Do we really have to keep buying useless junk to keep the economy going?

Warning: This one is nerdier than normal*.

This blog’s last post, “The happiness scam”, got an unusual amount of attention. I think the issues of materialism, consumerism, and greed and their toxic effects on our wellbeing must resonate with readers. If so, that’s something that needs to be celebrated. We may have a long way to go, but the spark of discussion seems to have been lit.

One of the most common responses I tend to receive after writing a post like that is: Isn’t our whole economy based on consumerism? Won’t the whole thing collapse like a house of cards if we all stop buying useless junk?

I’ve kinda broached this topic before, but I think it’s time it deserves it’s own post. Somehow it became a popular meme, especially within my generation, that the American economy (or maybe even the whole modern-day global economy? I dunno) is based on nothing of substance, and that rampant spending is the only thing holding up a giant economic pyramid scheme. But this is (mostly) wrong.
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