If the US economy functioned fine 10, 20, 50, and 100 years ago, when the population was ~half the size, why can’t it withstand a population decline now?

Question

If the US economy functioned fine 10, 20, 50, and 100 years ago, when the population was ~half the size, why can’t it withstand a population decline now?

In: Economics

Answer 1

The capitalist economic model demands constant growth year after year- bigger numbers, bigger profits- or it considers a business failing to return, including at the cost of splendiferous waste. Iirc something like 40% of all food produced in the USA is eventually just discarded.

The US economy doesn’t function that well though. Great depression, housing speculation, prison slave labor, company towns & union busting, human trafficking, mega corporations… the list goes on. Maybe this sounds cynical but it isn’t going to get better as things stand.