The Lost Lesson of the Financial Crisis (El Erian, Project Syndicate)

...A decade after the start of the crisis, advanced economies still have not decisively pivoted away from a growth model that is overly reliant on liquidity and leverage – first from private financial institutions, and then from central banks. They have yet to make sufficient investments in infrastructure, education, and human capital more generally. They have not addressed anti-growth distortions that undermine the efficacy of tax systems, financial intermediation, and trade. And they have failed to keep up with technology, taking advantage of the potential benefits of big data, machine learning, artificial intelligence, and new forms of mobility, while managing effectively the related risks.

https://www.project-syndicate.org/commentary/lost-lessons-of-the-financial-crisis-by-mohamed-a--el-erian-2017-08?utm_source=Project+Syndicate+Newsletter&utm_campaign=abbc1ef672-sunday_newsletter_20_8_2017&utm_medium=email&utm_term=0_73bad5b7d8-abbc1ef672-93854061