Academic studies have found that past economic crises led to noticeable shifts in how consumers behave. Our research indicates that the economic impact of the COVID-19 crisis could lead to similar changes. What we’ve learned is that people around the world are thinking carefully about the future; they are searching for more financial stability, safety, and security amid rising uncertainty.
Yet what has struck us most is how much those goals—and what they mean to people—have changed....
Hysteresis is likely to trump progress for a while, how long is uncertain. It is similar to the financial cycle that Minsky described.
The careful economy
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