Massive retirement, safety concerns, generous government benefits and taking care of own family explain why millions of Americans have been leaving the workforce. This suggests that wage increases may not bring enough workers to hiring companies. With tight labour markets and high inflation, we expect the Fed to start raising interest rates already in 2022.

There is no doubt in the scientific community and increasingly in the general public that climate change is a real and direct consequence of human activity. Climate change threatens, in some extreme scenarios, to bring us back to Stone Age living standards, according to William D. Nordhaus, the inventor of the modern economics of climate change.

Chips are everywhere: in consumer electronics, in cars, in medical devices and in defence systems. As such, they are a basic requirement for the functioning of modern economies. A global shortage of chips can thus have a disproportionate impact on the world economy.