All excellent points, Luca. One important point that emerges from our discussion is the distinction between lower consumption overall and lower consumption of physical goods (because people switch to services, which are just a different form of consumption). They would both be very significant, but they would have different implications. Overall, I completely agree that this is a theme to explore further and monitor. You are rather skeptical of your own idea -- I am rather skeptical of my own skepticism on it... As for the prospect of new world for economists to mess up...oh, now I really envy the younger generations (of economists)!
All excellent points, Luca. One important point that emerges from our discussion is the distinction between lower consumption overall and lower consumption of physical goods (because people switch to services, which are just a different form of consumption). They would both be very significant, but they would have different implications. Overall, I completely agree that this is a theme to explore further and monitor. You are rather skeptical of your own idea -- I am rather skeptical of my own skepticism on it... As for the prospect of new world for economists to mess up...oh, now I really envy the younger generations (of economists)!