I don’t think that Karl Smith understands the concept of indirect production.
As an example of what I mean back in 1900 many, many more adults made their livings as farmers than do now. We actually have less farmland now than we did then. Nonetheless we’re producing more food.
I note in passing that Karl Smith does not appear to be a farmer or a miner or a worker in a factory. Somehow he manages to make a living. How can this be?
Might I suggest it’s because we have thousands and thousands of people in advertising, marketing, finance, and a million other areas that aren’t in direct production but do contribute to indirect production.
Today the supply chain is long, stretching around the world.
Wow is he hysterical. He thinks the market should work even if there are policies in place that very well could be preventing it from working–i.e. clearing. Yeah, unemployment and utilization rates look bad during recessions. Got it, thanks for freaking out on us dude, calm down have a drink and try not to wet your pants.