Economic Affairs

In pursuit of resilience: Disasters, disruptions teach us that efficiency alone is not good enough

Strong social norms - such as voluntary mask-wearing during a pandemic - are self-policing and promote resilience. PHOTO: ST FILE
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In our world of the pandemic, climate disasters, broken supply chains, cyber attacks and technological disruption, resilience - the ability to bounce back from adversity - is among the top priorities for any economy or society.

The issue of resilience has surprisingly been somewhat ignored by economists. But recently, Princeton University's Professor Markus Brunnermeier has written a brilliant book on it.

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