The pandemic forced everyone to adopt new technology and rethink their jobs, spurring our economy to lean in to independent work.
Humans normally respond to big unforeseen shocks in one of two ways: either they recoil from risk-taking like we saw after the Great Depression, leading to creation of the modern welfare state and a generation that feared the stock market; or they accept that risk is part of life and learn to embrace it — like they did in the Roaring Twenties after the 1918 flu and 1920 recession.
So far it looks like we’re going with the 1920s — at least from an economic risk perspective. Entrepreneurship rates are up.
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
This piece originally appeared in Bloomberg