But it all depends on the model being right. So, let's talk about the recent past. Has industrial output stopped growing in the last 5 years? Is that due to Covid, or due to more fundamental reasons? (Covid is a transitory shock, so if growth paused for that reason, in the long run we don't care.
But if this is right - if gains are slowing down - then it accounts for some of the sentiment of "there is no future" that has been so prevalent. That would be people actually feeling this happen. And it might account for politics becoming so zero-sum.
And that's going to get much worse. If growth reverses, then everyone is going to feel that they deserve to at least remain where they were, and are going to battle to do so.
AnimalMuppet•6h ago
But it all depends on the model being right. So, let's talk about the recent past. Has industrial output stopped growing in the last 5 years? Is that due to Covid, or due to more fundamental reasons? (Covid is a transitory shock, so if growth paused for that reason, in the long run we don't care.
But if this is right - if gains are slowing down - then it accounts for some of the sentiment of "there is no future" that has been so prevalent. That would be people actually feeling this happen. And it might account for politics becoming so zero-sum.
And that's going to get much worse. If growth reverses, then everyone is going to feel that they deserve to at least remain where they were, and are going to battle to do so.