The three structural changes that will have a permanent impact on the economic equilibrium

OECD countries today face three structural changes that will permanently alter their economic equilibrium: Changing attitudes among wage earners in labour markets, giv ing rise to acute hiring difficulties and upward pressure on wages; Supply shortages for many commodities due to underinvestment, the sanctions against Russia and the shift in the structure of demand. This is likely to lead commodity prices to remain high; The energy transition, which will lead to higher energy prices, strong demand for many metals and huge investment needs. In particular, all these structural changes are inflationary, which financial markets are yet to understand.