One aspect that wasn't mentioned at all is the cultural consequence of individualism and low social trust on voluntary self-rationing. Well, we know that it will only get worse with the rising diversity and only individualist market solutions like hedging can address the problem. In the end, COVID showed the same failure. Cohesive Asian countries did well, Western Europe and North America failed.
One aspect that wasn't mentioned at all is the cultural consequence of individualism and low social trust on voluntary self-rationing. Well, we know that it will only get worse with the rising diversity and only individualist market solutions like hedging can address the problem. In the end, COVID showed the same failure. Cohesive Asian countries did well, Western Europe and North America failed.