(January 14, 2019 at 6:00 am)Dmitry1983 Wrote:(January 13, 2019 at 1:09 pm)Yonadav Wrote: For example, a bunch of pot smoking hippies on the Big Island of Hawaii are rather enthusiastic about their prospect for survival after a world economic collapse that is going to be virtually apocalyptic. I have not been able to follow their reasoning about what they think is going to cause such a catastrophic failure. They have a passionate hatred for money (although they are always interested in whether I have any), and they just really seem to believe that money is going to fail catastrophically.
They are not wrong. Deflationary collapse is definitely possible in developed countries.
I didn't say that deflationary collapse wasn't possible. Our economy is dependent on continuous growth, so it seems obvious that there is a point at which continuous growth will no longer be sustainable. I am not a big fan of economic theories that are based on continuous growth. But I am a little skeptical about that causing an apocalyptic event of global magnitude. At least, not a lasting apocalyptic event.
We do not inherit the world from our parents. We borrow it from our children.
