Francois in Paris:

People won't choose penury. Period.

They may have to suffer it if it is imposed by dictatorial fiat or by physical reality and the market - which is just a way to organize and arbitrate penury - but they will never choose it willingly.

...

Btw, if penury is real, it will enforce itself. The shift in car buying patterns in the US is perfect illustration of that.

So the best we can hope for in political economy is to react to a crisis even if the crisis was predictable and could have been made more manageable by "organizing penury"?

You're probably right, but it is quite sad. It means the only regimes able to organize penury are authoritarian, but by their authoritarian nature they won't be responsive.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes