Azeem Azhar

themselves, which actually may advantage the U.S.

over the next few years.

Yeah, well, fair enough.

I mean, we're going to figure it out.

And the one thing I would say in the UK now is in the last week, the government has really come out fighting.

They've come out fighting for investments in infrastructure, for public-private partnerships.

It's a sort of, I suppose, quite a healthy neo-Keynesianism in a way, right?

Let's build a lot of stuff.

Let's make sure it's infrastructural, make sure you can build on top of it rather than, you know, spinning up debt for consumption this year or the next.

We had another question.

When does it make sense for the Fed to raise interest rates?

Is it possible that high interest rates might help with labor disruptions?

I'm not quite sure I understand the second part of that.

Yeah, and I also wonder about when we think about how this intersects with the labor market, what is happening from a geographical structure perspective?

As we move into these advanced economies, you get this effect of agglomeration.

People want to get to where the other...

strong growing companies are.

And so you get these clusters building, San Francisco Bay Area being the most powerful in the world.

And it strikes me as quite a challenging public policy problem to figure out how to turn a 21st century economy into one that grows

across a broad geographic spread.