Arthur Kroeber

And they have basically devoted no time in the last 45 years to figuring out how to create a demand machine.

Mm-hmm.

So they're just at the very early stages of figuring out that part of the problem.

Right.

Yeah, I mean, I think you can scale that analogy up to China, just its total economy.

I mean, a lot of the stuff that I've been talking about, about how they got here, I mean, the thing you want to be careful about is this is not the result of some carefully crafted master plan that they knew all along.

It was a lot of groping and a lot of random stuff.

They did one thing for one reason and another thing for another reason.

And then through this kind of random process –

It all sort of coalesced in the end, but that was not, you know, the amount of intelligent design behind that was, I think, actually quite low.

They got a few sort of big directional things, I think, correct.

And they stuck with them.

That's where I would give policy credit.

And they were willing to adapt when things were obviously not working and cut things off and adjust with pretty high frequency.

But a lot of it was essentially a random walk where a lot of things that were enabled were

then sort of started to interact with each other in the way that you've talked about AI.

And then they create these other results, which, you know, could not have been pre-planned.

Well, actually, can I just stop you there because there are a couple of things that you touched on there that I think are really interesting that I'd just like to put on a little bit more.

So, you know, past results are no guarantee of future returns, right?

So just because you did it before doesn't mean you can keep doing it.