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  • Frank Tian

๐Ÿจ Hotel California and the American Economy

๐˜”๐˜ช๐˜ณ๐˜ณ๐˜ฐ๐˜ณ๐˜ด ๐˜ฐ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ค๐˜ฆ๐˜ช๐˜ญ๐˜ช๐˜ฏ๐˜จ

๐˜›๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ช๐˜ฏ๐˜ฌ ๐˜ค๐˜ฉ๐˜ข๐˜ฎ๐˜ฑ๐˜ข๐˜จ๐˜ฏ๐˜ฆ ๐˜ฐ๐˜ฏ ๐˜ช๐˜ค๐˜ฆ

๐˜ˆ๐˜ฏ๐˜ฅ ๐˜ด๐˜ฉ๐˜ฆ ๐˜ด๐˜ข๐˜ช๐˜ฅ, '๐˜ž๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ข๐˜ญ๐˜ญ ๐˜ซ๐˜ถ๐˜ด๐˜ต ๐˜ฑ๐˜ณ๐˜ช๐˜ด๐˜ฐ๐˜ฏ๐˜ฆ๐˜ณ๐˜ด ๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ

๐˜–๐˜ง ๐˜ฐ๐˜ถ๐˜ณ ๐˜ฐ๐˜ธ๐˜ฏ ๐˜ฅ๐˜ฆ๐˜ท๐˜ช๐˜ค๐˜ฆ"


Three years ago during the lockdown, I found myself playing Hotel California many times.


The powerful lyrics remained relevant over time, if not more.


When Don Felder first joined the Eagles, he questioned why he had become a part of a band that appeared to be falling apart.


However, he later came to realize all the arguing and yelling were just the way the Eagles worked together.


If you have been observing American politics, you might draw a similar conclusion as Felder did about the Eagles.


Nonetheless, the American economy has remained astonishingly resilient.


In a long piece by the Economist, it argues that even the American political elites do not understand how good the American economy is.


The recession alarm has been flashing for 12 months. Despite the regional bank crisis as recent as in March, the American economy keeps rolling.


Any secret sauce behind the decadesโ€™ growth?


The Economist listed 3 reasons.


๐Ÿ“Œ The scale


A large consumer market + a large capital market. No other economy has both.


๐Ÿ“Œ Human capital


High productivity is supported by relatively young demographics, a decent birth rate, highly educated, and open immigration.


๐Ÿ“Œ The vitality


High mobility of labor and capital. Great environment for entrepreneurship. High management quality.


๐˜ˆ๐˜ฏ๐˜ฅ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ด๐˜ต๐˜ฆ๐˜ณ'๐˜ด ๐˜ค๐˜ฉ๐˜ข๐˜ฎ๐˜ฃ๐˜ฆ๐˜ณ๐˜ด

๐˜›๐˜ฉ๐˜ฆ๐˜บ ๐˜จ๐˜ข๐˜ต๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ๐˜ฅ ๐˜ง๐˜ฐ๐˜ณ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ฆ๐˜ข๐˜ด๐˜ต

๐˜›๐˜ฉ๐˜ฆ๐˜บ ๐˜ด๐˜ต๐˜ข๐˜ฃ ๐˜ช๐˜ต ๐˜ธ๐˜ช๐˜ต๐˜ฉ ๐˜ต๐˜ฉ๐˜ฆ๐˜ช๐˜ณ ๐˜ด๐˜ต๐˜ฆ๐˜ฆ๐˜ญ๐˜บ ๐˜ฌ๐˜ฏ๐˜ช๐˜ท๐˜ฆ๐˜ด

๐˜‰๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ฆ๐˜บ ๐˜ซ๐˜ถ๐˜ด๐˜ต ๐˜ค๐˜ข๐˜ฏ'๐˜ต ๐˜ฌ๐˜ช๐˜ญ๐˜ญ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฃ๐˜ฆ๐˜ข๐˜ด๐˜ต


In the Eaglesโ€™ own words, the song was about the dark side of the American dream and about excess in America.


In the 50 years since the masterpiece was released, Americans have never stopped the self-reflection. They are not afraid to paint a gloomy future.


Maybe that is why the American economy keeps riding high.


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