> Then why do people say "invest in the stock market for the long run by buying an index fund?"
Because the American economy has historically grown. Buying an index of Austrian stocks on the eve of WWI would have been about as effective as buying cryptocurrencies.
Considering that US is getting into debt on an accelerated schedule and runs wars all over the world non-stop since WW2, and has biggest military budget, and otherwise resembles the roman empire at its peak, do you think that musical chairs game will never end?
Because the American economy has historically grown. Buying an index of Austrian stocks on the eve of WWI would have been about as effective as buying cryptocurrencies.