The Four Basic Truths of Macroeconomics: by Tyler Cowen. “The first and most important thing to know about macroeconomics is that a strong negative shock to demand — a sudden decline, in other words — usually leads to a loss of output and employment. Nominal wages are sticky, for a complex mix of sociological reasons, and so employers do not always respond to lower demand with lower wages for workers. Instead they lay some people off, and that can lead to a recession.”
10 Breakthrough Technologies 2021: from Technology Review.
Reading: Hot Seat by Jeff Immelt. The story of his ‘controversial’ tenure as GE CEO.
