Economics is Psychiatry not Science

[Martin Hash]

Most of the world is exceeding productive, the U.S. included; we produce far, far more than we need, and we have for at least a Century, and it's accumulated. Even if only 10% of the population continued to work, maybe less, we could continue along as we are indefinitely. Only our preconception that we allow single individuals or groups to accumulate way, way more than they could ever need under any circumstances, makes it difficult to understand this concept. What can a billionaire possible do with a billion dollars to improve their life? They end up furthering their dynasty: manipulating elections, subserviating others, and catering to their vanity.

On the flip side, why would 10% of the population work if they didn't have to, and even if they did, how long before the resentment set in that they were working and no one else was cause them to be perverse? And without ambition, envy & greed, why would anyone do anything difficult, or with a low chance of success? And even if all that was kept in check because of Star Trek replicators, transporters, and virtual reality; how long before idleness simply turned into perversity? Economics is NOT about science; it's about serotonin, dopamine & adrenaline. Solving for perversity ends up in either 1984 or Brave New World.

[Smitty-48]

just recognize that the Chinese are in the same boat

the demographic collapse & housing crisis in China

they have way more production than they need

in order to get a wife in China, you have to shower her with wealth, because females outnumber males

the biggest thing you have to give her is a house

so the Chinese buy way more houses than there are people to live in them

they have like three houses for every family

the prices keep going up and up, but just like in the West, it is a massive asset bubble