The global economy's new era is marked by supply chain shortages and rising inflation, making traditional demand-constrained models inadequate for current uncertainties.
It's critical to examine the shifts in monetary policy to understand the economic changes over the last four years and the last two decades as a whole.
In a typical free-market economy, production is adjusted based on demand levels, allowing manufacturers to operate below full capacity yet with the flexibility to increase output.
Hungarian economist János Kornai's work highlights that the default state of a normal economy is one of surplus, which starkly contrasts the current challenges.
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