The writer is the Rene M Kern professor at Wharton School, chief economic adviser at Allianz and chair of Gramercy Fund Management
As suggested by recent US elections, no word may capture the American public’s anxiety more completely than “affordability”. As in other countries, the worries are amplified by daily media coverage of a simple and convenient antagonist: prices.
It is a dynamic that market participants will need to pay attention to as the challenges of affordability are set to accelerate, especially as employees worry about workplace changes related to artificial intelligence. Political pressure will demand policy responses that will also impact markets.
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