‘Not been fully captured’

Then there are the disruptions from below. Never before have individuals been so empowered to influence their destiny. They expect a lot more from those who serve them, be it in the provision of goods or services, or in governance and corporate responsibility. Meanwhile, those who serve them face actual and potential disruptions by competitors from other worlds who passionately apply their own core competencies,and few are good at ‘self-disruptioning.’

The world we live in is being shaken from above, from below, and from the side, simultaneously. Whether you take a top-down view or a bottom-up one, this is an extremely fluid world, and it is one that has not been fully captured in market prices, for good reason.

The binding constraint to resolving all this is, fortunately, no longer really about a lack of understanding of what is needed in terms of policy responses at the individual, corporate, national, regional, and global levels. It is all about implementation: politically and personally.

-Mohamed A. El-Erian The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse


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