“In economics, things take longer to happen than you think they will and then they happen faster than you thought they could,” renowned economist Rudi Dornbusch once noted – well before COVID-19 (given he died in 2002).
Dornbusch, who taught some of the great economists of the modern era, including Paul Krugman and Kenneth Rogoff, may have been riffing off Lenin’s famous “there are decades where nothing happens; and there are weeks where decades happen” but his observation is starkly true.
