After the Virus: Economic Consequences
There are a number of forecasts of what the world will be like after the virus. Let’s take a look at some of them. Many long-term trends have been accelerated by the virus. Probably the most cited example has been the accelerated move to digital-based transactions and behavior. This has occurred among both consumers and businesses. I think we have hit an inflection point. Before, there was a great deal of discussion about how one industry or market was becoming more dependent on digital platforms and automation based on artificial intelligence. The Internet of Things, online shopping and ordering, business conferencing, telemedicine. Or how a particular company was transforming an industry (Amazon, Uber). But now we see that the entire economy – al l industries and markets – rely on digital. The technology and rapid adaptation are accelerating the shifts. Income inequality is bad and probably getting worse. The usual reasons given are outsourcing in th...