Each cycle of the economy seems to be a repeated "awakening": during the boom phase, people are wrapped in growth narratives and rising assets, risks are underestimated, and allocations appear fair and full of opportunity; but after the cycle reverses, debt, leverage, and structural issues are exposed in concentrated ways, and people realize that the previous prosperity carried hidden costs, leading to a sense of "seeing the truth." However, this awakening does not automatically change the logic of resource and power distribution, because cognitive changes occur at the interpretive level, while the distribution mechanism is still determined by power, capital stock, institutional path dependence, and network structures. So, when a new cycle begins, resources continue to concentrate along existing structures, and ordinary participants who took on risks in the previous round—attracted by narratives during the rise and suffering concentrated losses during the decline—ultimately find that the nature of opportunities has changed or even raised the threshold: shifting from "buy and wait for the rise" asset opportunities to structural positions that can only be obtained by entering the system's core. The result is a deepening sense of dislocation—people are constantly "awakening," but opportunities are increasingly shifting from broadly accessible to highly selective and concentrated structures.

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