Just having finished my earlier post, “Psycho-Economic Depression“, I came upon this by Fritz Schumacher, from “Small is Beautiful” (pages 203-204). It seemed to fit:

If the nature of change is such that nothing is left for the fathers to teach their sons, or for the sons to accept from their fathers, family life collapses. The life, work, and happiness of all societies depend on certain “psychological structures” which are infinitely precious and highly vulnerable. Social cohesion, cooperation, mutual respect, and above all, self-respect, courage in the face of adversity, and the ability to bear hardship- all this and much else disintegrates and disappears when these “psychological structures” are gravely damaged. A man is destroyed by the inner conviction of uselessness. No amount of economic growth can compensate for such losses….

 

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Lack of demand and the destruction of self-esteem

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