I don't understand the dichotomy of asset vs. debt-based economy. AFAICT an asset-based economy is one whose growth is based on appreciation of equity assets[0]

I don't understand the dichotomy of asset vs. debt-based economy. AFAICT an asset-based economy is one whose growth is based on appreciation of equity assets[0], rather than creating value via goods or services. In such an economy, debt would be as relevant if not more so, due to the fact that as asset prices rise the only way for many to buy in is to borrow. [0] https://en.wikipedia.org/wiki/Asset-based_economy#:~:text=The%20asset%2Dbased%20economy%20is,as%20well%20as%20real%20estate https://en.wikipedia.org/wiki/Asset-based_economy#:~:text=Th....