Business Description
James Rickards, a prolific writer who has worked in senior roles at several financial institutions, quotes with approval John Maynard Keynes’s definition of depression as a “chronic condition of subnormal activity for a considerable period without any marked tendency either towards recovery or towards complete collapse”. He makes the important point that depressions are as much psychological as numeric. Risk aversion induced by the pandemic may entrench a high-saving, low-consumption mentality.
