๐๐ช๐ณ๐ณ๐ฐ๐ณ๐ด ๐ฐ๐ฏ ๐ต๐ฉ๐ฆ ๐ค๐ฆ๐ช๐ญ๐ช๐ฏ๐จ
๐๐ฉ๐ฆ ๐ฑ๐ช๐ฏ๐ฌ ๐ค๐ฉ๐ข๐ฎ๐ฑ๐ข๐จ๐ฏ๐ฆ ๐ฐ๐ฏ ๐ช๐ค๐ฆ
๐๐ฏ๐ฅ ๐ด๐ฉ๐ฆ ๐ด๐ข๐ช๐ฅ, '๐๐ฆ ๐ข๐ณ๐ฆ ๐ข๐ญ๐ญ ๐ซ๐ถ๐ด๐ต ๐ฑ๐ณ๐ช๐ด๐ฐ๐ฏ๐ฆ๐ณ๐ด ๐ฉ๐ฆ๐ณ๐ฆ
๐๐ง ๐ฐ๐ถ๐ณ ๐ฐ๐ธ๐ฏ ๐ฅ๐ฆ๐ท๐ช๐ค๐ฆ"
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.
๐ The scale
A large consumer market + a large capital market. No other economy has both.
๐ Human capital
High productivity is supported by relatively young demographics, a decent birth rate, highly educated, and open immigration.
๐ The vitality
High mobility of labor and capital. Great environment for entrepreneurship. High management quality.
๐๐ฏ๐ฅ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ฎ๐ข๐ด๐ต๐ฆ๐ณ'๐ด ๐ค๐ฉ๐ข๐ฎ๐ฃ๐ฆ๐ณ๐ด
๐๐ฉ๐ฆ๐บ ๐จ๐ข๐ต๐ฉ๐ฆ๐ณ๐ฆ๐ฅ ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ ๐ง๐ฆ๐ข๐ด๐ต
๐๐ฉ๐ฆ๐บ ๐ด๐ต๐ข๐ฃ ๐ช๐ต ๐ธ๐ช๐ต๐ฉ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ด๐ต๐ฆ๐ฆ๐ญ๐บ ๐ฌ๐ฏ๐ช๐ท๐ฆ๐ด
๐๐ถ๐ต ๐ต๐ฉ๐ฆ๐บ ๐ซ๐ถ๐ด๐ต ๐ค๐ข๐ฏ'๐ต ๐ฌ๐ช๐ญ๐ญ ๐ต๐ฉ๐ฆ ๐ฃ๐ฆ๐ข๐ด๐ต
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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