During economic recession cycles, infrastructure and various assets generally fall into a revaluation of value, with the core contradiction being the market's lack of buyers with sufficient purchasing power.
When social wealth is concentrated in the elderly population, and the younger population, which has the potential to take over assets, struggles to form effective demand due to limited income, asset prices will inevitably be constrained by the payment ability of the buyers.
Only when intergenerational wealth transfer is complete, and the accumulated assets re-enter the circulation field, can the market hope to welcome a new round of growth momentum.
From the perspective of social wealth structure, the actual value of wealth essentially depends on the magnitude of difference between the rich and the poor.
When a small number of wealthy individuals face a large lower-class population, their held currency can only release purchasing power through consumption and investment, forming a cyclical chain of wealth appreciation, and this "pyramid structure" is the underlying logic that reflects the wealth effect.