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Where does creative destruction fit in here? We are used to discussing things in terms of "good" and "bad", but what are the consequences of a boom that doesn't
by chmod600 3y ago
Where does creative destruction fit in here? We are used to discussing things in terms of "good" and "bad", but what are the consequences of a boom that doesn't seem to be busting?
- friend_and_foe 3y agoI liken it to artificially staving off wildfires in a forest that thrives on them. Over time your overhead builds up, there's diminishing returns, and then the fires happen and they're catastrophic. Nothing is allowed to die in the US economy anymore. Everything is too big to fail. All that does is move risk into the systemic realm and make the entire system more brittle. That, and it stagnates development. You can fudge numbers to say the US economy is doing better than ever while people can't afford to live in a dwelling for only so long. The reality on the ground is very different than the GDP numbers. Something will give.