Top Highlights

• The macro reset will occur in the context of the three prevailing secular forces that shape our world today: interdependence, velocity and complexity. This trio exerts its force, to a lesser or greater degree, on us all, whoever or wherever we may be.
• 1.1.3. Complexity In its simplest possible form, complexity can be defined as what we don’t understand or find difficult to understand. As for a complex system, the psychologist Herbert Simon defined it as “one made up of a large number of parts that interact in a nonsimple way”.[11] Complex systems are often characterized by an absence of visible ...
• The shock that the pandemic has inflicted on the global economy has been more severe and has occurred much faster than anything else in recorded economic history. Even in the Great Depression in the early 1930s and the Global Financial Crisis in 2008, it took several years for GDP to contract by 10% or more and for unemployment to soar above 10%. W...
• The deep disruption caused by COVID-19 globally has offered societies an enforced pause to reflect on what is truly of value. With the economic emergency responses to the pandemic now in place, the opportunity can be seized to make the kind of institutional changes and policy choices that will put economies on a new path towards a fairer, greener f...
• Olivier Blanchard, the former chief economist of the IMF, thinks that only the combination of the following three elements could create inflation: 1) a very large increase in the debt to GDP ratio, larger than the current forecast of 20-30%; 2) a very large increase in the neutral rate (i.e. the safe real rate required to keep the economy at potent...