Ahead of a lecture at LSE, Peter Orszag and co-authors argue that we are in a new era, where Michael Kremer’s O-ring theory of economic development – the dominance of single points of failure – now operates at the scale of the world economy. Anticipating and reacting to the next shock means looking beyond the ... Continued The post The O-ring, geopolitics and the supply-side – a new era demands an updated framework first appeared on LSE Business Review .