In recent years, the Left has shown a penchant for various economists, embracing voices such as Thomas Piketty and Joseph Stiglitz from overseas, while also celebrating homegrown talents like Ann Pettifor, James Meadway, and Grace Blakeley. The newest addition to this list is Gary Stevenson, a former City trader renowned for his YouTube channel “Gary’s Economics” and his bestselling book, “The Trading Game.”
Stevenson’s selection as a prominent economist for the British Left might seem surprising given his background as a City trader, even boasting that he was “the best in the world” back in 2011. His decision to profit from rising poverty might not paint the most virtuous picture; yet, he finds redemption through his current economic discourse.
His charm and reliability stem from his working-class roots and approachable persona. Ditching the formal attire for casual T-shirts, his thick MLE accent and candidness create an authenticity that resonates with many. He successfully embodies the image of an everyman who’s keenly aware of the struggles of ordinary people.
Stevenson’s focus on inequality has struck a chord, a theme reinforced during his recent appearance on “The Diary of a CEO” podcast. He argued for the necessity of redistributing wealth, citing the post-war era as a time when working people’s living conditions improved markedly through wealth redistribution, calling for increased taxes on the affluent as vital for national prosperity.
While arguments against inequality are well-established and articulated by previous Leftist economists, Stevenson’s approach appears more rooted in political rhetoric than economic analysis. His assertions replicate familiar anti-wealth sentiments without delving into the economic implications of inequality itself, suggesting a preference for performative activism over innovative economic theories.
Scepticism surrounds Stevenson’s credibility too, particularly regarding his lofty claims about his past trading prowess; a Financial Times investigation found little support for his self-proclaimed title as the world’s best trader. Furthermore, his broad sweeps critiquing economists for supposed inaccuracies raises eyebrows, especially when many esteemed Leftist economists are actively researching inequality issues. Nonetheless, as Stevenson prioritizes activism over in-depth analysis, his broad appeal may continue unabated.
Gary Stevenson, a former trader and popular figure on the British Left, champions the issue of inequality through his YouTube channel and bestselling book. His casual style and relatable background appeal to many, yet skepticism arises regarding the credibility of his claims and depth of his economic analysis, leaning towards activism rather than economic theory.
Gary Stevenson presents a curious case as a leading economist within the British Left, leveraging his working-class background and focus on inequality to connect with the public. Despite his questionable assertions regarding past trading successes and a stark reliance on political rhetoric, his accessibility and engaging style render him popular. Ultimately, his contributions to the economic discourse may skew more political than economic, signalling a different form of influence in modern economic discussions.
Original Source: unherd.com
