These are easy mistakes to make when nobody has “skin in the game”.
The beauty of free enterprise is that investors bear the risks of losing it all and that’s what protects the investments.
Nassim Taleb talks about the IYI’s — Intellectuals Yet Idiots — and China has a lot more of those than we do because they still can’t shake the Communist planning and no-skin-in-the-game way of running a country.
This whole fiasco should be turned into a mandatory class at liberal arts colleges: Why does China have Ghost Cities?
Ask that question and see if students start thinking for themselves...
Good suggestion, and your skin in the game comments were timely as well.