I live in Germany, which by some accounts, is the third largest economy, and we have literally no answer for what is next, economically. Neither in the public nor private sectors. Nobody is investing, nobody is building new things, nobody even knows what to do next. But the story is the same throughout Europe as far as I can see. All industries hope to keep selling the same old shit. But the 3rd world is catching up. They can manufacture goods that are just as good, and for much cheaper. Heck, some can even do it cleaner too, since they have access to cleaner energy sources. But we also have no real 21st century income streams.
It looks to me as though, only the US and China are undertaking really innovative projects.
Is my reading of the situation flawed? I would love to have your input.
An economic crash is just as necessary as economic booms. Trying to pump the economy with all means possible is unsustainable. Squeezing the maximum amount of productivity from every worker will cause a population crisis, forcing everyone into cities will cause a population crisis, dirt poor wages and sky high rent will cause a population crisis.
Eventually the economy crashes but it gives the country a bit of breathing room. They can finally enact some changes and stimulus to rejuvenate it.
We will still need to wait and see the effects of advanced ai however.