"Defaults by Chinese borrowers have surged to a record high since the outbreak of the coronavirus pandemic, highlighting the depth of the country’s economic downturn and the obstacles to a full recovery,” the Financial Times reports.

  • Num10ck@lemmy.world
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    7 months ago

    im pretty sure that when economics talks about people acting rationally in aggregate, its like when physicists talk about horses as being spheres. its a workable approximation for the scale they want to trend. we all know someone who spent a ridiculous amount of money on a horrible purchase, like elon musk buying twitter. but overall in general it averages out.

    its not the flawed rationality of buyers and sellers thats ruining the economy.