What is permanently different after a crisis?

The experience of the subprime crisis in 2008-2009 shows that after a deep crisis: Risk aversion is higher, leading to deleveraging, rising risk premia and a slowdown in capital accumulation, but not rising household savings; The weight of industry is reduced (in particular through deleveraging); The public debt is higher, which puts greater pressure on central banks to keep interest rates low across all maturities; Potential growth is reduced (slowdown in capital, loss of human capital, emergence of zombie firms); There is a trend towards deglobalisation; Income distribution is skewed against employees, resulting in a rapid upturn in profits .