@bruhls.eth
I thought I had a good mental model of the global economy and trade until I started following Michael Pettis
His most impactful views to my mental model:
- There’s no best economic model for a country, it changes over time based on evolving constraints.
- Industrial / trade policy can’t be viewed in a vacuum. If you don’t have a policy, you’re by default accepting someone else’s.
These seem obvious once exposed, but many people get stuck in dogmatic views. I did too. It’s a complex system and we need to accept that the optimal policy will never be constant over time.
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