Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Why we’re living in a shortage economy

Posted by fidest press agency su venerdì, 15 ottobre 2021

Our cover this week focuses on what we are calling the shortage economy. For a decade after the financial crisis the world economy’s problem was a lack of spending. Worried households paid down their debts, governments imposed austerity and wary firms held back investment while hiring from a seemingly infinite pool of workers. Now spending has come roaring back, as governments have stimulated the economy and consumers let rip. The surge in demand is so powerful that supply is struggling to keep up and inflation is biting. The immediate cause of the problems is covid-19. Yet the shortage economy is also the product of the switch from fossil fuels to renewable energy and the fact that trade has become less about economic efficiency and more about goals such as labour standards and national security. Decarbonisation and protectionism will be much longer-lived than the pandemic and—for policymakers—just as hard to cope with. Zanny Minton Beddoes Editor-In-Chief The Economist

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