Last time this happened in the US was during GFC.
Mercedes-Benz and BMW "went into hiding" instead of Birkins.
Who's they? Members of every generation have to become class-conscious at some point, no? Some just pick it up quicker, perhaps through a European classic novel or a Great Depression archival newspaper.
While traveling by car during one of his many overseas travels, Professor Milton Friedman spotted scores of road builders moving earth with shovels instead of modern machinery. When he asked why powerful equipment wasn’t used instead of so many laborers, his host told him it was to keep employment high in the construction industry. If they used tractors or modern road building equipment, fewer people would have jobs was his host’s logic.
“Then instead of shovels, why don’t you give them spoons and create even more jobs?” Friedman inquired.
I'll buy someone a coffee if they propose a state-space model that identifies a location on the author's plane as a function of time and incentives :^)
David Goggin's public persona comes to mind as an extreme example.
He frames his journey as one that involved embracing pain and discomfort.
Now he preaches it incessantly like a sort of addict to masochism.
I think this highlights the point of the study which attempts to say, instead of avoiding discomfort one could welcome it with the added risk that you become some sort of firestarter in the sense that you now cannot sit with being comfortable.
A natural extension of this work may be to study at what point does burnout occur.
I actually do agree with you.
If you "think locally and act locally" while young, you run the risk of being blindsided by tail outcomes in the future.
I think either global thinking or acting in youth is a prerequisite to arriving at the position you describe. I mean, is there a better explanation for mid-life crises?
Is slippage minimization even a tractable problem besides applying loose heuristics derived from empirical insights, e.g., identifying reliable early-signals of narrowing spreads and increased liquidity for a given exchange?