I don’t part take. But I think you’re a bit too quick to dismiss the “social” part of economics, remember it’s a social science after all. Once you include that, your rational valuation frameworks start to erode as it becomes subjective (even worse, collectively subjective). Then the rest of the conversation is shouting over each other. Both sides are right, it is insane, but it’s insane because it wants to be insane. History will look at it positively if it crosses some threshold/tipping point of social acceptance. And negatively if it doesn’t. That’s all there is to it really.

The lines between economies and schemes are blurry and hero’s and villains are only declared once the dust settles. We’re not there yet.