Martin Pelletier: We would be better off with higher wages and higher interest rates. Read more
Professor Goodhart argues that is quickly coming to an end as the labour force rapidly ages, especially in the services component of the global economy. We believe that at the same time, persistent supply chain disruptions and worsening relations with China could lead to an acceleration of manufacturing reshoring as consumers in developed markets become willing to pay more for certain items, to ensure reliability of supply.
For evidence that such assumptions are misplaced, look no further than current global supply shortages, which have left governments such as the Biden administration scrambling. Their move to release oil from the strategic petroleum reserve was akin to putting a band-aid on a gaping wound.
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