In this episode, Matt and Chris take a look at one of the UK’s most compelling economic crusaders: Gary Stevenson, aka Gary’s Economics. A millionaire trader turned YouTube firebrand, Gary’s message is simple and potent: wealth inequality is spiralling, the ultra-rich are hoarding everything, and economists and politicians are either complicit or clueless.
Gary’s story has all the trappings of a mythic arc: from humble East London roots to Citibank’s trading floor, where he made millions betting against the poor during the financial crisis. Now he claims the system is so broken that only someone like him, working class and mathematically gifted, someone who entered the high-power world of financial trading and took on the system, could see it. As Gary puts it, a sort of economic Copernicus, who brought a revolutionary message that was dismissed by a stultifying orthodoxy.
With his righteous critique comes a hefty dose of swagger, whether it is in considering himself like a Usain Bolt of trading or in the frequent laments about how exhausting it is to be a lone voice of truth facing bad-faith hit pieces. Gary straddles an odd tension: self-effacing underdog one moment, saviour-on-a-soapbox the next. He rails against academia, dismisses journalists as clickbait merchants, and urges people not to heed critics, due to their ulterior motives.
Our hosts explore the contradictions of a millionaire revolutionary who's not even bothered but also a bit miffed the phone isn’t ringing; a tireless advocate for the poor but also someone who seems to frequently drop in his elite credentials and just how rich he is.
So strap in for a deep dive into charisma, critique, and class warfare economics. Is Gary the economic truth-teller we need, or a populist guru-in-the-making with revolutionary zeal and a finely tuned YouTube brand?
Sources
- Gary's Economics- Understand the Economy Part 3: Why is Inequality Ignored?Gary's Economics- Signing off: How close are we to winning higher taxes on the rich?Novara Media- Everything They Tell You About the Economy is WRONG | Aaron Meets Gary StevensonGary Stevenson (2024). The Trading Game: A ConfessionFinancial Times: Gary Stevenson claims to have been the best trader in the world. His old colleagues disagreeFinancial Times: He made millions betting against economic recovery. Now he wants to fix thingsThe Daily Mail's hit piece on GaryReddit thread discussing Gary's ThesisPlain Bagel - The Canadian Housing Crisis ExplainedPatrick Boyle on the Pandemic Real Estate BubbleAsianometry on an interesting historical case when radical appropriation of wealth workedEconomics Explained on the generational effects on wealth inequalityStansbury, A., & Schultz, R. (2023). The economics profession’s socioeconomic diversity problem. Journal of Economic Perspectives, 37(4), 207-230.
Influential economists focused on inequality and arguing for a wealth tax (as well as other things)
- Anthony B. Atkinson - Inequality: What Can be Done? (Anthony focused on numerous other strong measures, arguably more effective than a wealth tax)Steven P. Jenkins is at the LSE, and wrote "Changing Fortunes: Income Mobility and Poverty Dynamics in Britain"Thomas Piketty - Capital in the Twenty-First CenturyEmmanuel Saez & Gabriel Zucman, advisers to Elizabeth WarrenInternational Inequalities Institute at LSECASE: Centre for Analysis of Social Exclusion at LSE
