“In the 1940s, economics started getting highly mathematical. It was basically because economists weren’t smart enough to write down models of real behavior that they started writing down models of highly rational behavior – and they kind of forgot about humans.” - Richard Thaler, Nobel Prize-winning economist

The Through Line: In recent years, the global order has rearranged itself on a number of fronts. Some shifts have been subtle and cumulative. Others have been more jarring and sudden, demanding quick reactionary pivots. These changes hint that we can expect permanently altered trajectories and norms that will have widespread impact on global trade relationships, businesses, consumers, employees and markets. In coming weeks, we will delve into core aspects of the transformations, sketching potential outcomes and implications for investors. We begin the adventure this week by looking at inflation, interest rates and the retooling of the global economy.

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