Victorian England was terrible conditions for the vast majority. Life has improved so much for 99% of the population. The most equal people have ever been was the first few decades after WW2. We are moving back to inequality.
Ive been a bit critical of Gary in the past, but with more historical context I cant help but strongly agree with the message in this video. Something really needs to change to benefit the majority over a miniscule minority of uber rich
I've just read John Steinbeck's 'The Grapes of Wrath' for the first time (what a book!). The tractors that turn the farmers off the land aren't intrinsically bad, it's who owns them that causes the ensuing poverty, homelessness, and starvation.
I've been around a bit longer than you, Gary - my experience so far suggests that trusting that 'things' will work themselves out is indeed naive, and foolish. We need, as a society, to put effort in to steer things to our advantage. Need some big unions, by the sound of it!
1/AI's effect on wages is not automatically good or bad – It depends on what people do in response, not on technology itself.
2/The optimistic economic theory says AI raises productivity, so competition should drive wages up. But this theory assumes an equal society and unlimited customers.
3/The intuitive fear (fewer jobs → lower wages) is already visible, especially for junior staff and young people.
4/History (Industrial Revolution) shows technology can cause 100+ years of hellish poverty – dangerous work, diseased cities, no wage gains for ordinary people until long after productivity booms.
5/Technology alone never raised living standards – organised labour movements, strikes, and political fights for redistribution did.
6/Without strong customers, productivity gains won't raise wages – The Industrial Revolution had empire/colonial markets; China had the Western middle class. Today, there's no wealthy, willing mass of customers.
7/Inequality blocks the good outcomes – When elites own everything, people can't work less or bargain well; they remain trapped paying rent/debt to the rich.
8/The Henry Ford lesson – If workers have no money to buy what's produced, t
It always required violent clashes for improving living standards of the labor class, if not the fighting spirit of the past generations there would have never been any change. Nowadays people live in the wrong belief that they are entitled to all their rights and there is a benevolent state taking care of them…
A video explaining the concept of the post world war 2 wealth redistribution is definitely needed - what actually happened and how/why did it take place?
I've said it for a long time, and it's what Gary also often points out: you cannot have a functioning economy based on just a handful of billionaires, with everyone else being piss poor. You need masses of relatively wealthy people, who work and consume the products of each other's work.
Imagine joining a game of Monopoly 5 minutes before it's over, everyone else has all the money and motels and you start with basically nothing, but you're still expected to win.
In the 1980s, my economics teacher told me that increasing productivity would mean more leisure for everyone. It now takes two full-time incomes to support a household. Used to be one.
We use cookies, device fingerprinting and cross-device tracking to personalise content, serve targeted advertising, and analyse how you use our site across your devices. By clicking Accept all you consent to the use of these tracking technologies. Your data may be used to build a profile of your interests and show you personalised ads on other sites.
Privacy policy
Comments (20)
Daily Junction discussion mixed with clearly attributed comments from the original video provider.
Join in — free. Comments on Daily Junction are for members, so real names stay rare and bots stay out.
One field. We email you a 6-digit code — no password needed. Your comment is kept while you do it.
Under 13? You’ll need a parent’s OK first — it takes them one click.
Ive been a bit critical of Gary in the past, but with more historical context I cant help but strongly agree with the message in this video. Something really needs to change to benefit the majority over a miniscule minority of uber rich
1/AI's effect on wages is not automatically good or bad – It depends on what people do in response, not on technology itself.
2/The optimistic economic theory says AI raises productivity, so competition should drive wages up. But this theory assumes an equal society and unlimited customers.
3/The intuitive fear (fewer jobs → lower wages) is already visible, especially for junior staff and young people.
4/History (Industrial Revolution) shows technology can cause 100+ years of hellish poverty – dangerous work, diseased cities, no wage gains for ordinary people until long after productivity booms.
5/Technology alone never raised living standards – organised labour movements, strikes, and political fights for redistribution did.
6/Without strong customers, productivity gains won't raise wages – The Industrial Revolution had empire/colonial markets; China had the Western middle class. Today, there's no wealthy, willing mass of customers.
7/Inequality blocks the good outcomes – When elites own everything, people can't work less or bargain well; they remain trapped paying rent/debt to the rich.
8/The Henry Ford lesson – If workers have no money to buy what's produced, t