The Wednesday Briefs 178 – 26 July 2023

THIS WEEK: The Great Dismantling; Eurozone; 2024 Presidential Race; Alphabet/Google Results; S&P Sectors Update.

THE GREAT DISMANTLING

For several centuries, the notion of progress was predicated on inventing new things (innovation) and on doing old things faster and cheaper (productivity). However climate change worries have added an asterisk to this previously relentless trajectory. In some quarters today, innovation is deemed worthy only if its impact on the climate is positive or neutral. And productivity is increasingly sacrificed in the search for better climate outcomes. One glaring example of the latter is consumers' willingness to pay more for an electric vehicle that delivers less convenience (lower range, slow charging times) than a traditional ICE car or truck.

This kind of trade-off is happening in many places. In April for example, Germany shut down its last three nuclear plants even though nuclear is now viewed as indispensable in the transiti…