I think people revert to “old and proven” behavior in stressful situations. like, people only like to experiment when they feel that they can afford taking a hit. And right now that’s not the case for a lot of people. so people try to go back to behavior that they had in the past, when things worked out for them.
that’s why in the US you see a lot of people today trying to go back to the 1960s. because they think that if they just act the same way as their parents/grandparents, then things are gonna be good again and people will be able to live prosperous lives again. that’s why you have stuff like “conservative” people in the US today and people trying to go back to “traditional” ways of life.
anyways, the people’s wealth in 1960s wasn’t based on how they behaved, but on exceptional circumstances. labor market had a lot of demand, so wages were high. and if people try to do the same things as they did in 1960, it’s not gonna work out. they might do exactly the same thing that their parents did but the results would be different because the labor market doesn’t have so much demand anymore, so wages are low. so reverting to 1960 behavior doesn’t help, but people have to figure this out experimentally to believe it.
I think people revert to “old and proven” behavior in stressful situations. like, people only like to experiment when they feel that they can afford taking a hit. And right now that’s not the case for a lot of people. so people try to go back to behavior that they had in the past, when things worked out for them.
that’s why in the US you see a lot of people today trying to go back to the 1960s. because they think that if they just act the same way as their parents/grandparents, then things are gonna be good again and people will be able to live prosperous lives again. that’s why you have stuff like “conservative” people in the US today and people trying to go back to “traditional” ways of life.
anyways, the people’s wealth in 1960s wasn’t based on how they behaved, but on exceptional circumstances. labor market had a lot of demand, so wages were high. and if people try to do the same things as they did in 1960, it’s not gonna work out. they might do exactly the same thing that their parents did but the results would be different because the labor market doesn’t have so much demand anymore, so wages are low. so reverting to 1960 behavior doesn’t help, but people have to figure this out experimentally to believe it.