I’ve been noticing a recurring sentiment among Americans - frustration and disillusionment with the economy. Despite having gone to school, earned a solid education, and worked hard, many feel they can’t get ahead or even come close to the standard of living their parents enjoyed.
I’m curious - is this experience unique to the United States, or do people in other countries share similar frustrations?
Do people in Europe, Australia, Canada, or elsewhere feel like they’re stuck in a rut, unable to achieve financial stability or mobility despite their best efforts?
Are there any countries or regions that seem to be doing things differently, where education and hard work can still lead to a comfortable life?
Let’s hear from our international community - what’s your experience with economic mobility (or lack thereof) in your country?"
We are reaching the limits of an “infinite growth” mindset. You can’t make money infinitely, which is why we are witness unprecedented amounts of shrinkflation, price gouging, and of course, enshitification. And housing prices.
The theory behind capitalism doesn’t require infinite growth. A society could have continual “profit” based on the use of renewable resources. The explanation for why we’re constantly expanding our exploitation of the planet is a little more complex than just an inherent trait of the economic system. That’s kind of a nasty oversimplification that people apply.
An old unattributed saying, “Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.” Often attributed to Kenneth Boulding but there’s no real sources for that.
To quote a certain Ed Zitron:
No, eventually it destroys the body’s ability to function and dies.
The only infinite growth I could think of is just bitcoin and shit. Just dilute gambling.
That’s not infinite. Bitcoin is just one of many participants in the wider currency market. The bet of people speculating on Bitcoin is that its market share in the market will continue to grow. So the absolute upper limit of its valuation is basically that of the global currency market. In more practical/realistic terms, it has technical constraints as-is that limit its use as a day-to-day currency, which limit it to a lower point, since other currencies have to be used for small transactions, and hence, have to take some other portion of the global currency market. And so on.
Not exactly gambling. Rather, the market is trying to anticipate and calculate these shifts in valuation. Individual participants may try to catch it early to get a good deal. Many will fail, including buying at a bad deal. People will get caught up in hype because it’s a novel invention as opposed to some same-for-same replacement. That’s just the price determination mechanism. Currency shifts, and market adjustments in general, are messy. Any time one currency dies, there’s a flight to others.
Disclaimer: I have zero Bitcoin. Also this is just explaining mechanisms, not justifying or supporting them.