But what does any of that even mean? Let’s visualize the universal cover of the doughnut. Let us start with Bob, who lives in the following little world:
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“十五五”时期，我国发展环境面临深刻复杂变化：向内看，人口老龄化程度加深，资源环境等硬约束增强，传统经济增长动力逐步减弱；向外看，经济全球化遭遇逆流，世界经济增长乏力。
2025, 17th Annual Feldstein Lecture, N. Gregory Mankiw," The Fiscal Future"