The Permanent Problem

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Loss Aversion (by Any Other Name) and the Decline of Dynamism

brinklindsey.substack.com

Loss Aversion (by Any Other Name) and the…

Brink Lindsey
Nov 7, 2022
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Share this post

Loss Aversion (by Any Other Name) and the Decline of Dynamism

brinklindsey.substack.com

With the benefit of hindsight, it’s now pretty clear that capitalism in the advanced economies hit some kind of inflection point in the early 1970s. The point is made well enough on the website “WTF Happened in 1971?”, which features dozens of charts of various economic trends that all start going sideways sometime in the early 1970s. The graphics are of variable quality — I can pick bones with a number of them — but the signal is undeniable despite the noise. Something big happened, and it wasn’t good.

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