I think you both have some of the points correct, perhaps I do too.
I’ve been looking at this for some time and I have come to a conclusion. It might be correct it, might be wrong, it’s probably somewhere in between though.
Human needs generally drive the basic economy, Food, Shelter, clothing that sort of thing.
Then we move on to a higher economy that caters to human wants; Better Clothing, Better Food, Better Shelter and then entertainment and faster transportation.
Eventually I believe you reach a plateau where the majority of humanity has their needs and wants satisfied. It’s probably a Bell Curve too with some not having enough and some have a great surplus.
I think that we are somewhere on the upper slope before that Plateau for more most Americans. Many people are satisfied at where they find themselves now, they just can’t see anything else that they need or currently want.
Now where Business excels is in finding new things or ideas that spur on new “wants” for the majority of the populace that participates in the economy.
Where our government is right now is acting like a brake and trying to hold back the populace participating in the economy. Why? Who really knows for sure, but I bet it’s a whole lot of different “isms” and they each have their own agendas and it just appears that they are working together when they are really working for themselves and it just is synergy with the others at work there.
So like it was in the 50’s and 60’s, there is a lot of potential ahead of us if Government would get out of the way. And there are new business idea just waiting in the wings to come out and fly if that occurs.
I think that we are somewhere on the upper slope before that Plateau for more most Americans. Many people are satisfied at where they find themselves now, they just can’t see anything else that they need or currently want.
Are you married?
My wife is one of those who although very frugal, always sees something of ours that needs replacing.
But that said, even tho there are people like you and I that have few wants, there are millions of younger people coming along who do not have everything they want.
There are many many opportunities if the government will get out of the way.
We do not need some Harvard grad with a computer and a new briefcase to plan our economy.
We need people like that out of our lives.
The reason free capitalism works has never been properly explained to the public.
The reason it works better than socialism, in addition to the fact that it fosters ambition, is that when a central planner guesses wrong, the whole country goes up in flames.
Even when the planning is done by a group, committee or legislature.
But when the public is left free to go their own way, some guess right and some guess wrong and go broke.
Those who go broke then have the opportunity to go to work for those who guessed right.
In a managed economy, you don't have that opportunity.
Even a little bit of tinkering distorts those opportunities.