28 September 2021
How mission‑oriented policies could shift the economic regime
Joe Little, HSBC
Ideas matter. But with fiscal austerity now a cautionary tale and the neoliberal consensus in tatters,what economic ideas can guide policy-making in the post-covid world? Enter mission economics, and a shift to greater fiscal activism as policy-makers seek to deliver green, sustainable, and sociallyinclusive
growth for their electorates. But the application of mission-thinking will have profound implications for the economic regime. Secular stagnation, the defining feature of the macroeconomy for the last decade, is challenged. And capital market assumptions need to adjust lower to reflect both higher valuations and more inflation risk.
Read Joe Little’s essay on Mission Ambition: How mission-oriented policies could shift the economic regime.