Digitalization, the growing use of digital technologies in the ways businesses interact with each other and with their customers and suppliers, could cut the cost of producing goods and services, lower the bargaining power of unions, and save the world economy from runaway inflation.
Inflation is on everyone’s radar these days, as measures of price hikes across the economy are getting uglier and uglier. This week, the U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI)—a measure of the cost of living—rose at an annual rate of 7.5% in January, up from 7% in the previous month. That was the highest rise in the last 40 years.
The spike in inflation has created a great deal of anxiety both on Main Street and on Wall Street. On Main Street, inflation makes it hard for low-income Americans to afford basic things like food and heat. Meanwhile, these people see the money they have saved to lose its value,…
