We are still inelastic in the short term. It is a mental/emotional addiction.
For instance, insulation. I have yet to have a customer that asks about the energy efficiency of a window or door. I haven't had one of those in nearly a year. Windows and doors are holes in R21 wall systems at best; when placed wrong they can even cause overheating in the summer months requiring more AC usage.
Electric vehicles? They aren't even bothering to purchase higher fuel mileage vehicles.
Solar panels? They aren't even bothering to cut electric usage.
If history repeats... this will go until it collapses all at once... we don't seem to learn from history, even recent history.
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