It’s a huge subject that you don’t hear about so here’s why economists don’t talk about wealth inequality.
And here’s Gary Stevenson to explain it to you:
So:
Firstly, it isn’t taught in university economics departments. They’re all about the mathematics. They build a model economy and tinker with it to see how changes affect it – but it can’t cover everything and a prime omission is that there is no inequality in the model. It only looks at the effect on one average person. It doesn’t say anything about how giving money to one person affects others.
Gary thinks it’s an effective way of subconsciously brainwashing people into thinking that inequality does not matter – because if someone suggests that, they’ve spent years studying something that is irrelevant to it, and that offends their pride.
Buy Cruel Britannia in print here. Buy the Cruel Britannia ebook here. Or just click on the image!
He compares this situation with Copernicus, who said the sun and planets don’t revolve around the Earth, but the Earth is part of a solar system revolving around the sun – and was vilified by the respected thinkers of his age who had created complicated models showing how the Earth could be the centre of the universe – that didn’t work.
Now, with the economy, Gary is saying the highest-regarded experts have also created models that don’t work – because they are blind to the effects of inequality. But they will vilify anybody who suggests this because it offends their professional pride.
But – and this is the next point – their predictions are consistently wrong. Gary refers to interest rates, which were predicted to rise after the 2008 financial crisis, every year, and every year they stayed at practically nothing, until 2020, when the so-called experts said they wouldn’t rise – and they did.
Gary predicted this – and other things – correctly and believes he’s in danger of vilification (like Copernicus).
Moving on from this: if the City is wrong, academia won’t notice and won’t adapt its teaching methods.
Next point: most economists are rich, and that is an incentive not to talk about inequality because change might take cash away from them.
Conclusion: they have a financial interest in saying inequality does not matter. They’re representing themselves, not the good of the nation.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Be among the first to know what’s going on! Here are the ways to manage it:
1) Register with us by clicking on ‘Subscribe’ (bottom right of the home page). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
5) Follow Vox Political writer Mike Sivier on BlueSky
6) Join the MeWe page at https://mewe.com/p-front/voxpolitical
7) Feel free to comment!
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
Cruel Britannia is available
in either print or eBook format here:
The Livingstone Presumption is available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
Here’s why economists don’t talk about wealth inequality
It’s a huge subject that you don’t hear about so here’s why economists don’t talk about wealth inequality.
And here’s Gary Stevenson to explain it to you:
So:
Firstly, it isn’t taught in university economics departments. They’re all about the mathematics. They build a model economy and tinker with it to see how changes affect it – but it can’t cover everything and a prime omission is that there is no inequality in the model. It only looks at the effect on one average person. It doesn’t say anything about how giving money to one person affects others.
Gary thinks it’s an effective way of subconsciously brainwashing people into thinking that inequality does not matter – because if someone suggests that, they’ve spent years studying something that is irrelevant to it, and that offends their pride.
Buy Cruel Britannia in print here. Buy the Cruel Britannia ebook here. Or just click on the image!
He compares this situation with Copernicus, who said the sun and planets don’t revolve around the Earth, but the Earth is part of a solar system revolving around the sun – and was vilified by the respected thinkers of his age who had created complicated models showing how the Earth could be the centre of the universe – that didn’t work.
Now, with the economy, Gary is saying the highest-regarded experts have also created models that don’t work – because they are blind to the effects of inequality. But they will vilify anybody who suggests this because it offends their professional pride.
But – and this is the next point – their predictions are consistently wrong. Gary refers to interest rates, which were predicted to rise after the 2008 financial crisis, every year, and every year they stayed at practically nothing, until 2020, when the so-called experts said they wouldn’t rise – and they did.
Gary predicted this – and other things – correctly and believes he’s in danger of vilification (like Copernicus).
Moving on from this: if the City is wrong, academia won’t notice and won’t adapt its teaching methods.
Next point: most economists are rich, and that is an incentive not to talk about inequality because change might take cash away from them.
Conclusion: they have a financial interest in saying inequality does not matter. They’re representing themselves, not the good of the nation.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Be among the first to know what’s going on! Here are the ways to manage it:
1) Register with us by clicking on ‘Subscribe’ (bottom right of the home page). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
5) Follow Vox Political writer Mike Sivier on BlueSky
6) Join the MeWe page at https://mewe.com/p-front/voxpolitical
7) Feel free to comment!
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
Cruel Britannia is available
in either print or eBook format here:
The Livingstone Presumption is available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
you might also like
Poor income growth and inequality mean UK families face ‘terminal decline’ in living standards
As others see us: German magazine offers depressing verdict on the UK
Political lies about poverty and inequality have got to stop