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Winners and Losers of the Pandemic Economy

Global Business and Finance

Winners and Losers of the Pandemic Economy

Michael Spence

While it is true that bullish equity markets are out of step with the historic contraction in the real economy, to say that they are disconnected from it misses the point. In fact, the lofty valuations of companies with high intangible capital per employee make perfect sense in today’s economy.

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