Bring Back Supply-Side Economics
A blockage in the Suez Canal shows the world economy does not suffer from too little demand.
An illustration of the importance of supply-side economics.
Source: Suez Canal Authority
Sometimes a single highly visible event perfectly illustrates broader global trends. Such an example is the large container ship Ever Given being stuck in the Suez Canal, blocking the passage of other vessels. It’s unclear how long this situation will last, or how much trade it will disrupt, but it is representative of a systemic problem: Insufficiency on the supply side, not lack of demand, is the major obstacle facing the world economy.
For a more close-to-home example, Americans have the recent news from Texas, where significant parts of the state lost electrical power in record-cold temperatures. The entire system came very close to going down.