In 1992, I read a book called "The Great Reckoning" which predicted the crash of western economies SOON.

China really should not function today. The West should not have functioned 30 years ago. There is something resilient about economies that somehow prevents a total crash.

Maybe it's a sign that we don't really understand economics all that well.

And true it that GDP is a poor indicator. We need to differentiate between healthy GDP (like food), neutral GDP (like entertainment) and unhealthy GDP (like prisons). If we reduce the unhealthy GDP, overall GDP will also fall. But with less crime, we are more prosperous.