provides a steady income stream for those asset-holders, and is used to fuel the credit industry...and creates NOTHING except a greater inequality, as more and more wealth is extracted from ordinary people, up to the minute number of super-rich individuals and corporations.That is some truly dystopian nightmare shit.

[Rudee]

One point that is worth making in addendum to Gary’s class. If ordinary people don’t have assets, wealth or security if things go wrong, they cannot afford to be entrepreneurial. You need to be able to risk in order to innovate

[michaelsamon]

Thank you for educating and pushing for change Gary. Ignorance is slavery to someone else's agenda but you are liberating millions of us. Sending my support from Texas.

[JimmyTheGiant]

Mate this information is invaluable - keep it up you are changing the world

[jackkeaney]

Hi Gary,
Just wondering would it be possible for you to make a video on how you would enforce polices to sort Inequality, and making clear what levels of tax you would charge to people making over a certain threshold each year while also showing how it would not discourage businesses setting up /expanding. Really enjoy your content BTW.

[sander]

I think this is the finest Gary video to date 💯

[marijamihailova]

I am grateful that you took the time out of your day, and life for that matter, to educate people on these issues. Thank you!

[dankprole]

Thanks Gary. I visited Mumbai in 2010 and was shocked by the wealth inequality there. Lots of people talk about correlations between wealth inequality and wages but i never heard the causal mechanism explained so well. Loving this course mate.

[jojothabo]

honestly the most important channel for anyone living in Britain, keep moving forward brother🌟.

[hilaryporter]

I would be happy if Rachel Reeves could do a detailed reply to all of your points Gary so that we can see if she actually understands it. Not a political point, just a need to understand the level of understanding by those in power.

[FannyBunny]

Brilliant explanation, I applaud you, Gary👏🏻 Also, I've just bought your audiobook, looking forward to listen to it. People like you are much needed these days: educated, experienced and willing to put their knowledge to make this country a better place

[Alex-cwrz]

Highest tax on the average household in 70 years, yet the lowest corporation tax in 50 years and the lowest top rate of income tax since at least ww2.

[andymeek]

I'd like to predict Labour will tax the middle class more, but not put up the taxes of the rich, thus the wealth divide will increase, and the rest of us will become poorer.

[arp_]

I’m seeing this discussion finally getting more traction in the media. Hopefully it makes its way into the political agenda soon

[ManishThanki-vnlk]

The truth is always bitter. Thank you Gary for the books. Why is this hidden ? There would be a revolution.