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I'm not an economist but it seems like economies only grow when conditions create a vacuum to expand into. Throughout history these have been territorial expansion (colonization, the Age of Discovery, American settlers) with the associated exploitation of virgin resources and creation of new trade networks (the Spice Road, trade between the Old and New worlds) the destruction or decline of a dominant power(s) (such as post-WW2 America, now China taking over manufacturing), or the discovery of a new technology that creates a new industry with many satellite industries (steam power, electricity, computers). Absent any of these wages stagnate, capital is limited in availability, and wealth inevitably concentrates into the hands of a few. When Austrian economists said that the economy isn't a zero sum game, that's only correct given the existence of a vacuum, and only temporarily (relative to the lifespan of most civilizations).
If this is true then the only industry I really see growing in the US is healthcare due to the influx of old fogies we're going to get. WW3 or at least the end of the rules-based order also seems inevitable by this logic unless some science fiction technology that makes industrializing space feasible for a low cost magically appears
If this is true then the only industry I really see growing in the US is healthcare due to the influx of old fogies we're going to get. WW3 or at least the end of the rules-based order also seems inevitable by this logic unless some science fiction technology that makes industrializing space feasible for a low cost magically appears
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